Forex Today: Quiet holiday’s trading

FXStreet Team FXStreet

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

The American dollar is the weakest currency across the FX board heading into a quiet Friday. The US celebrated the Thanksgiving holiday, with tinned volumes resulting in major pairs consolidating weekly gains against its US rival.

EUR/USD hit 1.1940 but retreated on tepid German data. GBP/USD flirted with 1.3400, but decreasing chances of a post-Brexit deal undermined the advance. UK Chancellor Sunak said this Thursday that the UK should not be stretching for a Brexit deal at any cost, somehow cooling hopes for a post-Brexit trade deal.

Asian equities advanced, while European ones closed with modest losses.

AstraZeneca announced they could run a new global trial to evaluate the efficacy of the coronavirus vaccine candidate, to assess the performance of the lower dosage separate from the trial that is already underway in the US. The spread of the virus is out of control in the US. In Europe, there are modest improvements in the numbers but the continent is far from having controlled the second wave.

The US is not officially on holiday on Friday, but limited activity is to be expected.

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EUR/USD faces next resistance near 1.1930

EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.