- Bank of England Chief Economist Huw Pill speaking in parliament on Tuesday
- European Central Bank speakers Tuesday include Mc Caul, Centeno
- FX option expiries for 26 November 10am New York cut
- Here is a summary of the policies Trump has said he will pursue in his upcoming 2nd term
- China says 'No one will win a trade war' after Trump tariff threat
- Canada PM Trudeau and Trump spoke about trade and border security.
- Financial Times: Russia poised for cyber war in response to UK missile attacks
- Rhys Mendes, Deputy Governor, Bank of Canada, will speak on Tuesday
- Barclays notes BoJ's December meeting now "live" after inflation data
- Shanghai Securities News says possibility of a RRR cut in December
- PBOC sets USD/ CNY reference rate today at 7.1910 (vs. estimate at 7.2357): 26 November
- Bank of Korea Expected to Hold Base Rate; USD Strength Cited as a Reason
- UK data - BRC Shop Price Index -0.6% y/y (prior -0.8%)
- China ambassador says US trade policy will impact China, other countries
- Now is probably a really great time to remember the market chaos of 2016-2020
- Trump threatens a 25% tariff on Mexico and Canada
- Japan October PPI Services (Corporate Services Price Index) 2.9% y/y (prior 2.6%)
- Here is some detail on Rumble allocating some of its cash reserves to Bitcoin
- MUFG says the US dollar drop is temporary - still well supported into year-end and beyond
- Fed's Kashkari hasn't given up hope on a December FOMC interest rate cut
- Goldman Sachs says Trump tariff escalation will delay inflation falling to target
- Chair of NATO’s Military Committee says business should prepare for a "Wartime Scenario"
- Rabobank look for EUR/USD to parity
- Why Is Bitcoin Performance Outstripping Lagging Ethereum?
- Deutsche Bank targets S&P 500 to 7,000 by the end of 2025
- European Union is proposing sanctions on Chinese firms aiding Russian invasion of Ukraine
- I jinxed it. The Russell 2000 closes below all-time high level by less than a point
- Forexlive Americas FX news wrap: Bonds buy Bessent, Middle East peace hopes weigh on oil
- Trade ideas thread - Tuesday, 26 November, insightful charts, technical analysis, ideas
The USD jumped higher in early trade on the back of a Trump ‘tweet’ (a post on his own social network similar to Twitter called ‘Truth Social’) where he threatened Canada and Mexico with a 25% tariff and to add another 10% on top of China tariffs. It was only yesterday that the nomination of Scott Bessent as Treasury secretary was greeted with widespread expectations of a moderating influence on Trump and the dollar got sold off. Well, that sell-off set the stage for the sharp bounce back for the dollar on Trump’s ‘tweet’. I don’t generally have much patience for the bleating sheep ‘manipulation’ crowd (you know who they are, they rarely shut up) but today they were quiet. I guess their team are off-limits for accusations of manipulating markets?
Anyway, back to the market. Major FX across the board slumped against the resurgent US dollar, particularly commodity currencies and most particularly CAD. USD/CAD surged around two big figures (1.3975 – 1.4175 give or take a few points either way) before stabilizing somewhat. As I update its had a retrace towards 1.4100.
AUD and NZD have retraced a little more of their respective drops.
Otherwise there was not a lot of news nor data. Kashkari spoke, says thinking about a December FOMC rate cut seems reasonable. Japanese services PPI came in higher than expected. For once the yen wasn’t much of a focus! Nevertheless, USD/JPY is lower on the session.
