Investors dissipate for Thanksgiving

26 November, 2015

Thanksgiving is seen by many as the beginning of the festive season and yesterday it was clear from the volumes that many investors were already preparing for the shortened trading week with many US markets closed today and not reopening fully until next Monday. With such thin volumes across all asset classes we could see some quite sharp moves and whilst European indices are set to open flat this morning, the FTSE 100’s mining sector might benefit from a rebound in metal prices on the back of the Chinese announcing that they are considering a probe into short selling following many metal prices hitting multi-year lows earlier this week.

In yet another example of the Aussie’s detachment from its past strong correlation to metal prices AUDUSD has drifted lower overnight back towards the 0.7200 level which is seen as near term support, sitting at 0.7220 at the time of writing. The euro is also under pressure having hit a 7 month low below the 1.0600 level yesterday and it is unlikely that EURUSD will see much upside in the run up to the ECB meeting in one week’s time where expectations that Draghi will take further action to weaken the single currency are increasing.


Source link  
CB meetings dominate the week

With no impactful economic data releases on the calendar today, the markets are focusing on a plethora of Central Bank meetings scheduled...

No Surprises from BoC & ADP

In an unsurprising move, the Bank of Canada decided to hold its benchmark lending rate at 1%, after two small hikes earlier in 2017. The BoC stated...

Moderate Gains for USD

On Monday, the US Commerce Department released Factory Orders data for October, indicating that the continued strength in the Manufacturing...


OPEC Extends Output Cuts

On Thursday, OPEC (Organization of Petroleum Exporters) and non-OPEC producers led by Russia agreed to keep output cuts until the end of 2018...

US Economy Expands Faster Than Predicted

Data released on Wednesday showed that the US economy expanded at its quickest pace since 2014 in Q3. The US Commerce Department said that...

Political Turmoil in Germany Hurts EUR

The EUR lost ground against many of its peers on Monday on news that Chancellor Angel Merkel’s efforts to form a coalition government had collapsed...


USD Suffers on Subpoena News

The Trump Administration is back in the spotlight with news of a report that Special counsel Robert Mueller’s investigators have issued a subpoena...

Positive data negated by tax plan opposition

The US Labor Department released data on Wednesday showing the consumer price index edged up by 0.1% in October after climbing by 0.5%...

Data Boosts EUR Can CPI Boost USD?

EUR received a boost on Tuesday, as data from Destatis showed German Preliminary GDP climbed to 0.8% in Q3, beating forecasts of 0.6%. In addition...

  


Share: