Yesterday American markets were closed due to the celebration of Thanksgiving Day, and today the US trading session will be short, as markets will close earlier. We should not expect most traders to return to their terminals today and the day might be volatile as well. Earlier today, Asian stock exchanges closed mixed, while Chinese main index Shanghai Composive fell by 1.6%. Futures on US indices are losing half a percent, indicating the negative Wall-Street start.
However, the main events of today's session are held in the FOREX market not in stocks. In early European trading, US dollar moved to a sharp gain. The dollar index reversed at 96.30 and very quickly reached an annual maximum in the area of 96.85. Thus, we can conclude that the two-week correction of the American dollar is coming to an end.
From statistical front, the day is reach in term of economical information. Today all attention was directed to the data of Germany's GDP. According to official data, Germany’s GDP for the third quarter amounted 0.2%, as analysts had expected, and the annual figure rose by 1.1%, which was also in line with the expectations. However, Germany data on production PMI and services PMI turned out to be lower than the forecast levels having put significant pressure on the European currency. The manufacturing sector PMI was 51.6 points, against the forecast of 52.3 and the previous indicator of 52.2. The German services sector PMI was 53.3 points, with a forecast of 54.6 points and a previous value of 54.7 points.
EU data also did not meet the expectations. European PMI of the manufacturing sector is 51.2 against the expected 52.0, the PMI of the services sector is 53.1 against the expected 53.6 points.
All these data confirm ECB «minutes» published yesterday, from which it follows that the regulator may soon revise the forecast on the pace of economic development of the EU due to a slowdown in region economic activity. These figures today put pressure on the European currency, which, amid a US dollar gain, fell to six-day lows in around 1.1335 zone.
Only from November 02nd, 2020, to January 04th, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]
Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! 🏆 Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts 📍 How to get the bonus: 1) Register an […]