Forex Today: Soggy Black Friday mood, GBP/USD retreats, EZ inflation awaited
|Here is what you need to know on Friday, November 29, Black Friday:
Currency movement has been subdued amid the Thanksgiving holiday in the US. Nevertheless, Asian stocks and US share futures are down as China's dissatisfaction with President Donald Trump's move to sign the Hong Kong bill into law persists. Gold prices are a tad higher.
Euro-zone: Inflation figures are set to show a rise in the Consumer Price Index, with Core CPI set to increase to 1.2% YoY. The publication is preceded by French inflation data and also by German employment figures. Preview: Euro-zone inflation preview: Warm welcome for Lagarde? EUR/USD may rise
UK elections: GBP/USD has eased after rising in response to YouGov's broad MRP poll. The Conservative Party protested against Channel 4's inclusion of an ice sculpture of Boris Johnson instead of having a replacement for him in a debate on climate change. The PM denied that he will open up the National Health Service (NHS) to American companies. UK GfK Consumer Confidence remained at -14, indicating pessimism as the shopping season begins. New opinion polls ahead of the December 12 elections are awaited.
Japan: Preliminary inflation figures for Tokyo have shown ongoing subdued inflation. Haruhiko Kuroda, Governor of the Bank of Japan, has said he will not hesitate to introduce additional monetary stimulus.
USMCA: Discussions between Canada and Mexico continue on finalizing some details in the new free trade agreement which includes the US. Democrats and Republicans have made progress on ratifying the accord in Congress.
Canada is forecast to report an annualized Gross Domestic Product (GDP) growth of 1.2% in the third quarter, a more modest pace in comparison to 3.7% in the second quarter.
Cryptocurrencies have been consolidating their recovery with Ethereum battling $150 after UpBit, a Korean crypto-exchange, confirmed theft of ETH worth $50 million.
More A China trade conversation with FXStreet senior analyst Joseph Trevisani
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