As the FOMC meeting approaches, the US dollar exhibits mixed performance, largely maintaining recent trading ranges. Despite being sold below $1.08 yesterday for the first time since mid-December, the euro is holding above that level today.

Japan's market shows narrow mixed results, with most major markets, excluding Australia, experiencing a decline. Europe's Stoxx 600 is on a five-session rising streak, matching its longest advancement since July of the previous year. US index futures are slightly softer, while gold is trading with a firmer bias, reaching $2040 today, its highest level since January 16. March WTI, after a significant reversal yesterday, is quietly hovering around $77 a barrel.

Asia Pacific
Japan's labor market in 2023 remained relatively stable, with an unemployment rate of 2.4% and a job-to-applicant ratio of 1.27.
Australia reports a sharp 2.7% drop in retail sales last month, and the 2.0% gain in November was revised down to 1.6%.

Soft US Treasury yields seem to be supporting the yen, while the Australian dollar continues to straddle the $0.6600 area.

Europe
In Europe, the primary economic news centers on the first estimate of Q4 2023 GDP for the eurozone, which came in flat against expectations of a 0.1% contraction. Detailed information is not included in the initial report.

The euro, having dipped below $1.08 in North American morning trading yesterday, has held above $1.0810 today but struggled to sustain gains above $1.0840.
Sterling hit a four-day low near $1.2660 yesterday but rebounded to the middle of the $1.26-$1.28 trading range, reaching $1.2720 in early Asia Pacific activity before retreating to nearly $1.2670.

America
Housing price data from November and the Conference Board's consumer confidence measure take a backseat to the JOLTS report on job openings.
Canada's November GDP report is scheduled for tomorrow, with expectations of a marginal 0.1% gain after stagnation in October. On a background of a 1.1% contraction (annualized rate) in Q3 2023, forecasts of a 0.4% expansion in Q4 2023 may be optimistic.

The US dollar closed at a two-week low against the Canadian dollar just above CAD1.3400, with a marginal new low recorded today, slightly below CAD1.34.