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ForexLive European FX news wrap: Thanksgiving hangover

Started by forex4you, Nov 26, 2022, 05:08 am

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ForexLive European FX news wrap: Thanksgiving hangover

<p>Headlines:</p><ul><li><a href="">Dollar holds slightly higher in thin trading</a></li><li><a href="">PBOC announces RRR cut by 25 bps</a></li><li><a href="">PBOC reportedly to offer cheap loans to support developers' bonds</a></li><li><a href="">ECB's Lane: Wages will be the primary driver of inflation over the coming years</a></li><li><a href="">Germany Q3 final GDP +0.4% vs +0.3% q/q prelim</a></li><li><a href="">Germany December GfK consumer sentiment -40.2 vs -39.6 expected</a></li><li><a href="">France November consumer confidence 83 vs 83 expected</a></li></ul><p>Markets:</p><ul><li>USD leads, JPY lags on the day</li><li>European equities little changed; S&P 500 futures up 0.1%</li><li>US 10-year yields up 0.4 bps to 3.712%</li><li>Gold down 0.2% to $1,750.21</li><li>WTI crude up 2.3% to $79.71</li><li>Bitcoin down 0.1% to $16,521</li></ul><p style="" class="text-align-justify">Markets are facing a bit of a Thanksgiving hangover in thin trading but the dollar is finding itself in a decent spot, posting a slight advance on the session.</p><p style="" class="text-align-justify">There wasn't much to work with as equities remain fairly tentative, though we did see bond yields pull higher after the drop from yesterday. Treasury yields were down 5 bps early on but have moved up to flat levels on the day now. 10-year German bund yields are up another 9 bps to 1.937% with <a href="" target="_blank">the yield curve seeing its deepest inversion since 1992</a> this week.</p><p style="" class="text-align-justify">USD/JPY was a notable mover as it pulled higher from 138.50 to 139.50, bouncing off daily resistance around 138.45 for now. Meanwhile, EUR/USD is keeping just above its 200-day moving average of 1.0386 as the pair trades around 1.0390-10 during the session.</p><p style="" class="text-align-justify">Other major currencies saw light action against the dollar as well, though the aussie and kiwi are down slightly against the greenback. AUD/USD is down 0.3% to 0.6740 as price keeps below its 61.8 Fib retracement level at 0.6767 while NZD/USD is down 0.4% to 0.6240 but that just takes away slightly from the advance in the past two days.</p><p style="" class="text-align-justify">All in all, thin markets is making for some light moves before the weekend as traders will have to look to next week and month-end trading to firm up any convictions.</p>

                This article was written by Justin Low at

Source: ForexLive European FX news wrap: Thanksgiving hangover
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