Bloomberg Daybreak: US Edition Black Friday Markets; Dollar Heads for Worst Week Since August
Nov 29, 2024
The podcast dives into the dollar's struggle for stability, marking its worst week since August as market sentiments shift. Wall Street is facing one of its toughest years since the pandemic, highlighting systemic issues. Meanwhile, the yen's drop below the critical 150 mark raises eyebrows amid rising Tokyo inflation and expectations for Bank of Japan actions. With geopolitical tensions and macroeconomic factors at play, investor confidence is wavering, making for a volatile market landscape.
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Market Uncertainty
- The S&P 500 had its strongest month since February, up 26% in 2024.
- Uncertainty lingers due to recalibrated rate cut bets and potential tariffs from the incoming Trump administration.
Peso and Trump's Policies
- The Mexican peso gained after a call between Trump and Mexico's president.
- Trump claimed an agreement to stop migration through Mexico, but the Mexican president clarified the borders aren't necessarily closing.
Yen and Japanese Inflation
- The yen breached 150 against the dollar after hotter-than-expected Tokyo inflation data.
- This fueled bets on policy normalization and a potential Bank of Japan rate hike in December.