Forex Today: Massive pre-holiday US data dump, Trump holding back deal, critical UK poll eyed
|Here is what you need to know on Wednesday, November 27:
US data: The calendar is packed ahead of the Thanksgiving holiday. Economists expect the third-quarter GDP (preview) to be confirmed at 1.9% annualized, while Durable Goods Orders (preview) for October have likely dropped in the most important measures. Personal Spending, Personal Income and Core Personal Consumption Expenditure, the Federal Reserve's preferred inflation gauge, is expected to rise modestly. On Tuesday, the Conference Board's Consumer Confidence measure edged lower while housing figures looked upbeat.
Lael Brainard, a Governor at the Fed, reaffirmed the bank's stance that no change is likely in the near future.
Trade: President Donald Trump said that the US and China are in the "final throes" of a trade deal and that he, Trump, is holding it back. Markets have learned to shrug off the headlines. The US dollar is on the rise across the board, but currency movements are limited. Safe havens such as the Japanese yen and gold have been on the back foot.
China: Producer Prices are in deflationary territory, reflecting a slowdown. Industrial profits are also sharply lower, by 9.9% yearly in October.
The Australian dollar has been under pressure after Westpac said that the Reserve Bank of Australia will embark on a QE program.
UK elections: A YouGov poll has joined other surveys in showing a narrowing gap between the Conservatives and Labour, albeit it remains at around ten points. The "mother of all polls" – YouGov's MRP which correctly predicted the hung parliament of 2017 – is due out today at 22:00 GMT.
Cryptocurrencies' volatility has cooled down, with Bitcoin consolidating above $7,000. Ethereum and Ripple are licking their wounds.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.