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Position-Squaring Ahead of US Data Deluge

FOREX

EUR/USD started the session strongly, bidding up to 1.1930 to mark a new multi-month high. Profit-taking and position squaring then dragged the pair lower, with markets keeping an eye on option interest in the pair layered between 1.1835-70.

Macro/news drivers have been few and far between, with markets looking ahead to a deluge of US data brought forward by the mid-week Thanksgiving market closures. Later today we get weekly jobless claims, trade balance, secondary Q3 GDP, October durable goods, personal income/spending, Uni of Michigan confidence, new home sales and, finally, the FOMC minutes. Markets will be on watch for any mention of QE or asset purchase arrangements, as the market bakes in expectations of action as soon as December's meeting.

GBP is marginally softer, but Brexit news has been thin on the ground as negotiations continue. The still-firm oil price continues to prop up commodity-tied FX, with NOK outperforming.

Energy BulletsCommodities
Energy BulletsCommodities

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