The Currency Majors Are Consolidating

Yesterday’s trades on the main currency pairs were fairly calm. The financial markets of the US and Japan were closed due to the holidays. The US currency remains under pressure after the publication of the FOMC protocols. Some Fed’s representatives are concerned about the low level of inflation in the country. The Central Bank plans to evaluate new economic data. At the same time, the probability of an increase in the Fed’s key interest rate in December of this year exceeds 95%.

The Canadian dollar moved away from the local highs after the release of weak statistics. In September, the volume of retail sales in Canada increased by 0.1%, which is significantly lower than the forecasted value of 0.9%. The preliminary data on UK GDP justified market expectations. It is expected that in the third quarter the country’s economy will grow by 1.5% (year on year). Today, investors’ attention will be focused on economic reports from Germany.

In the market of “black gold”, the bullish sentiments still prevail. In the Asian trading session, futures for the WTI crude oil rose by more than 0.75%. At the moment, quotes are testing the mark of $58.5 per barrel.

Market Indicators

The 10year US government bonds yield has begun to recover. At the moment the indicator is at the level of 2.332.34%.

The dollar index (#DX) closed the trading session with a slight decrease (0.11%).

The IFO business climate index at 11:00 (GMT+2:00);The preliminary data on business activity in the US manufacturing and services sector at 16:45 (GMT+2:00).

by JustMarkets, 2017.11.24