Forex Today: Dollar the strongest, trading dull
|Here is what you need to know Thursday, November 28th:
- The US celebrates Thanksgiving, with markets closed on Thursday, and due to close earlier on Friday. Volumes are likely to remain extremely low.
- The US released the second estimate of Q3 Gross Domestic Product, which surprised to the upside with 2.1%. Durable Goods orders were up by 0.6% in October, largely surpassing the market’s expectation of -0.8%. The greenback strengthened, although its rally cooled with core PCE inflation, which slid to 1.6% YoY in October. The EUR/USD pair fell to 1.0991, settled at around 1.1000.
- The GBP/USD pair jumped to 1.2911 on reports indicating that the YouGov MRP poll shows a “significant” Tories’ majority. The so-called MRP poll, which correctly predicted the result of the 2017 election, will be out at the beginning of the Asian session.
- The USD/JPY pair surpassed its previous November high, rallying past 109.50 on the back of solid US data. Risk sentiment was generally positive, with equities and government bond yields posting modest intraday gains.
- Gold settled at around $1,455, resuming its decline. Crude oil prices also gave up, although the decline was limited.
- Cryptocurrencies managed to recover some ground at the end of the day, although BTC remains below $8,000.00.
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