Market movements early in the week until the New York session on Tuesday yesterday were still mixed with the latest economic data to be published to be closely scrutinized.
PMI data on Monday came with mixed readings for the manufacturing and services sectors, making investors cautious with expectations of uncertain price movements.
US retail sales data was the focus of the New York session yesterday with the monthly report for November showing an increase of 0.7%, beating the 0.6% forecast.
The increase in data was influenced by the buoyancy of consumer spending during the festive season.
The US dollar is still seen to be stable, showing a strengthening against several major currencies, but investors remain cautious ahead of the latest FOMC meeting early Thursday morning.
With the retail sales reading, the Federal Reserve (Fed) is also seen to implement an interest rate cut of 25 basis points for the last meeting of 2024.
Also published early in the New York session yesterday was Canada's consumer price index (CPI) data which saw the monthly inflation rate in November at zero 0.0% compared to the forecast of 0.1%.
In line with the policy easing measures that are still being actively implemented by the Bank of Canada (BOC), the Loonie currency also sank further, reaching its lowest level in 4 years.
In the European session before that, the UK employment data report had a positive impact on the movement of the Pound currency.
The data components in the latest report are increasingly reducing the losses suffered by the Pound last week.
The British currency will continue to face turmoil today (Wednesday) with the central bank's focus data to be published in the European session, namely the UK inflation report before the focus shifts to the Bank of England (BOE) policy meeting on Thursday.
