FX Weekly Recap: November 25 – 29, 2024

December 3, 2024 7:11 am

This week saw significant currency market movements driven by a mix of geopolitical developments, monetary policy shifts, and economic data releases. The nomination of Scott Bessent as U.S. Treasury Secretary and Trump’s announcement of potential new tariffs created notable volatility. Central bank developments were influential, with the RBNZ’s 50bp rate cut and speculation about BOJ policy normalization emerging as key drivers. The Japanese yen led major currencies while the Canadian dollar struggled amid trade uncertainty and falling oil prices, highlighting how policy shifts and external factors shaped forex markets despite the U.S. Thanksgiving holiday.

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