Forex Today: Robust risk rally takes a breather ahead of dense data day

Here is what you need to know on Wednesday, November 25:

Markets have paused after rallying on Tuesday, amid vaccine optimism and the beginning of the White House transition. A big bulk of US data is awaited on Wednesday, including Durable Goods Orders, GDP, jobless claims, and many more. 

US stock markets closed at record highs on Tuesday after outgoing President Donald Trump authorized the beginning of the transition to an administration led by President-elect Joe Biden. The reported nomination of former Federal Reserve Chair Janet Yellen as Treasury Secretary also cheers markets.

The US dollar is now stabilizing after retreating beforehand, and gold also manages to stabilize just above $1,800 after tumbling toward this level on Tuesday. WTI oil is consolidating around higher levels.

Thursday's Thanksgiving holiday brings forward several data points, making Wednesday a jam-packed day. At 13:30 GMT, updated Gross Domestic Product figures for the third quarter are set to confirm the robust rebound, yet there is room for surprises. 

See US GDP Preview: Good reasons for an upside surprise, but not necessarily a dollar surge

The more up-to-date Durable Goods Orders statistics for October are forecast to show relatively modest increases in comparison to September.

See US Durable Goods Orders October Preview: Unemployment what unemployment?

Weekly jobless claims are set to resume their falls after a disappointing increase last week. The continuing applications figure relates to the week ending November 13, when Nonfarm Payrolls surveys are held.

See US Initial Jobless Claims Preview: STurn that rear-view mirror around

Later on, at 15:00 GMT, another batch of figures is due out. These include Personal Spending which is set to moderate, New Home Sales, which carry upbeat estimates, and the final read for the University of Michigan's Consumer Sentiment Index, likely to confirm a drop in confidence. 

Last but not least, the Federal Reserve's Meeting Minutes from the early November meeting. Investors will try to figure out how close the world's most powerful central bank is to expanding its bond-buying scheme. 

More When the market shivers, the Fed delivers? Where next for markets

The Conference Board's Consumer Confidence gauge for November missed estimates with 96.1 points. Earlier in the week, Markit's Purchasing Managers' Indexes beat estimates, prompting a surge in the dollar. 

Vaccine News: China's Sinopharm Group has asked authorities to approve its COVID-19 vaccine. AstraZeneca and the University of Oxford's immunization project's better efficacy rate of 90% were seen only on people aged 55 or lower. 

Eurozone: France is set to lift several restrictions amid a dropping coronavirus curve while Germany is heading into tighter policy. EUR/USD has been trading around 1.19.

Brexit: Online negotiations continue as the clock continues ticking down toward the end of the transition period at year-end. GBP/USD is holding up around 1.3350. Biden said he does not want to see a border in the Isle of Ireland. 

Cryptocurrencies have cooled down after rallying beforehand. Bitcoin is battling $19,000, Ethereum is changing hands below $600 and XRP is around $0.65.