- Japan flash manufacturing PMI: 52.8 vs. 52.1 expected, 52.4 previous
Disappointing news from Uncle Sam finally caught up to the Greenback, as the low-yielding currency gave up pips to its forex counterparts.
Overall dollar weakness – As mentioned in the U.S. session recap, data from Uncle Sam disappointed the markets and the Fed’s controversial sudden meeting turned out to be a dud. Since the possibility of a December rate hike was responsible for most of the dollar’s recent gains, it looks like more than a couple of traders have decided to take profits.
Weaker Asian markets – With our Japanese friends back from their Labor Thanksgiving holiday and with little or no major report to rock the markets, profit-taking ensued in Japan’s markets and even extended to other Asian bourses. Word around the hood is that concerns over China and a bit of weaknesses in commodities and export-related assets also took small hits across the board.
Major Currency Movers:
USD – EUR/USD ended the session almost unchanged after hitting a session high of 1.0644 while GBP/USD also inched 16 pips higher. Meanwhile, USD/JPY slipped by 6 pips and USD/CHF fell by 13 pips.
AUD and NZD – The comdolls weren’t left behind the overall dollar selloff. AUD/USD got a small boost from a recovery in gold prices and rose by 9 pips while NZD/USD also gained 8 pips throughout the session.
- 7:00 am GMT Germany’s final q/q GDP (expected to remain at 0.3%)
- 8:15 am GMT Switzerland employment level (expected to remain at 4.24M)
- 9:00 am GMT German IfO business climate: (expected to remain at 108.2)
- 9:00 am GMT German IfO current conditions (expected at 112.4 vs. 112.6 previous)
Bonnie and Clyde, peanut butter and jelly, Kanye West and Kanye West. Some things just go well together.
Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!