Posted on: 27 November 2015, by: Pepperstone Support, category: Market Review
EURUSD tried to selloff at the European open but failed to break below 1.06. It has since consolidated in a 1.0600-25 range.
GBPUSD also came under pressure early doors in London but stalled ahead of the 1.5055-60 support area. It has since bounced back to the low 1.5100s.
EURGBP clawed its way higher in the European morning only to give back all the gains in the afternoon.
USDJPY has meandered sideways around 122.60 since the Asia close. We have the October nationwide inflation prints ahead, where the headline CPI is expected to return to small positive.
AUDUSD, which has been heavily sold on Thursday’s weaker capex data, has been slowly gaining ground
TRY continues to underperform with Turkey and Russia in a war of words. Russian President Putin stated he still had not received an apology from Turkey nor an offer to make up for the damages, while Turkey President Erdogan reiterated the jet downing was not an attack on Russia and Turkey won’t apologize.
Also in the news, in response to French’s aid request to help fight Islamic State, German Chancellor Merkel’s government agreed to send reconnaissance planes to Syria, while Prime Minister Cameron called for Britain to join the air strikes in Syria.
In other markets, base metals hold on to gains following earlier reports that China considers measures to support markets, including probes into malicious short selling, state purchases and coordinated output cuts.
Looking ahead, we have a fairly busy economic calendar starting with Japan’s inflation report before winding down in the European afternoon as the US markets will observe early closures on Friday.