Here is what you need to know on Friday, November 25:
The trading action in financial markets remains subdued amid thin volumes on Black Friday. Following the Thanksgiving Day holiday, bond and stock markets will close early and the economic calendar won't be offering any high-impact macroeconomic data releases. Profit-taking ahead of the weekend could ramp up the volatility in the second half of the day and cause irregular movements in major currency pairs. Meanwhile, US stock index futures edge higher in the early European morning, pointing to a slightly upbeat market mood.
During the Asian trading hours, China reported 32,695 coronavirus cases, setting a daily record of infections for the second straight day. Chinese officials ordered mass testing and decided to tighten restrictions in Beijing, Shanghai and Guangzhou. Nevertheless, the Shanghai Composite Index clings to modest daily gains and the Hang Seng Index is down only 0.3% toward the end of the week.
On energy-related news, Saudi and Iraqi energy ministers issued a statement early Friday, saying that they will introduce additional measures to ensure stability in the oil market. After falling nearly 5% on Wednesday, crude oil prices started to inch higher in the second half of the week and the barrel of West Texas Intermediate (WTI) was last seen gaining 0.5% on the day at $78.30.
EUR/USD failed to make a decisive move in either direction on Thursday and closed the day flat. The pair continues to fluctuate in a narrow range at around 1.0400 early Friday.
GBP/USD touched its highest level in three months at 1.2155 on Thursday but lost its bullish momentum. At the time of press, the pair was moving sideways near 1.2100. Nonetheless, GBP/USD remains on track to end the third week in positive territory.
USD/JPY fluctuates in a narrow range below 139.00 early Friday. The data from Japan showed the annual Consumer Price Index (CPI) in Tokyo climbed to 3.8% from 3.5% in October. This reading came in higher than the market expectation of 3.6% but failed to trigger a noticeable market reaction.
Statistics New Zealand announced earlier in the day that Retail Sales expanded by 0.3% on a quarterly basis in the third quarter, compared to analysts' estimate for a contraction of 3.4%. Despite the better-than-forecast data, NZD/USD struggled to gather bullish momentum and was last seen trading at around 0.6250.
Gold price registered small daily gains and closed above $1,750 on Thursday. XAU/USD advanced beyond $1,760 in the Asian session but retreated to $1,755 in the European morning.
Following a two-day rally, Bitcoin closed flat on Thursday but lost its traction on Friday. BTC/USD was last seen losing more than 1% on the day at $16,400. Ethereum is down nearly 2% on the day, trading below $1,200.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
AUD/USD bulls run into a wall of resistance, bears eye downside breakout
The Australian dollar fell below 0.65 the figure and is hovering around the worst levels in over six months growing expectations that the US Federal Reserve would raise interest rates further. The Aussie was also weighed by poor China data.
EUR/USD approaches 1.0700 as USD Index sees more downside ahead of US Employment
The EUR/USD pair is marching towards the round-level resistance of 1.0700 in the early Tokyo session. The major currency pair showed a sharp recovery from 1.0640 on Wednesday after the US Dollar Index (DXY) faced intense selling pressure post refreshing a 10-week high at 104.70.
Gold rebound eyes $1,990 and United States Employment clues
Gold price picks up bids to refresh intraday high near $1,967 amid early hours of Thursday’s Asian session as the US Dollar’s retreat joins hopes of the United States debt-ceiling bill’s passage through the House of Representatives.
Solana price back above $20 as SOL sees a spike in active users
Solana price is back above the $20 range after a bounce from the $18.87 support on May 25. The newly found momentum comes as the number of active users continues to increase. SOL could rise 30% to the $26.30 range high as cryptos attempt a recovery rally this week.
C3.ai Stock News: After 33% rally, AI shares backtrack ahead of earnings
C3.ai (AI) stock slipped 7.6% to $41.62 in Wednesday’s premarket ahead of quarterly earnings expected after the close. This may just be traders taking profits after Tuesday’s 33.4% surge in the AI stock price.