Market Drivers – US Session, Nov. 24

The US dollar experienced losses in a shortened week, with the Core PCE report being the most important. The US economy is stronger than that of European nations and is still growing, with the US Composite reported at 50.7 in recent PMIs.

Weekly gains in EUR/USD were observed, but the pair struggled to stay above 1.0950. Preliminary inflation data from Germany and Spain will be released on Wednesday, providing insight into November’s price performance.

The Japanese Yen was one of the weakest currencies due to rising equity prices and a recovery in government bond yields from monthly lows.

The USD/CAD fell, breaching a significant support level at 1.3650, with risks indicating more weakness to come. Canada will release its monthly and quarterly GDP figures on Thursday, followed by the employment report.

The strongest performing antipodean currencies of the week saw a boost from the improvement in risk sentiment and the decline in the US dollar.

The AUD/USD pair moved closer to 0.6600 after rising above the 200-day SMA to its highest level in three months. The Reserve Bank of New Zealand (RBNZ) will make its monetary policy announcement on Wednesday.

Next Week

The US will release several important reports next week, including the Core Personal Consumption Expenditure Price Index and Jobless Claims, the ISM Manufacturing, and the second revision of Q3 GDP. Chinese PMIs for November are expected on Thursday.

Also Read:
Oil settles lower, but records weekly gain

EUR/USD looks forward to climb over 1.0950

US dollar set to close with second straight weekly loss

European stocks rise on improved business sentiment

Gold find demand after mixed S&P PMIs

US dollar reacts to declining Manufacturing PMI, rising Services PMI