Daily thread to exchange ideas and to share your thoughts
A reminder that tomorrow is Thanksgiving so trading conditions this week may be a little affected by that, with things possibly being more messy today before turning quiet ahead of the holiday break.
I know it isn't a holiday on Friday but typically US traders will be off for an extended weekend so one can expect things to also be quieter then.
The dollar continues to keep in a good spot across the board though USD/JPY buyers are still finding it tough to keep a break above the 115.00 handle. That remains a key spot to watch this week and whether or not the momentum can extend for the greenback.
Meanwhile, the kiwi is facing pressure after the RBNZ delivered a 25 bps rate hike - some were hoping for a 50 bps move - as NZD/USD tests 0.6900. Further support is seen closer to the end-September lows @ 0.6860 so keep an eye out for that too.
Elsewhere, the oil market reaction is playing out as it should be with a 'sell the rumour, buy the fact' move put into motion though I would argue gains may be more limited as we await the OPEC+ decision next week.
But in the bigger picture, it reaffirms sentiment that the SPR release isn't any major drag on oil prices but be wary of the global COVID-19 situation as that could hamper demand conditions going into next year - especially in Europe.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.
