Here is what you need to know Wednesday, November 27th:
- Major pairs remained within familiar levels this Tuesday, with the greenback easing just modestly during US trading hours amid worse-than-anticipated US CB Consumer Confidence, down to 125.5 in November. The EUR/USD pair remained lifeless between 1.1000 and 1.1030.
- The Sterling pound lost some ground amid more polls showing that Conservatives advantage over Labour continues shrinking. Nevertheless, Tories remain 10 points ahead.
- US President Trump said that the US is in the "final throes" on reaching a trade deal with China, although the market’s reaction to the headline was quite limited, as loads are being said but little done.
- RBA’s Governor Philip Lowe said that QE is not in the central bank’s agenda, adding that the toll could help, but that he doesn’t expect to get there. He also stated that QE would only be considered should the cash rate reach 0.25%. His comments lifted the Aussie just temporarily, AUD/USD unable to break through 0.6800.
- The USD/JPY pair hit 109.20, holding on to gains at the end of the day, despite a mixed performance from worldwide equities, and weaker US Treasury yields.
- Gold recovered after flirting with 1,450, ending the day some $12.00 above its daily low.
- The Petroleum Exporting Countries (OPEC) unanimously support an extension to the agreement on the reduction of oil output after March 2020 and continue to discuss whether a three or a six-month extension is needed. Crude oil prices bounced with the news, ending the day with modest gains.
- Cryptocurrencies consolidate around Monday’s closing levels, were also lifeless.
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