Yesterday, the Tokyo market was closed for Labor Thanksgiving Day, and the New York market was closed for Thanksgiving, leaving the dollar market without guidance from US Treasury yields. It appeared that the recent market movements were mostly due to position adjustments.
Today, US stock and bond markets resume trading, albeit with shortened sessions. With the weekend approaching, London traders may choose to finish early, so caution is advised to avoid being caught in short-term positions.
In terms of economic indicators, reports on Canada’s retail sales for September and the US Purchasing Managers’ Index (PMI) for November are expected to be released in the coming sessions.
Regarding speeches and events, ECB President Lagarde will give a speech, and ECB Vice President De Guindos and Bank of Spain Governor De Cos will attend a meeting. In the recent ECB meeting minutes released yesterday, it was indicated that maintaining the current interest rates was the baseline. While the door was left open for potential rate hikes, it was also noted that it was too early to discuss rate cuts.
Although market activity may be slow due to the Thanksgiving holiday, significant movements are anticipated after the release of the US Manufacturing PMI, as of now.
