THE US dollar (USD) remained on a bid tone this week with the Dollar Index (DXY) hovering near its high of 87.98, supported by the diverging macroeconomics between the United States and the rest of the world.
The Empire Manufacturing Index rose to 10.16 in November while the National Association of Home Builders reported that the US builders’ confidence rose to 58 in November, the second highest reading since 2005. Building permits in October rose 4.8% month-on-month (m-o-m), beating market expectations, of a 0.9% m-o-m rise while existing home sales were also better-than-expected in October, rising by 1.5% m-o-m.