The safe-haven yen rose, and risk-sensitive currencies fell on Thursday after U.S. President Donald Trump’s formal endorsement of Hong Kong’s anti-government protesters, seen as potentially derailing recent Sino-U.S. progress on trade. Trump signed into law congressional legislation that supported the protesters despite angry objections from Beijing.
The mixed action in the Asian equities, a broadly subdued US dollar and losses in the S&P 500 futures collaborate to the caution trading seen today. The rise in safe havens undermined the dollar, which came into Asian trade on a high after revised data showed U.S. economic growth picked up slightly in the third quarter.
A busy EUR economic calendar ahead, as a slew of Eurozone economic sentiment and confidence indicators will be published at 10:00 GMT. The focus in Europe will be the German Preliminary Harmonized Index of Consumer Prices for November, dropping in at 13:00 GMT.
The NA session on the other hand, will be quiet amid US Thanksgiving holiday-thinned trades. Therefore, the primary market driver will continue to remain the US-China trade and political-related developments, with China expected to announce retaliation against the US’ interference in Hong Kong’s internal matter.
Oil prices traded lower on Thursday after the U.S. Energy Information Administration (EIA) reported that oil crude inventories unexpectedly rose last week.
Gold prices recovered as hopes of a Sin-U.S. trade deal diminished once again after U.S. President Donald Trump signed legislation in support of Hong Kong protestors.
Yen Inches Up, U.S. Dollar Flat –Hong Kong tensions heighten risk aversion
Published on 2019-11-28 09:29
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