This is what you need to know to trade today Wednesday 25 November:
Markets take a breather after moving higher Tuesday, amid vaccine optimism and the beginning of the transition in the White House. A lot of US economic data is expected on Wednesday, such as durable goods orders, GDP, jobless claims and many more.
US stock markets closed at record highs Tuesday after outgoing President Donald Trump authorized the start of the transition to an administration led by President-elect Joe Biden. News of the nomination of former Federal Reserve chair Janet Yellen as Treasury secretary also encourages markets.
The US dollar is now stabilizing after reversing earlier, and gold also manages to hold just above $ 1,800 after falling towards this level on Tuesday. WTI oil is consolidating around higher levels.
Thursday’s Thanksgiving holiday brings several economic data forward, making Wednesday a packed day. At 13:30 GMT, the updated figures for gross domestic product GDP for the third quarter confirm the strong rebound, but there is room for surprises.
See: US GDP Preview: Good reasons for an upside surprise, but not necessarily a dollar surge
The most up-to-date data from durable goods orders October shows relatively modest increases compared to September.
It is expected that weekly unemployment claims resume their declines after a disappointing rise last week. The number of continuing requests refers to the week ending November 13, when surveys are conducted for the NFP Non-Farm Payroll Report.
Later, at 15:00 GMT, it will depart other data group. These include personal spending, which is expected at a moderate level, new home sales, which have optimistic estimates, and the final reading of the University of Michigan consumer sentiment index, which will likely confirm a drop in confidence.
Last but not least, the minutes of the Federal Reserve’s early November meeting. Investors will try to find out how close the world’s most powerful central bank is to expanding its bond buying program.
The Conference Board consumer confidence index for November did not meet estimates, reaching 96.1 points. Earlier in the week, Markit’s PMI Purchasing Managers Indices beat estimates, causing the dollar to rise.
Vaccine News: China’s Sinopharm Group has asked authorities to approve its vaccine for COVID-19. AstraZeneca and the best 90% efficacy rate from the Oxford University Immunization Project were seen only in people 55 and younger.
Eurozone: France is poised to lift various restrictions amid a downward coronavirus curve, while Germany heads toward a stricter policy. The EUR / USD has been moving around 1.19.
Brexi; Online negotiations continue as the clock ticks towards the end of the transition period at the end of the year. GBP / USD remains around 1.3350. Biden said he doesn’t want to see a border on the Island of Ireland.
The cryptocurrencies have cooled down after recovering previously. Bitcoin is struggling at $ 19,000, Ethereum is trading below $ 600, and XRP is hovering around $ 0.65.
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