European majors continue to be the strongest currency in this holiday shortened week. In particular, Sterling is strong with over 200 pips gain against Japanese yen and Canadian dollar. The euro closely followed. The yen remained the weakest currency for the week and the month, but commodity currencies aren't much better. The dollar is mixed, even though it manages to maintain gains against commodity currencies and yen. In other markets, The Dow made another record close at 16097.33 overnight, up 24.53 pts while S&P 500 rose 4.48 pts to close at 1807.23, also a record. Rally in bonds lost some momentum with 10 year yield up to close at 2.736%. Trading would like get subdued with US on thanksgiving holiday today.
In the Eurozone, the ECB said in the semi-annual Financial Stability Review released yesterday that "systemic stress" have fallen back to pre-crisis levels. It noted that, "stress indicators and euro area fundamentals suggest alleviation of financial market tensions, especially on the banks' funding side." But, it also warned that, "with sizeable amounts of bank debt maturing over the coming months, persistently high funding costs for a set of challenged banks could amplify pressures for deleveraging of a disorderly nature - with an associated negative impact on economic welfare and growth."
On the data front, Japan retail sales rose 2.3% yoy in October versus expectation of 2.1% yoy. Swiss Q3 GDP, German import price, unemployment and CPI will be released in European session. Eurozone will also release M3 and confidence indicators. Canada will release IPPI and RMPI in US session.
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European Majors Firm As US Is On Thanksgiving Holiday
Published 11/28/2013, 03:18 AM
Updated 03/09/2019, 08:30 AM
European Majors Firm As US Is On Thanksgiving Holiday
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