Explore Special Offers & White Papers from ADMIS

The US Dollar Continues to Decline


The U.S. dollar fell to its lowest level since July 28, 2023. The greenback has been under pressure on expectations that the Federal Reserve will start cutting rates earlier than other central banks including the European Central Bank.

flat dollar bill

The European Central Bank is also anticipated to reduce borrowing costs next year but at a slower pace than the Federal Reserve.

Lower prices are likely for the U.S. dollar longer term and higher prices are likely for the euro.

Japan’s housing starts declined 8.5% year-on-year in November 2023, which is steeper than the 6.3% decline in the prior month and worse than market forecasts of a 4.3% decline. This was the ninth time of a decline in new construction starts since the beginning of the year and the fastest pace since August.


Stock index futures are mixed to higher.

The 9:00 central time December Richmond Federal Reserve manufacturing index is expected to be  -6.0.

The fundamentals and technicals remain supportive to stock index futures.


Futures are mostly higher and have recently been supported by the belief that the Federal Reserve will be cutting interest rates next year.

The yield on the U.S. 10-year Treasury note declined further to 3.85%, hovering near its lowest level since late July.

The Treasury will auction five-year notes today.

Financial futures markets are predicting there is a 15% probability that the Federal Open Market Committee will reduce its fed funds rate by 25 points at its January 31, 2024  policy meeting and an 85% probability of no change.

However, financial futures markets are currently suggesting the Federal Open Market Committee will reduce its fed funds rate by 25 basis points at its March 20, 2024 policy meeting

Interested in more futures markets?  Explore our Market Dashboards here.

Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.

ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.                  

A subsidiary of Archer Daniels Midland Company.

© 2021 ADM Investor Services International Limited.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

Latest News & Market Commentary

Explore Special Offers & White Papers from ADMIS

Get Started