Headlines:
- The market mood remains rather tentative for the most part
- Fed minutes in focus before the holiday season
- EU reportedly considers imposing price cap of $65 to $70 on Russian oil
- Beijing says will keep Covid curbs in place until "turning point" appears
- Eurozone November flash services PMI 48.6 vs 48.0 expected
- Germany November flash manufacturing PMI 46.7 vs 45.0 expected
- France November flash services PMI 49.4 vs 50.6 expected
Markets:
- NZD leads, CAD lags on the day
- European equities mixed; S&P 500 futures up 0.1%
- US 10-year yields up 1.1 bps to 3.768%
- Gold down 0.1% to $1,737.63
- WTI crude down 2.2% to $79.13
- Bitcoin up 2.5% to $16,537
It was another quiet session for the most part in European morning trade, with markets keeping rather tentative ahead of the Fed minutes later today.
Equities and bonds didn't offer much direction, and that is seeing the dollar keep more mixed on the session. EUR/USD was up to 1.0340 before coming back down to 1.0300 with the 100 and 200-hour moving averages still in play around 1.0307-28.
The pound was a decent gainer, with GBP/USD moving up from 1.1890 to 1.1940 after the UK Supreme Court rejected another Scottish referendum. Meanwhile, NZD/USD is up 0.5% to 0.6170 but the gains largely came in Asia after a more hawkish rate hike by the RBNZ.
The loonie is the laggard amid a drop in oil prices, which came after news that the EU is prepared to consider imposing a price cap on Russian oil of around $65 to $70 per barrel. USD/CAD is up 0.3% to just above 1.3400 on the day as WTI crude is down roughly 2% back below $80 ahead of North America trading.
It's all shaping up to be a bit of a tense period before the Thanksgiving holidays, so let's see what US data later has to offer.
