Headlines:
- Weekly update on interest rate expectations
- RBA's Bullock: Underlying inflation is still too high to consider a near-term rate cut
- RBA governor Bullock: If inflation falls more quickly than forecast, we can respond
- RBA governor Bullock: Hard to tell what lies ahead when it comes to Trump administration
- ECB's Lagarde: Tariffs will be negative for global growth in the long-term
- Bavaria November CPI +2.6% vs +2.4% y/y prior
- Spain November preliminary CPI +2.4% vs +2.4% y/y expected
- Eurozone November final consumer confidence -13.7 vs -13.7 prelim
- Eurozone October M3 money supply 3.4% vs 3.4% y/y expected
- OPEC+ meeting confirmed to be rescheduled to 5 December
- China reaffirms stance of opposing unilateral tariff increases
Markets:
- USD leads, JPY lags on the day
- European equities higher, DAX up 0.6%
- Gold up 0.4% to $2,645.54
- WTI crude up 0.6% to $69.10
- Bitcoin down 0.9% to $95,583
It was a relatively quiet session with broader markets looking to take a bit of a breather amid the Thanksgiving holiday in the US. This should continue into the weekend, as typically the festive period extends through to tomorrow as well.
The dollar was sold off yesterday, arguably due to month-end flows. But today, the greenback is finding steadier footing as it sits just a little higher on the day. It's more or less the dollar just recovering some light ground as the rushed flows abate.
USD/JPY is up 0.4% to 151.68 with the high earlier touching 151.98 while the other major currencies are just marginally lower against the dollar so far on the day. EUR/USD is down 0.1% to 1.0550 while GBP/USD is down 0.1% to 1.2665 only.
In the equities space, European indices are looking to bounce back today after a sluggish showing in the past two days. On the month itself, it has been a struggle for most regional indices outside of the DAX.
Besides that, gold is sitting a little higher but still caught within near-term levels pointed out yesterday here. Price is up 0.4% to $2,645, just under its 100-hour moving average of around $2,652 currently.
Meanwhile, oil is up slightly as the OPEC+ online meeting gets delayed to next week. Is the bloc taking more time to contemplate their decision to kick the can down the road on their planned output hike in January? WTI crude is up 0.6% to just above $69 for now.
To those celebrating, I wish you a Happy Thanksgiving and enjoy the holiday festivities.
