Forex news for North American trade on November 24, 2017:
- Markit Nov prelim services PMI 54.7 vs 55.3 expected
- German President to meet with leaders from SPD, CDU and CSU on Thursday Nov 30
- S&P downgrades South Africa
- Mike Flynn stops talking to Trump's legal team
- Jeff Bezos' wealth rises above $100 billion as Amazon surges
- French jobseekers rise 8.0K vs -64.8K prior
- EU's Tusk: Sufficient progress at Dec Brexit meetings possible but still a huge challenge
- New York Fed Q4 GDP Nowcast 3.67% vs 3.82% prior
- SPD's Schulz says party will not play obstructionist role in Germany
- Barnier says EU has strong solidarity with Ireland
Markets:
- Euro leads, JPY lags
- Gold down $2 to $1289
- WTI crude up 93-cents to $58.95
- S&P 500 up 5 points to record 2602
The euro finished 82 pips higher on the day with most of the gains coming in North American trade. It was a steady rise to 1.1940 from 1.1870 leading up to the London fix and it was a sideways grind from there.
The softer US PMIs were one of the reasons for the US dollar decline but it was more about the general USD selling that's been the driving force all week.
Cable also hit a 7-week high with the peak coming right at the London fix. Both moves suggest a flow-driven backdrop rather than a fundamental shift in thinking. After touching 1.3360 cable slipped back down to 1.3360 at the close.
USD/CAD rose in Asia on yesterday's soft Canadian retail sales but crude rallied to a two-year high of $59.05 and that weighed on the pair, pulling in 40 pips from the highs to 1.2712.
USD/JPY reversed 30 pips of the recent losses in a climb to 111.60 in a back-and-forth trade.
AUD and NZD finished within 10 pips of opening levels.
Expect the week ahead to be very lively.
Have a great weekend.
