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USA
Technically, the dollar remains in terrific shape. The greenback is trading more mixed and a little lower on the day, but not by much when compared to the moves in the previous week or even yesterday.
In US forex trade yesterday, the EUR/USD fell below 1.1200 for the first time since June 2020, but is again hovering around 1.1220. In the grand scheme of things, mild bounce today means very nothing.
The USD bulls are still in command, as seen by the USD/JPY market movement.
The pair may be down 0.1 percent today, but as long as it remains above 115.00, buyers will have a decent platform to build on in order to extend the upward leg from here. In other news, the dollar is somewhat weaker against the pound and the loonie so far today, but not significantly so. With the Thanksgiving holiday ready to engulf markets, we may not see any substantial changes in FX until next week.
Iraq
Iraq claims that the OPEC approach has been effective thus far; OPEC is cautious about pumping and cutting oil output; and OPEC does not want to lose this success since oil markets remain volatile. Any extra amounts may result in a price collapse or oversupply. This is more about future policy, but it doesn’t tell much about what they could do collectively as a bloc in reaction to the SPR release at next week’s meeting.
Europe
European markets begin the day higher.
Eurostoxx +0.3% , France CAC 40 +0.3%. The FTSE 100 in the United Kingdom is up 0.1 percent, while the IBEX in Spain is up 0.2 percent. She’s moving steadily, which is likely to preserve the peace throughout the Thanksgiving holiday later in the day. In terms of currency, the dollar is still a touch slow, but not by much following the advances of the previous day and week in the forex market.
Japan
In its most recent monthly report, Japan maintains its overall economic rating. Japan maintains that the economy continues to show signs of weakness in its recovery, despite the fact that severe conditions are gradually easing.
Notably, the government raised its forecast for consumption for the first time in 13 months as service spending increased, but it reduced its forecast for exports and production due to persistent supply issues and a slowdown in China’s economy.
China
The United States’ entity list is detrimental to US-China ties. China’s Commerce Ministry Remarks • Opposes US Sanctions on Chinese Companies.
In terms of the trade blacklist, it is all part of the show between the two nations, since there are more pressing matters to address in the broad scheme of things.
Germany
Germany’s final GDP for the third quarter was +1.7 percent, compared to +1.8 percent in the previous quarter. Destatis’ most recent data was issued on November 25, 2021.
• GDP (non-seasonally adjusted) +2.5% versus +2.5% y/y preliminary
• GDP (working day adjusted) +2.5% versus +2.5% y/y preliminary
There is almost little change from the previous report, with just the headline updated to be a little lower, but it maintains a relatively moderate expansion, albeit hampered by supply constraints and growing cost pressures in general.
The forecast for Q4 and next year is even less hopeful, as supply and capacity bottlenecks remain, and the worsening COVID-19 situation adds to headwinds for the German economy.
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