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GBP/USD hits new 2021 low

“Every problem is a gift — without problems we would not grow.” – Anthony Robbins

 

 

HEADLINES

 

 

  • Dollar slips below 16-month highs as trade winds down for Thanksgiving
  • Sterling hits fresh 2021 lows vs dollar, 9-day low versus euro
  • Canadian dollar firms on improved investor sentiment
  • Oil dips, focus on OPEC+ response to U.S.-led oil release
  • European shares bounce off 3-week lows as utilities rise
  • November employment report: Looking for an increase of 600K in NFP – Wells Fargo

 

 

 

FOREX

 

 

 

Dollar slips below 16-month highs as trade winds down for Thanksgiving

 

The dollar slipped slightly on Thursday but was still close to its highest since July 2020 against the euro, having strengthened due to market expectations that the U.S. Federal Reserve will raise rates sooner than other major central banks. But on Thursday the dollar's upward trend - which has seen it gain around 2.8% this month - paused slightly.

 

Sterling hits fresh 2021 lows vs dollar, 9-day low versus euro

 

Sterling fell on Thursday to a fresh 2021 low against the dollar and to a nine-day low versus the euro as worries over economic growth outweighed expectations for a Bank of England rate hike. Analysts said recent moves have been largely a reflection of the dollar's appreciation amid expectations that the Federal Reserve will raise interest rates.

 

Canadian dollar firms on improved investor sentiment

 

The Canadian dollar strengthened against its U.S. counterpart on Thursday as investor sentiment improved and domestic data showed payrolls climbing in September.

 

 

COMMODITIES

 

 

Oil dips, focus on OPEC+ response to U.S.-led oil release

 

Oil prices dipped in thin trading on Thursday, the U.S. Thanksgiving holiday, as investors eyed how major producers respond to the U.S.-led emergency oil release designed to cool the market and with OPEC now expecting the release to swell inventories. OPEC expects the U.S. release to swell a surplus in oil markets by 1.1 million barrels per day (bpd), a source from the group said.

 

 

STOCKS

 

 

U.S. markets were closed for the Thanksgiving holiday on Thursday.

 

European shares bounce off 3-week lows as utilities rise

 

European shares rose on Thursday as investors bought into defensive sectors such as utilities amid worries about soaring coronavirus cases across the continent. Utilities, which led the way, also received a boost from Germany's push to step up climate protection, including a faster expansion of renewables and an accelerated coal exit. Technology stocks rose 0.6%, their first session of gains in six days, after rising bond yields hit the high-growth sector earlier this week.

 

 

ANALYSIS

 

 

November employment report: Looking for an increase of 600K in NFP – Wells Fargo

 

“We expect labor availability to continue to be a constraint on hiring in the coming months. That noted, workers do appear to be slowly reentering the labor force. More discernable improvement should come next spring when COVID risks are lower and childcare issues are better resolved. The growing distance between fiscal support as well as inflation chipping away at individuals' spending power should provide the financial imperative to return to work. These factors should help hiring continue at a robust pace and keep the level of employment on track to recover around the end next year.”

 

 

CHART

 

 

Euro STOXX 50 index – Daily Candlesticks

Source: GKFX Prime Metatrader 4

ESX50 has pulled back from a record high amid a long uptrend to former resistance and now potential support at 4240. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT



Source: FX Street Economic Calendar

 

 

SOURCE

 

 

https://www.fxstreet.com/economic-calendar
https://www.investing.com/news/stock-market-news/european-shares-bounce-off-3week-lows-as-utilities-rise-2690420
https://www.investing.com/news/commodities-news/oil-slips-awaiting-opec-response-to-usled-crude-release-2689905
https://www.investing.com/news/economy/dollar-reigns-as-hawkish-fed-stands-out-among-central-banks-2689897
https://www.msn.com/en-us/money/markets/gold-halts-4-session-price-slide-as-us-investors-turn-to-thanksgiving/ar-AAR5kla
https://www.fxstreet.com/news/november-employment-report-looking-for-an-increase-of-600k-in-nfp-wells-fargo-202111251602