US Job Openings Plummet, Dollar Dips and Treasury Yields Sink
US job openings in October plunged to the lowest level since March 2021, while the US November ISM services index came in slightly higher than expected. The German DAX index rallied to an all-time high, and the ECB's Vujcic stated that he expects no more rate hikes and data-dependent decisions. The RBA and ECB's dovish stance led to declines in sovereign yields in Europe and Australia, suggesting central banks may be behind the cutting curve. Falling oil prices and declining input prices contributed to a sense of declining inflation. Gold retraced while Bitcoin soared, breaking higher to $44,000. The euro and pound both experienced selling pressure.