- Thanksgiving in the US should bring some quiet to the markets today as treasury cash markets will be closed. The greenback is muted after surrendering Wednesday’s gains, with the Euro, Sterling and Yen edging higher.
- In the euro-area investors are now waiting for PMIs across Germany, France, and Eurozone Aggregate, which are all estimated to tick higher, but still under 50 (which represents expansion).
- Last night’s victory of the Dutch elections by the far-right Leader Geert Wilder was a shock result to many, and the winner now prepares to lead the country’s next government. This victory will represent a challenge to the European Union as part of his mandate he promised voters a binding referendum to leave the EU and stands against a range of policies on climate change and immigration.
- The Euro is trading close to the 1.09 level with the next resistance seen at 1.0960 and the next support near 1.0860.
- In the UK, Investors now focus on today’s PMI data for the country after UK Chancellor presented its Autumn Statement on Wednesday. The Chancellor of the Exchequer unveiled cuts to personal and business taxes, with the aim of boosting the country’s growth and to increase his party’s electoral chances.
- Sterling is also trading quietly, hovering around the 1.25 level. Next resistance seen at 1.2560 and next support at 1.2450.
To all our US readers, we wish you all a Happy Thanksgiving.