Home Markets Forex Today: Markets quiet ahead of Black Friday

Forex Today: Markets quiet ahead of Black Friday

Forex Today: Markets quiet ahead of Black Friday

This is what you need to know to trade today friday november 25:

Financial markets action remains subdued amid thin volumes on Black Friday. After the Thanksgiving holiday, the bond and stock markets will close early and the economic calendar will not feature any heavy-hitting macroeconomic data releases. Profit-taking before the weekend could add to volatility in the second half of the day and lead to choppy movements in major currency pairs. Meanwhile, US stock index futures are rising early in the morning in Europe, pointing to a slightly upbeat mood in the markets.

During business hours in Asia, China reported 32,695 coronavirus cases, setting a daily record for infections for the second day in a row. The Chinese authorities ordered mass testing and decided to tighten restrictions in Beijing, Shanghai and Guangzhou. However, the Shanghai Composite Index is holding on to modest daily gains and the Hang Seng Index is down just 0.3% at the end of the week.

Turning to the energy news, the energy ministers of Saudi Arabia and Iraq issued a statement early on Friday, saying they would introduce additional measures to ensure the stability of the oil market. After falling almost 5% on Wednesday, the oil prices they began to rise at the end of the week and the barrel of West Texas Intermediate (WTI) gained 0.5% on the day, to $78.30.

On Thursday, the pair EUR/USD he failed to make a decisive move in either direction and closed the day unchanged. The pair continues to trade in a tight range around 1.0400 early on Friday.

The GBP/USD It touched its highest level in three months at 1.2155 on Thursday, but lost its bullish momentum. At press time, the pair was trading sideways near 1.2100. However, the GBP/USD remains on track to end the third week in positive territory.

The USD/JPY it is trading in a tight range below 139.00 early Friday. Data from Japan showed that the annual Consumer Price Index (CPI) in Tokyo rose to 3.8% from 3.5% in October. This data exceeded market expectations of 3.6%, but did not cause a noticeable reaction from the market.

Statistics New Zealand announced earlier in the day that retail sales grew 0.3% on a quarterly basis in the third quarter, versus analysts’ estimate of a 3.4% contraction. Although the data was better than expected, the NZD/USD struggled to gain bullish momentum and is trading around 0.6250.

The price of Prayed it posted small daily gains and closed above $1,750 on Thursday. XAU/USD advanced beyond $1,760 in the Asian session, but fell back to $1,755 in the European morning.

After a two-day recovery, the Bitcoin it closed flat on Thursday, but lost its traction on Friday. BTC/USD is now trading down more than 1% on the day at $16,400. The ethereum it is down nearly 2% on the day, trading below $1,200.

Source: Fx Street



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