EUR/USD, GBP/USD, USD/CAD flows: NY USD Decline

The USD has lost ground in North American trading against most currencies.  The move was flow and sentiment driven rather than new news, with EUR and GBP/NOK and SEK gaining a similar percentage and AUD and JPY somewhat less.  However, traders indicate that the difference is not major and the key point is that the intense 2024 Fed rate cut expectations and end of year flows are hurting the USD.  While this move could extend in the next 2 days, it is partially year end flows and could partial reverse into next week.  It is also interesting to see that USD/CAD has not been able to keep up and if this occurs with other currencies, it could signal that the USD short-term decline is running out of momentum.