Headlines:
- Reminder: Thanksgiving holiday to sap the appetite from markets today
- Gold continues to keep within technical pennant for now
- USD/JPY Technical Analysis: Weakness in both currencies leads to choppy price action
- ECB meeting accounts note that present uncertainty justifies keeping rates unchanged
- ECB’s Kazaks: Time is not ripe to discuss a rate cut
- BOJ’s Noguchi: Japan making steady progress in meeting inflation target
- BOJ’s Noguchi: Further yen declines could impact underlying inflation
- UK chancellor Reeves: Borrowing costs fell because I’m controlling debt
- Eurozone November final consumer confidence -14.2 vs -14.2 prelim
- Eurozone October M3 money supply +2.8% v +2.8% y/y expected
- Germany December GfK consumer sentiment -23.2 vs -23.2 expected
- Italy September industrial sales M/M +2.1% vs -0.7% prior
- Italy November business confidence 89.6 vs 88.5 expected
- China expresses stern concerns over certain contents in US-Malaysia trade deal
Markets:
- NZD leads, CHF lags on the day
- European equities a little higher; S&P 500 futures flat
- Gold down 0.2% to $4,156.79
- WTI crude oil up 0.4% to $58.89
- Bitcoin up 1.0% to $91,127
It was a quiet session with not all too much to work with as trading appetite is sapped amid the Thanksgiving holiday in the US.
The holiday break is also leading to a lull in Europe, with traders and investors looking fairly disinterested during the session. That especially with no major data releases or headlines to deal with as well.
In the major currencies space, the dollar is little changed across the board in a lackluster start to the day. EUR/USD is down just 0.1% to 1.1585 while USD/JPY is down 0.1% to 156.35 currently. The latter at least did nudge a little higher from around 155.90 levels at the start of the session. Meanwhile, GBP/USD is keeping the post-budget gains at around 1.3230 though down 0.1% on the day.
In the equities space, European indices are posting minor gains as the risk mood holds up on the week. But with Wall Street out of commission today, there’s not much conviction to go running.
As for the commodities space, gold continues to hold stuck in its technical pennant and is down just slightly at $4,156 at the moment. In crypto land, at least risk appetite is picking up with Bitcoin now climbing back up to $91,000. That’s a relief after the scare from last week surely.
To all those celebrating, I wish you a very Happy Thanksgiving holiday break and enjoy the long weekend!
This article was written by Justin Low at investinglive.com.