Crossing the Bridge

25 November, 2016

The usual bridge day between Thanksgiving and the weekend arrives which will keep volumes light and ranges on the tighter side, all being well. That’s unless you are a retailer, in which case this is known as ‘Black Friday’, a phenomenon that has crossed the Atlantic in recent years. Overnight we’ve seen inflation data from Japan released, which showed prices rising by a firmer than expected 0.1% YoY, although the BoJ’s favoured measure (ex-fresh food) remains firmly in negative territory at -0.4% YoY. Sterling will have one eye on the release of revisions to Q3 GDP, which initially showed a 0.5% gain. The pound continued its positive run yesterday, cable holding above trendline support, with EURGBP holding onto the recent downtrend and the move below 0.85. The strong dollar tone has also undermined gold, with the push below 1200 being sustained yesterday. This has proven to be a key level of support in recent weeks and months, which now turns into near-term resistance.

We do see some minor US data later today in the form of Services PMI at 14:45, with trade data before that at 13:30 GMT. Neither are major market events and for now at least, we are seeing a more consolidative tone to the dollar, which has corrected lower and more so against the Aussie, kiwi and yen. There are no speaker either side of the Atlantic scheduled for today who are likely to impact currencies.


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