Posted 12/25/2023, 6:00:07 AM
US Dollar Drops, Gold Rallies as Traders Bet on Fed Rate Cuts; Stocks Surge Despite Growth Concerns
- US dollar drops as traders price in aggressive Fed rate cuts in 2024; US Q3 GDP and core PCE data miss expectations, adding pressure
- Gold rallies on weaker dollar and lower Treasury yields; touches $2,070/oz and targets recent high of $2,147
- US equity markets ride risk-on wave to multi-year highs; positive sentiment supports further gains in early 2024
- GBP/USD pushes higher despite growing expectations for BoE rate cuts in 2024 as global yields fall
- EUR/USD breaches 1.1000 ahead of quiet holiday week; upside momentum expected to resume in New Year