Economic data coming up in the European session

Author: Justin Low | Category: News

A light one on the data docket with the Thanksgiving holiday in view

The dollar is mildly softer so far on the day but it isn't anything too significant as it continues to press forward with a more robust technical picture on the week.

EUR/USD dipped below 1.1200 for the first time since June 2020 overnight and is just barely keeping above the figure level now, while USD/JPY is looking to seal a break above 115.00 that could leave plenty of upside room moving forward.

Keep in mind that with the Thanksgiving holiday coming up, trading conditions are likely to be thinner today and with the US stock and bond markets out, there isn't anything much to really work with in the sessions ahead.

But even so, don't rule out exacerbated moves especially in periods of thin liquidity but bear in mind that the technicals are still largely favouring the dollar for now.

0700 GMT - Germany Q3 GDP final figures
Prior release can be found here. The final report today should just reaffirm a decent expansion in the German economy, though missing on estimates in the initial report. The outlook heading towards next year matters more so this is a bit "lagging" in some sense.

0700 GMT - Germany December GfK consumer sentiment
Prior release can be found here. German consumer confidence is estimated to slip further going into December, with rising cost pressures/inflation and the worsening virus situation weighing on sentiment.

1100 GMT - UK November CBI retailing reported sales
Prior release can be found here. The readings here are an indicator of short-term trends in the retail and wholesale sector of the UK economy.

At 1230 GMT, the ECB will also be releasing the accounts of its October monetary policy meeting but it should not really tell us anything new.

That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.

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