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 (preview) to 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. 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.
Recommended content
Editors’ Picks
US economy grows at an annual rate of 1.6% in Q1 – LIVE
The US' real GDP expanded at an annual rate of 1.6% in the first quarter, the US Bureau of Economic Analysis' first estimate showed on Thursday. This reading came in worse than the market expectation for a growth of 2.5%.
EUR/USD retreats below 1.0700 after US GDP data
EUR/USD came under modest bearish pressure and retreated below 1.0700. Although the US data showed that the economy grew at a softer pace than expected in Q1, strong inflation-related details provided a boost to the USD.
GBP/USD declines below 1.2500 with first reaction to US data
GBP/USD declined below 1.2500 and erased a portion of its daily gains with the immediate reaction to the US GDP report. The US economy expanded at a softer pace than expected in Q1 but the price deflator jumped to 3.4% from 1.8%.
Gold holds near $2,330 despite rising US yields
Gold stays in positive territory near $2,330 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield is up more than 1% on the day above 4.7% after US GDP report, making it difficult for XAU/USD to extend its daily rally.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.