Currencies confined to narrow range ahead of Thanksgiving holiday
Currency markets are quiet and trading in lighter volumes ahead of the Thanksgiving holiday. US data released today did little to impact markets as currencies appear to be driven by month-end flows.
November 25, 2020
EUR/USD 1.1894 GBP/USD 1.3329 USD/CAD 1.3017 AUD/USD 0.7340 USD/JPY 104.42 USD/CNH 6.5735 USD/ILS 3.3218 USD/MXN 22.0793 USD/CHF 0.9108 USD/INR 73.92
The US dollar dropped slightly following durable goods and jobless claims data that indicated the US economy is on the mend. After the Dow surpassed 30,000 yesterday, US equity futures are pointing to a slight decrease at the open. US data due includes weekly job loss claims, trade balance, wholesale inventories, goods orders, new home sales and University of Michigan sentiment.GBPThe pound trimmed earlier losses following comments from UK Chancellor Sunak that indicated the UK economy could shrink 11.35% in 2020. The pound is down 0.1% on the day.EURThe euro trimmed some gains after surpassing 1.1930 – the highest level since early September - and remains rangebound.CADThe Canadian dollar gave back some ground to the greenback after touching two-week highs early in the week. The pair remains below the 21-DMA as month-end rebalance models favor the greenback.ASIA/PACIFICThe Japanese yen is mostly unchanged in light trading ahead of the US holiday. Virus outbreaks in Japan are top of mind, and Economy Minister Yasutoshi Nishimura told reporters the next three weeks are critical for controlling the virus.
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