Forex Today: Sterling surges as poll backs Boris, dollar bulls thankful, Trump angers China

Yohay Elam FXStreet

Here is what you need to know on Thursday, November 28:

UK elections: YouGov's highly-anticipated MRP poll has shown a landslide 65-seat majority for Prime Minister Boris Johnson's Conservatives. GBP/USD has reacted positively and trades well above 1.29.

The US economy is doing well, according to data released ahead of the Thanksgiving holiday. Third-quarter Gross Domestic Product was upgraded to 2.1%, and Durable Goods Orders jumped in October, reflecting a rebound in investment. However, the Federal Reserve's preferred inflation gauge slipped to 1.6%.

Sino-American relations: The safe-haven yen regained some ground after President Donald Trump's signing into law of the Hong Kong bill that has angered China. Support for protesters in the city-state is seen by Beijing as an intervention in its internal affairs. However, trade talks continue.

AUD/USD has been on the back foot following Trump's signing of the HK bill and also due to accusations in the Australian media of Chinese spying which have been criticized by China. Moreover, Australian Private Capital Expenditure missed with a drop of 0.2% in the third quarter.

NZD/USD has weathered the storm after ANZ's Business Confidence measure recovered to -26.4 in November.

German preliminary inflation figures for November are due out today, shaping expectations for Friday's euro-zone numbers.

Several members of the European Central Bank have been supporting a review of the bank's monetary policy after Christine Lagarde took over as president.

Low liquidity is likely in the US session due to the holiday.

Cryptocurrencies have been extending their recovery with Bitcoin topping $7,500.

More Why is the US attempting to change China’s trade model?

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.

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