Forex news from the European trading session - 26 November 2020
Headlines:
- ECB minutes: It was cautioned that governing council should not pre-commit to specific policy actions
- ECB's Lane: ECB policy must preserve favourable financial conditions
- ECB's Kazimir: ECB to focus recalibration on tools that have worked
- Ireland's Coveney: Brexit talks at a 'sensitive point'
- ECB's Holzmann: Cannot rule out possibility that ECB could implement new policy tools
- Bitcoin slides further amid cryptocurrencies selloff
- France November consumer confidence 90 vs 92 expected
- UK's Sunak: Brexit negotiations are still ongoing
- Germany December GfK consumer confidence -6.7 vs -4.9 expected
- Germany reports 22,268 new coronavirus cases in latest update today
- Italian top official calls for ECB to consider cancelling pandemic debt
Markets:
- JPY leads, GBP lags on the day
- European equities mixed
- Gold up 0.3% to $1,813.23
- WTI down 1.6% to $44.96
- Bitcoin down 8.3% to $17,313
It was a quiet session bereft of any major headlines, as the market enters into a bit of a slumber amid the Thanksgiving holiday.
European stocks were tepid for the most part and that left little for major currencies to work with during the session.
The dollar was steadier with EUR/USD easing upon hitting fresh highs in nearly three months, with the pair climbing to 1.1940 early on before fizzling to 1.1900.
GBP/USD continues to do the dance between its 100-hour moving average @ 1.3342 currently and the 1.3400 handle, with Brexit negotiations still keeping the silence.
Elsewhere, the dollar is trading little changed in general with the yen keeping a slight advance as we see USD/JPY move a little lower from 104.40 to 104.22 to test the confluence of its key hourly moving averages and staying just above that now.
The next few sessions will be ones with thinner liquidity conditions at play, so the usual caveats apply as to any exacerbated movement in the market.
I wish those celebrating a Happy Thanksgiving and happy holidays to those on a break!
