Thursday, November 24 is the day on which Americans celebrate Thanksgiving. Stock in the US remain closed today, while tomorrow’s session on the NYSE is shortened. So we have to deal with a longer weekend in the markets, which is likely to bear down on realized volume. After all, there are several events worth describing in today’s review. What are we talking about?
No major movements after yesterday’s publication FOMC minutes indicates that markets are not in any way surprised by the message. The opinion on that hike should take place relatively quickly and reassured investors about the fact that the change in policy will take place in December. The dollar did not react strongly because this fact has already been discounted by the market for some time. Currently EUR/USD is at the level of the lows of November and early April last year:
During the Asian session were also published data on the yen. The estimated value of the PMI for November turned out to be slightly worse than analysts predicted (51.1 to 51.7), and most importantly – worse than previous calculations. USD/JPY continued to strengthen and remains in the growth channel .The pair defeated yesterday the abolition of 50% of downward movement started in May 2015 and after an overnight test that level struck above 113.00:
What are we waiting for?
In the absence of sessions in the US, the most important publications appear before 14:00. Already an hour at 10:00 we will know the German IFO index for expectations and the economic climate in our western neighbour.
At 11.30 will be published a report on changes in the number of approved mortgage applications.
An important highlight of the day will be 13:00 when we will report on consumer sentiment GfK. Analysts expect the index to maintain the current level of 9.7. An hour later, at 14:00 Polish Monetary Policy Council will publish its protocol, that’s the report of the last meeting RPP.
The day on the markets will end publication of the balance of trade with New Zealand. The expected decline in the trade deficit to the level of -950 million NZD may affect slightly larger demand for NZDUSD.