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.
- Japan’s markets out on Labor Thanksgiving holiday
- Dollar continues descent after FOMC meeting minutes
Continued dollar selloff
With not a lot of fresh data on the docket, Asian session forex traders mostly extended the previous session’s economic themes.
That is, they continued to price in a not-so-hawkish FOMC statement. On the other hand, some traders focused on profit-taking ahead of today’s Euro Zone PMIs and Thanksgiving holiday in the U.S.
Nikkei gained another 0.59% to 22,549.00;
Hang Seng rose by 0.19% to 30,061.50;
Australia’s A SX 200 is down by 0.25% to 5,971.70, and
China’s A50 is down by 1.07% to 13,717.64.
Meanwhile, oil prices saw dips after seeing a jump during the U.S. session.
Brent crude oil is down by 0.19% to $63.20 while
U.S. WTI is down by 0.19% to $57.91.
Major Market Mover(s):
The Greenback lost a couple more pips across the board as traders continued to price in a less-hawkish-than-expected FOMC meeting minutes.
EUR/USD is up by 10 pips (+0.09%) to 1.1832;
USD/JPY is up to 111.31 after dipping to 111.07;
GBP/USD is up by 7 pips (+0.05%) to 1.3332, and
USD/CHF is down by 4 pips (-0.04%) to .9816.
Whether it’s profit-taking from euro shorts or anticipation of strong PMIs due in a few hours, forex traders seem to be bracing for today’s Euro Zone data releases.
EUR/JPY is up by 23 pips (+0.18%) to 131.71;
EUR/GBP is up by 5 pips (+0.06%) to .8876, and
EUR/CAD is up by 21 pips (+0.14%) to 1.5031.
The combination of overall dollar weakness, EUR/JPY’s strength pushing other yen crosses higher, and the comdolls’ oversold levels all contributed to a bit of strength for the Aussie, Kiwi, and Loonie.
AUD/USD rose from a session low of .7603 to trade at .7613;
AUD/JPY inched 3 pips higher (+0.04%) to 84.63;
CAD/JPY shot up from a low of 87.41 to 87.63, and
NZD/JPY popped up from 76.28 to 76.56.
Watch Out For:
- 7:00 am GMT: Germany’s final GDP to remain at 0.8%?
- 8:00 am GMT: France’s flash manufacturing PMI (55.9 expected, 56.1 previous)
- 8:00 am GMT: France’s flash services PMI (57.1 expected, 57.3 previous)
- 8:30 am GMT: Germany’s flash manufacturing PMI (60.4 expected, 60.6 previous)
- 8:30 am GMT: Germany’s flash services PMI (55.3 expected, 55.0 previous)
- 9:00 am GMT: Euro Zone’s flash manufacturing PMI (58.3 expected, 58.5 previous)
- 9:00 am GMT: Euro Zone’s flash services PMI (55.3 expected, 55.0 previous)
- 9:30 am GMT: U.K.’s second GDP estimate to remain at 0.4%?
- 11:00 am GMT: U.K.’s CBI realized sales (5 expected, -36 previous)