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Stronger Economic Reports in Japan

CURRENCY FUTURES

The U.S. dollar index fell to a 5-month low today. The greenback has been under pressure due to expectations that the Federal Reserve will start cutting rates earlier than other central banks, including the European Central Bank.

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

Industrial production in Japan fell 0.9% month-over-month in November 2023, which compares to market estimates of a 1.6%  decline.

Retail sales in Japan increased 5.3% year-on-year in November 2023, which was more than estimated. The median market forecast was for 5.0% growth.

STOCK INDEX FUTURES

Stock index futures are mixed to higher.

Jobless claims in the week ended December 23 were 218,000 when 210,000 were expected.

Wholesale inventories in November were down 0.2% as anticipated.

The 9:00 central time November pending home sales index is predicted to be up 0.8%.

The fundamentals and technicals remain supportive to stock index futures.

INTEREST RATE MARKET FUTURES

Futures are lower.

The Treasury will auction seven-year notes today.

Financial futures markets are predicting there is a 16% 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 84% probability of no change.

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

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.

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