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MNI EUROPEAN MARKETS ANALYSIS: USD Bears Are Thankful

  • Thanksgiving holiday-thinned Asia-Pac trade was dominated by regional reaction to Wednesday’s soft U.S. economic data (PMIs and jobless claims) and the FOMC meeting minutes, which pressured the USD.
  • In terms of meaningful macro news flow, Asia-Pac hours saw another uptick in Chinese COVID cases, with the daily new case count exceeding the previous peak lodged earlier this year. More localised lockdowns were declared in the country.
  • German IFO data, the accounts covering the latest ECB meeting and a range of ECB speakers headline on Thursday. We will also hear from several BoE speakers and receive the latest monetary policy decision from the Riksbank. A reminder that the U.S. observes a public holiday today.


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  • Thanksgiving holiday-thinned Asia-Pac trade was dominated by regional reaction to Wednesday’s soft U.S. economic data (PMIs and jobless claims) and the FOMC meeting minutes, which pressured the USD.
  • In terms of meaningful macro news flow, Asia-Pac hours saw another uptick in Chinese COVID cases, with the daily new case count exceeding the previous peak lodged earlier this year. More localised lockdowns were declared in the country.
  • German IFO data, the accounts covering the latest ECB meeting and a range of ECB speakers headline on Thursday. We will also hear from several BoE speakers and receive the latest monetary policy decision from the Riksbank. A reminder that the U.S. observes a public holiday today.


Keep reading...Show less