Market Drivers; US Session

Market Focus Shifts to Japan and Global PMIs


The US Dollar continued its upward trend, reaching new 2024 highs. This was driven by a combination of factors, including a weakening risk appetite and ongoing geopolitical tensions.

Key Events on Friday, November 22nd:

• US: Flash S&P Global Manufacturing and Services PMIs, final Michigan Consumer Sentiment

• Eurozone: Final Q3 GDP Growth Rate in Germany, flash HCOB Manufacturing and Services PMIs for Germany and the Eurozone, ECB speeches

• UK: Retail Sales, flash S&P Global Manufacturing and Services PMIs, GfK Consumer Confidence

• Japan: Inflation Rate, preliminary Jibun Bank Manufacturing and Services PMIs
Currency Pair Updates:

• EUR/USD: Fell to new YTD lows near 1.0460

• GBP/USD: Broke below key support at 1.2600

• USD/JPY: Dropped to two-day lows near 153.90 due to hawkish BoJ comments and geopolitical concerns

• AUD/USD: Reclaimed the 0.6500 level despite a stronger Dollar

Commodities:

• Oil: WTI prices surged above $70 per barrel on supply concerns related to the Russia-Ukraine conflict.

• Gold and Silver: Prices for both metals rose, with gold reaching the $2,670 level and silver trading below $31.00.