Focus shifts to inflation data in Japan and Germany – Crypto News – Crypto News
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Focus shifts to inflation data in Japan and Germany Focus shifts to inflation data in Japan and Germany

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Focus shifts to inflation data in Japan and Germany – Crypto News

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The US Dollar (USD) navigated an inconclusive range near recent lows, as volatility remained scarce and trade conditions thin in light of the Thanksgiving Day holiday on Thursday. In the meantime, expectations for another rate cut by the Federal Reserve in December remained well in place.

Here’s what to watch on Friday, November 28:

The US Dollar Index (DXY) lacked clear direction on Thursday, revisiting the 99.40 zone following the inactivity in the US markets. Next on tap on the US calendar will be the ISM Manufacturing PMI, Construction Spending, and the final S&P Global Manufacturing PMI, all due on December 1.

EUR/USD swung between gains and losses near the 1.1600 region following three consecutive daily advances. Germany’s flash Inflation Rate will take centre stage, seconded by Retail Sales and the ECB Consumer Inflation Expectations survey. In addition, the ECB’s Montagner is due to speak.

GBP/USD struggled to extend its uptrend on Thursday, meeting decent resistance near 1.3270 following five daily gains in a row. The Nationwide Housing Prices will be the sole release in the UK.

USD/JPY kept its erratic performance on Thursday, leaving behind Wednesday’s uptick and slipping back to the 155.70 zone amid a modest retracement. The Japanese Unemployment Rate is due alongside Tokyo’s Inflation Rate, Industrial Production, Retail Sales, and Foreign Bond Investment readings.

AUD/USD picked up extra pace on Thursday, climbing to new two-week highs around 0.6540. Australian Housing Credit and Private Sector Credit figures will be the salient event Down Under.

WTI prices added to Wednesday’s advance, coming close to the $59.00 mark per barrel as traders closely followed developments on the geopolitical front and the likelihood that OPEC+ would hold its output policy at its meeting on Sunday.

Gold prices followed the irresolute price action in the global markets, trading at shouting distance from Wednesday’s two-week highs past the $4,170 mark per troy ounce. Silver prices came under renewed selling pressure soon after climbing to two-week highs at levels shy of the $54.00 mark per ounce.

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