Forex Today: Soggy Black Friday mood, GBP/USD retreats, EZ inflation awaited

Yohay Elam FXStreet

Here is what you need to know on Friday, November 29, Black Friday:

Currency movement has been subdued amid the Thanksgiving holiday in the US. Nevertheless, Asian stocks and US share futures are down as China's dissatisfaction with President Donald Trump's move to sign the Hong Kong bill into law persists. Gold prices are a tad higher.

Euro-zone: Inflation figures are set to show a rise in the Consumer Price Index, with Core CPI set to increase to 1.2% YoY. The publication is preceded by French inflation data and also by German employment figures. Preview: Euro-zone inflation preview: Warm welcome for Lagarde? EUR/USD may rise

UK elections: GBP/USD has eased after rising in response to YouGov's broad MRP poll. The Conservative Party protested against Channel 4's inclusion of an ice sculpture of Boris Johnson instead of having a replacement for him in a debate on climate change. The PM denied that he will open up the National Health Service (NHS) to American companies. UK GfK Consumer Confidence remained at -14, indicating pessimism as the shopping season begins. New opinion polls ahead of the December 12 elections are awaited.

Japan: Preliminary inflation figures for Tokyo have shown ongoing subdued inflation. Haruhiko Kuroda, Governor of the Bank of Japan, has said he will not hesitate to introduce additional monetary stimulus.

USMCA: Discussions between Canada and Mexico continue on finalizing some details in the new free trade agreement which includes the US. Democrats and Republicans have made progress on ratifying the accord in Congress.

Canada is forecast to report an annualized Gross Domestic Product (GDP) growth of 1.2% in the third quarter, a more modest pace in comparison to 3.7% in the second quarter.

Cryptocurrencies have been consolidating their recovery with Ethereum battling $150 after UpBit, a Korean crypto-exchange, confirmed theft of ETH worth $50 million.

More A China trade conversation with FXStreet senior analyst Joseph Trevisani

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

GBP/USD clings to daily gains near 1.3350

GBP/USD holds just in positive territory around 1.3350 on Friday as the Greenback keeps a vacillating price action. With Fed rate hike expectations easing and US markets closed for the Independence Day holiday, Cable remains on track to post solid weekly gains.

EUR/USD remains sidelined around 1.1440

EUR/USD holds on to its recent gains and consolidates around 1.1440 at the end of the week as the US Dollar lacks clear direction. In the meantime, trading conditions remain subdued, with volatility constrained by the closure of US markets for the Independence Day holiday.

Gold flirts with two-week highs, targets $4,200

Gold extends its recovery for a third straight day, advancing toward the $4,200 mark per troy ounce on Friday. The precious metal looks set to snap a four-week losing streak as softer-than-expected June US NFP data prompt investors to scale back expectations of further Fed tightening.

Crypto Today: Bitcoin, Ethereum, XRP advance amid renewed capital inflows

Bitcoin maintains its upward momentum, holding above the $61,000 mark at the time of writing on Friday. Major altcoins such as Ethereum and Ripple are also posting gains, signaling a modest uptick in market sentiment and renewed risk appetite among investors.

The Iran war failed to trigger a recession. Can the US economy keep defying expectations?

Nearly four months after the start of the Iran war, the US economy remains remarkably resilient. While the conflict initially triggered a severe disruption to global energy markets and a sharp rise in Oil prices, recent diplomatic progress between Washington and Tehran has eased concerns about a prolonged supply shock.

Kevin Warsh offers no policy clues: Why markets still got their answer

Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.