By Deepta Bolaky
The rally on Wall Street continues as major US equity benchmarks rose to fresh record highs ahead of Thanksgiving public holiday. Risk sentiment was boosted by upbeat US data. The preliminary figures show that growth picked up in the third quarter.
Source: Bloomberg Terminal
In the FX market, major currencies were weaker against the greenback. The attention was on the series of US economic releases which came out mixed. However, the estimate of the third quarter of GDP came better-than-expected at 2.1%. Durable goods also surprised to the upside at 0.6% compared to the expectations of -0.8%.
Unlike other currencies, the British Pound was among the few that edged higher against the US dollar. The cable rallied on the prospects that the Conservative will have a significant majority over the Labour Party. Ahead of the YouGov poll, the estimates were already pointing a significant Tory lead.
The GBPUSD pair broke the 1.29 level but remained just below a key resistance level at 1.30.
GBPUSD (Hourly Chart)
Source: GO MT4
Crude oil prices pared some of its recent gains in the final hours of trading dragged by a surprise build in crude oil inventory. However, the downside momentum was limited. As of writing, WTI and Brent Crude are currently trading in the vicinity of $58 and $63 respectively.
The risk-on tone in the markets and a stronger US dollar are weighing on the Gold. The XAUUSD pair fell further but appeared to have found support around the $1,455 level.
XAUUSD (Hourly Chart)
Source: GO MT4
Retail Trade, Foreign Bond and Stock Investment (Japan)
Gross Domestic Product (Switzerland)
Business Climate and ECB Speeches (Eurozone)
Harmonized Index of Consumer Prices and German Buba President Weidmann Speech (Germany)
Current Account (Canada)
Building Permits (New Zealand)
|Friday, 29 November 2019
Indicative Index Dividends
Dividends are in Points
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