Here is what you need to know on Friday, November 29, Black Friday:
Currency movement has been subdued amid the Thanksgiving holiday in the US. Nevertheless, Asian stocks and US share futures are down as China's dissatisfaction with President Donald Trump's move to sign the Hong Kong bill into law persists. Gold prices are a tad higher.
Euro-zone: Inflation figures are set to show a rise in the Consumer Price Index, with Core CPI set to increase to 1.2% YoY. The publication is preceded by French inflation data and also by German employment figures. Preview: Euro-zone inflation preview: Warm welcome for Lagarde? EUR/USD may rise
UK elections: GBP/USD has eased after rising in response to YouGov's broad MRP poll. The Conservative Party protested against Channel 4's inclusion of an ice sculpture of Boris Johnson instead of having a replacement for him in a debate on climate change. The PM denied that he will open up the National Health Service (NHS) to American companies. UK GfK Consumer Confidence remained at -14, indicating pessimism as the shopping season begins. New opinion polls ahead of the December 12 elections are awaited.
Japan: Preliminary inflation figures for Tokyo have shown ongoing subdued inflation. Haruhiko Kuroda, Governor of the Bank of Japan, has said he will not hesitate to introduce additional monetary stimulus.
USMCA: Discussions between Canada and Mexico continue on finalizing some details in the new free trade agreement which includes the US. Democrats and Republicans have made progress on ratifying the accord in Congress.
Canada is forecast to report an annualized Gross Domestic Product (GDP) growth of 1.2% in the third quarter, a more modest pace in comparison to 3.7% in the second quarter.
Cryptocurrencies have been consolidating their recovery with Ethereum battling $150 after UpBit, a Korean crypto-exchange, confirmed theft of ETH worth $50 million.
More A China trade conversation with FXStreet senior analyst Joseph Trevisani
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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