Quiet Trading On Thanksgiving?
Dear Traders,
The FOMC minutes did not provide any new insights but did confirm the market’s assumption that a December rate hike should be a done deal. The minutes showed that Federal Reserve officials saw a strengthening case to raise interest rates as the labor market improved ‘appreciably’, with some saying a hike should take place next month. The U.S. dollar extended its gains versus the euro while the common currency fell to a fresh one-year low.
As stated in yesterday’s analysis, we now see next support levels at 1.0520 and 1.0470 and if these barriers fall, the next stop could be at parity. A current resistance is however seen at 1.06.
U.S. markets will be closed for Thanksgiving, which is why we expect market movements to be limited amid a low liquidity environment. Let’s see.
The only piece of economic data will be the German IFO index due at 9:00 UTC, which could have a minor impact on the euro.
The British pound remains the only major currency to outperform the U.S. dollar and traded resiliently between 1.2470 and 1.2360. Sterling traders were looking in vain for any profitable movements and so we had to record some losses after three failed sell attempts. However, the technical picture has not changed and we still wait for a break of 1.2515 or 1.2350 respectively.
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