QUOTES 17 NOV

 Bloomberg: "The correction in the dollar might be over, according to some technical indicators and the latest repricing in the options space. On a trade-weighted basis, the greenback retreated by 7% from its cycle highs back in September, mainly driven by position rebalancing over a potential Federal Reserve pivot. The extent of this drop in the spot market now satisfies a so-called ABC correction of a full Elliott Wave cycle that started a year ago. Moreover, the dollar’s rebound Tuesday from intraday lows came after testing a pivotal support level, namely the 38.2% Fibonacci retracement of its rally since early 2021. Given another positive signal emerged, a DeMark Buy Setup on the daily chart, the dollar’s technical outlook has turned bullish, at least in the short-term. Options-wise, traders are back into adding topside structures over the one-month tenor that captures the release of the next employment and inflation reports out of the US, as well as the Fed’s policy meeting in December. So it could be that options market makers are now less convinced that the greenback is in for more losses, especially as FOMC officials keep reminding us that the terminal rate matters more than the size of the next hike. That Fibonacci support, close to the Tuesday lows, has now game-changing potential, either way." USD BULLISH

Bloomberg: "European Central Bank policy makers may slow down interest-rate hiking with only a 50 basis-point increase next month, according to people with knowledge of the matter. Initial discussions suggest a lack of momentum for another 75 basis-point move at present. Barring another surprise surge in inflation, the consensus might well favor the less aggressive step. Among reasons cited are mounting recession risks, the possibility that consumer-price pressures will weaken and the prospect that a half-point move in the deposit rate to 2% will reach close to a so-called neutral level that no longer stimulates the economy." EUR BEARISH