USD depreciating ahead of Black Friday/Thanksgiving.. What to expect from the markets today?

FXPrimus has summarized the important market indicators of the day.

Uncertainty around US Inflation took the Dollar lower ahead of ‘Thanksgiving’, allowing majors to appreciate against it.

While the Euro climbed above $1.18 on surprise Consumer Confidence, Pound took advantage of Dollar’s weakness for its own surge above $1.33.

The market may offer some good opportunities today around the releases of European-wide data.

EURUSD – Euro surges on unexpected Consumer Confidence improvement, eyes on PMIs. Euro-Dollar upsurged a total of 86 pips from the daily open versus Dollar as the Flash Consumer Confidence Indicator, for both the EU and the Eurozone, saw an improvement compared to October. The pair trades above $1.18 while investors turn their eyes to today’s consecutive Flash PMI releases and the ECB Meeting Accounts.

USDJPY – Dollar plummets 125 pips on worrisome inflation, pair moves below 100 DMA. Dollar fell following the FOMC Meeting Minutes despite a December hike seems most probable as the minutes exposed Fed members’ concerns amid absent inflation. Dollar started yesterday’s session on a weak footing as a substantial sell-off ahead of ‘Thanksgiving’ soft-pedalled the decline. In addition, worse than expected data supported the depreciation.
GBPUSD – Pound falls on revised GDP Growth forecast, recovers swiftly on Dollar weakness. Pound declined nearly 35 pips following Finance Minister Hammond’s announcement of August Budget and the decision to set aside 3 bln Pounds for Brexit obligations. Despite OBR downgraded Britain’s GDP Growth Pound surged along with Euro while Dollar was falling. Market players shift focus to the UK 2nd GDP release.
USOIL – Oil remains near the top of the 2-Year high as EIA report keeps bulls solid. Crude Oil gained nearly 90 cents yesterday following an inventory draw of 6.356 mln barrels, a 1.9 mln barrels decline for November 17. With Gasoline stocks unchanged Oil had an easy task rising higher, reaching the $58.10 pb price. Despite price has been unchanged over the past few hours, bulls seem to have taken over control above $57.65 pb.

XAUUSD – Gold appreciates on a weakening Dollar, adds $12 in price per ounce. Spot Gold saw a sharp rise yesterday purely attributed on a weakening Dollar as the FOMC meeting sparked a large sell-off on the currency. Gold remains near the $1300 level despite interest rates “would have to be raised in the near term”.
US Indexes – DJ and S&P 500 depreciated by 0.27% and 0.08%, respectively.
European Indexes – UK 100 closed 0.10% higher, DE 30 declined by 1.16%.
Asian Indexes – ASX 200 was unchanged, Hang Seng trades 1.28% lower.
US Equities – Tesla fell by 1.64%, Twitter rose by 1.78%.