Heading into the final week of 2023, the US Dollar remains under pressure. The Fed’s hint at rate cuts next year confirmed market expectations, leading to heavy selling of USD. Further data weakness, especially inflation-related, could push rate cut expectations forward and weigh on the dollar. Conversely, stronger data could delay rate cuts and support USD in the near term. Key data points this week include unemployment claims, Q3 GDP, core PCE, and consumer sentiment. A weaker-than-expected core PCE could keep the pressure on USD. Technically, DXY is approaching a key support zone near 101.22. A break below could lead to further declines towards 99.06.

Australian dollar on the rise: Fueled by ongoing US dollar weakness, improving risk sentiment, and rising commodity prices, AUDUSD is poised for strength in the coming months. Traders see it as a prime beneficiary of potential US rate cuts in 2024. This week’s US data and RBA minutes could provide further catalysts. While the RBA might hold rates, dovish signals shouldn’t hinder AUDUSD’s upward trajectory, only fresh USD strength could disrupt it. Technical indicators support further gains towards .6857.

Silver’s Fall Deepens: After a brief price rebound, silver took a tumble and is heading downward again. The recent drop suggests it may fall even further, seeking support between $22.00 and $22.30. Keep an eye on the trend to see what’s next.

Bitcoin at a Crossroads: Stuck between a rock and a hard place, Bitcoin could bounce back from $40,000 or break through it altogether. It might aim for $45,000 if it rebounds, but if it breaks through, brace yourself for a potential plunge to $35,000 or even lower. Time will tell which path it takes.

EUR/USD Takes a Dip: After repeatedly hitting resistance at $1.1000, EUR/USD ended the week with a bearish signal. It’s likely to see a temporary jump back to $1.0940 next week, but prepare for a possible further decline towards support between $1.0640 and $1.0670.