Markets were choppy heading into Thanksgiving due to thinner liquidity and the usual seasonal patterns, suggesting volatility may not align with broader macro themes.
The price action seen is common around month-end and major holidays, often retracing quickly due to flows that aren't aligned with underlying fundamentals.
Despite the dollar's recent dips, I still advocate for buying USD dips as the bullish US macro environment continues, contrasting against challenges in the Eurozone.
The recent moves in the FX space show significant shifts with the dollar losing around 1% against its peers, particularly benefiting the JPY, GBP, and EUR.
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