Pip Diddy

A lack of reports inspired tight ranges for most currencies, although the dollar strengthened a bit while the yen weakened despite a strong PMI report.

It was a pretty quiet New York trading session as most market participants were busy prepping for Thanksgiving festivities. That didn’t stop the Loonie and the pound for making a few moves, though.

Today’s morning London session was steady for the most part, but that doesn’t mean that the session was a complete snooze fest since both the AUD and NZD were grinding higher against their peers, likely because of the risk-on vibes.

Ho-hum. Forex price action was as exciting as watching turkey get cooked thanks to a lack of fresh catalyst and traders going out for a holiday.

The dollar closed another day in the red as traders warmed up to the idea that the Fed might not be as aggressive with tightening in the year ahead. 

Not much in terms of direction today, but CAD was as an exception since it was higher against its peers. GBP, meanwhile, was steady for the most part but got whupped near the end, apparently as a reaction to the OBR’s downgraded growth forecasts.

Profit-taking was the name of the game during the Asian session, as a lack of major economic releases inspired traders to close their positions ahead of Thanksgiving holidays.

Not even stronger than expected reports were enough to lift the Greenback’s spirits during the U.S. session as the currency took its cue from bond yields.

The risk-on vibes and rallying commodities meant that the higher-yielding AUD and NZD were both in demand. However, AUD outpaced NZD, likely because of RBA Guv’nah Lowe’s hawkish forward guidance.

With not a lot of major data on the docket, Asian session forex traders only had to price in the RBA’s latest meeting minutes.