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 remains offered near 1.3470

GBP/USD adds to the multi-day negative streak and retreats toward the 1.3470 zone on Wednesday, or four-week troughs. Cable’s deep correction comes on the back of the unabated recovery in the Greenback and the persistent geopolitical concerns.

EUR/USD recovers toward 1.1600 on renewed USD weakness

EUR/USD gains traction in the second half of the day on Wednesday and rises toward 1.1600. The US Dollar (USD) weakens, possibly due to another intervention in foreign exchange markets to support the Japanese Yen, and allows the pair to stretch higher. Meanwhile, the data from the US showed earlier in the day that employment in private sector rose less than expected in August.

Gold turns positive as turmoil in Yen pairs hits US Dollar

Gold (XAU/USD) stages a sharp rebound on Wednesday, reversing all its earlier losses as a sudden rise in the Japanese Yen (JPY) triggers broad selling pressure on the US Dollar (USD).

WTI advances to mid-$90.00s, fresh high since July 24 amid escalating US-Iran tensions

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – scales higher for the third straight day – also marking the fifth day of a positive move in the previous six – and climbs to a fresh high since July 24 during the Asian session on Wednesday.

Crypto Today: Bitcoin, Ethereum, XRP edge lower as renewed US-Iran tensions weigh

The cryptocurrency market is pulling back broadly on Wednesday as investors adopt a cautious stance, with Bitcoin consolidating near its short-term support at $77,000. Ethereum remains under pressure, slipping toward $2,400. Ripple is also trending lower.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.