XE Market Analysis: North America – Nov 23, 2015

The dollar rallied across the board, sparked by weekend remarks by SF president Williams that there was a “strong case ” for a December rate hike. This also sparked a fairly steep commodity decline, led by oil (NYMEX crude down some 3.5% at one point) and base metals (copper down 1.8% at new six-year lows, nickel off by 4%). EUR-USD logged a seven-month low at 1.0600 during the Asian session, though the euro managed to fight back on above-forecast preliminary November PMI data out of the Eurozone.