The focus is on 2024, particularly considering that the first week will be a busy one. On the last trading day of 2023, the economic calendar is light. The attention will be on Spain's preliminary December consumer inflation figures.
Here is what you need to know on Friday, December 29:
Data from the US released on Thursday revealed that Initial Jobless Claims rose by 12,000 in the week ended December 23 to 218,000, above the market consensus of 210,000. Continuing claims reached 1.875 million, the highest level in four weeks. Pending Home Sales remained flat in November, falling short of expectations for a 1% increase. On Friday, the Chicago PMI is due. Regarding economic reports, the focus is on next week's employment figures.
The US Dollar Index (DXY) bottomed at 100.86, marking the lowest level since July, and then rebounded sharply, rising to 101.25. Higher US Treasury yields helped boost the Greenback, with the 10-year yield rising to 3.85% following the auction of the 7-year note.
The Greenback staged a correction, trimming weekly losses, even as the rally on Wall Street continued. The Dow Jones was on track for another all-time high close. The USD overall trend remains downward, but the correction appears to have further potential.
EUR/USD experienced its worst decline in two weeks. The pair hit a fresh monthly high at 1.1139 before pulling back to the 1.1055 area. The most relevant report of the day will be Spain's inflation figures, with the preliminary reading of the December Consumer Price Index (CPI). Eurostat will release the figures for the Eurozone on January 5.
GBP/USD also retreated from monthly highs, falling from above 1.2800 to around 1.2700. The final economic report of 2023 in the UK will be the Nationwide Housing Prices for December.
Another volatile day for USD/JPY, which fell to 140.23, the lowest level since July, but then trimmed losses and rose to 141.40, supported by higher yields.
AUD/USD peaked at 0.6871 but failed to sustain gains, and retreat to 0.6835 as bullish momentum faded. The pair has immediate support in the 0.6825 zone, while a move above 0.6850 could strengthen the Aussie.
Gold experienced a pullback from $2,088 to $2,065 due to the rebound in the US Dollar and yields. The main trend remains upward, but the current conditions point to a downside bias ahead of the Asian session.
US Dollar price today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Pound Sterling.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.36% | 0.55% | 0.18% | 0.28% | -0.04% | 0.25% | 0.11% | |
| EUR | -0.37% | 0.19% | -0.18% | -0.09% | -0.41% | -0.11% | -0.26% | |
| GBP | -0.53% | -0.18% | -0.36% | -0.29% | -0.58% | -0.31% | -0.45% | |
| CAD | -0.18% | 0.19% | 0.39% | 0.10% | -0.22% | 0.08% | -0.07% | |
| AUD | -0.25% | 0.09% | 0.28% | -0.09% | -0.34% | -0.02% | -0.18% | |
| JPY | 0.03% | 0.38% | 0.58% | 0.18% | 0.29% | 0.28% | 0.13% | |
| NZD | -0.26% | 0.12% | 0.30% | -0.06% | 0.01% | -0.27% | -0.14% | |
| CHF | -0.09% | 0.27% | 0.44% | 0.07% | 0.17% | -0.16% | 0.15% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
Gold nears $3,400; fresh record highs and counting amid USD sell-off
Gold price closes in on $3,400 as the record rally regains strength on Easter Monday. Concerns over US-China trade war escalation and the Fed’s independence smash the US Dollar to three-year troughs. RSI stays overbought on the daily chart, with thin volumes likely to exaggerate moves in Gold price.
EUR/USD trades with sizeable gains above 1.1500, at over three-year highs
EUR/USD trades over 1% higher so far this Monday as the relentless selling interest in the US Dollar keeps it well above the 1.1500 threshold - the highest level since November 2021. Growing concerns over a US economic recession and the Federal Reserve’s autonomy continue to exert downward pressure on the USD.
GBP/USD stays strongly bid near 1.3400 on intense US Dollar weakness
GBP/USD continues its winning streak that began on April 8, trading close to 1.3400 in early Europe on Monday. The extended US Dollar weakness, amid US-Sino trade war-led recession fears and heightened threat to the Fed's independence, continue to underpin the pair. Thin trading is set to extend.
How to make sense of crypto recovery – Is it a buy or fakeout
Bitcoin (BTC), Ethereum (ETH) and XRP, the top three cryptocurrencies by market capitalization, extend their last week’s recovery on Monday, even as trader sentiment is hurt by the US President Donald Trump’s tariff policy and announcements.
Future-proofing portfolios: A playbook for tariff and recession risks
It does seem like we will be talking tariffs for a while. And if tariffs stay — in some shape or form — even after negotiations, we’ll likely be talking about recession too. Higher input costs, persistent inflation, and tighter monetary policy are already weighing on global growth.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.