The dollar found stability yesterday with the assistance of corrective forces, and today, it is showing greater strength. The euro has dipped below the $1.09 mark, while the dollar has resurged above JPY149.00. The Japanese government has downgraded its economic outlook for the first time in ten months.
The FOMC minutes appear outdated in light of the more than 30 basis points decline in the US 10-year yield, the 7% rally in the S&P 500, and the roughly 3% drop in the Dollar Index. The dollar's most significant gains in a week are evident.
The greenback has also strengthened against most emerging market currencies.

Gold experienced a 1% jump yesterday, reaching approximately $2007.60, and is now consolidating within a narrow $5 range around the $2000 mark.
The increase in US oil inventories is currently putting a cap on crude oil prices. The January WTI contract has traded within the range established yesterday, as market participants may be hesitant to establish new positions ahead of the upcoming OPEC+ meeting.

Asia Pacific
Tomorrow, Australia will release the preliminary November PMI. The manufacturing PMI has not surpassed the 50 boom/bust threshold since February, registering at 48.2 in October, near the year's low. The services PMI was mostly above 50 in H1 but fell to 47.9 in October, also near the year's low. The composite PMI plummeted to 47.6 in October (from 51.5), marking the year's low.
The Australian dollar retraced its steps until it encountered support near $0.6545, roughly the same level as Monday's low, but dipped to almost $0.6525 today before rebounding to $0.6560 in early European trading. Resistance is nearby at $0.6570.

Early Friday, Japan is set to release its national CPI figures for October and its preliminary PMI. The dollar has gradually rebounded from its low near JPY147.15 reached yesterday during late Asia Pacific trading.

Europe
Tomorrow, the eurozone and UK will unveil their flash PMIs. Expectations are for minimal changes, underscoring that recent gains in the euro and sterling are more a result of dollar movements than positive economic indicators in Europe.
The euro attracted last buyers as it climbed above the previous session's high for the fourth consecutive day yesterday. A significant technical signal would require a break of $1.0875.
Sterling performed better than the euro and remains within yesterday's range.

America
The US economy is slowing, and the question at hand pertains to the extent of this slowdown. Due to a US holiday tomorrow, today's reports include weekly jobless claims, October durable goods orders, and the final November University of Michigan consumer survey.

The US dollar slipped to a three-day low near CAD1.3680 and is trading within yesterday's range. The lower boundary of a potential symmetrical triangle is currently around CAD1.3670, with last week's low closer to CAD1.3655.