Forex Today: Massive pre-holiday US data dump, Trump holding back deal, critical UK poll eyed

Here is what you need to know on Wednesday, November 27: 

US data: The calendar is packed ahead of the Thanksgiving holiday. Economists expect the third-quarter GDP (previewto be confirmed at 1.9% annualized, while Durable Goods Orders (preview) for October have likely dropped in the most important measures. Personal Spending, Personal Income and Core Personal Consumption Expenditure, the Federal Reserve's preferred inflation gauge, is expected to rise modestly. On Tuesday, the Conference Board's Consumer Confidence measure edged lower while housing figures looked upbeat.

Lael Brainard, a Governor at the Fed, reaffirmed the bank's stance that no change is likely in the near future. 

Trade: President Donald Trump said that the US and China are in the "final throes" of a trade deal and that he, Trump, is holding it back. Markets have learned to shrug off the headlines. The US dollar is on the rise across the board, but currency movements are limited. Safe havens such as the Japanese yen and gold have been on the back foot.

China: Producer Prices are in deflationary territory, reflecting a slowdown. Industrial profits are also sharply lower, by 9.9% yearly in October.

The Australian dollar has been under pressure after Westpac said that the Reserve Bank of Australia will embark on a QE program. 

UK elections: A YouGov poll has joined other surveys in showing a narrowing gap between the Conservatives and Labour, albeit it remains at around ten points. The "mother of all polls" – YouGov's MRP which correctly predicted the hung parliament of 2017 – is due out today at 22:00 GMT.

Cryptocurrencies' volatility has cooled down, with Bitcoin consolidating above $7,000. Ethereum and Ripple are licking their wounds. 


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.

Feed news

Take advantage of market volatility with our daily Forex, Crypto and Indices Trade Ideas!

Become Premium!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD holds on to weekly gains, aims to 1.2100

EUR/USD pressures this week high at 1.2079 after the EU services sector moved back into expansion territory according to Markit, the first time since August.


GBP/USD extends decline towards the 1.3800 price zone

Upbeat UK data fell short of boosting the pound, hurt by Brexit jitters in Ireland. US macroeconomic figures making the difference in the dollar’s favor.


Bitcoin, Ethereum and XRP plummet, breaching critical support levels

Bitcoin price has dropped 12.7% since yesterday and shows no signs of stopping. Ethereum price follows the pioneer crypto’s lead and might retest $2,000 again. Unlike BTC or ETH, XRP price shows signs of recovery as long as it stays above a critical demand zone.

Read more

XAU/USD drops below $1,780 area as US T-bond yields rebound

Gold lost its traction after climbing toward $1,800 on Friday. 10-year US Treasury bond yield is up nearly 2%. Latest PMI data from US underlined strong price pressures.

Gold News

Bionano Genomics Inc runs into technical resistance, put options may work here

BNGO shares have continued to suffer post the retail meme crowd moving on. BNGO shares bounce from lows as DeMark buy signal flashes on Monday. BNGO shares trend up to resistance at 100 day moving average.

Read more