A Happy Thanksgiving to all our US readers
Dollar shorts are not the only people getting stuffed today. Today's the day Turkeys get hot under the collar as the yanks take a holiday for Thanksgiving.
While it should be a fairly quiet afternoon, the reduced liquidity might still make for some jumpy moves. With USDJPY still quite volatile, that will magnify what would usually be more sedate moves. Just be on your guard in this and other pairs. The trades to look for is anything that really goes against the current trends but be wary that most yanks tend to take tomorrow off as well.
Looking at the 15m chart right now, the 113.53 high is the main upside level to watch, while 112.80/85. 112.70, 112.55/60, 112.35/40 & 112.20/25 look to be the support levels below.
The Fed will have a keen interest in Thanksgiving and inflation by gauging the TPI (Thanksgiving Price Index).
This year, the cost of a Thanksgiving dinner fell to $49.87 vs $50.11 prior, first drop below $50 since 2014. Inflation adjusted numbers show the dinner cost has fallen to the lowest since 2010 at $20.66. Turkey costs fell to $22.74 vs $23.04 last year.
US TPI
It's been a mixed bag of price rises and falls for other items included in the TPI
TPI details
So no inflation for the Fed from here this year and that might factor into the Dec FOMC ;-)
Jokes aside, if you're off for Thanksgiving, have a good and peaceful one.
