View our guide on how to interpret the FX Dashboard.
*Note that there will not be a US version of the Market Brief on Thursday or Friday due to the Thanksgiving holiday.*
- US data: The first revision of Q3 GDP data came in at +2.1% vs. +1.9% eyed. Durable Goods Orders (Oct) rose +0.6% m/m, beating expectations of a -0.9% decline (Core Durable Goods also beat expectations). Pending Home Sales (Oct) fell -1.7% vs. a +0.2% reading eyed. Personal Spending (Oct) rose 0.3% m/m as anticipated. Finally, weekly jobless claims printed at 213k, below the 221k reading eyed.
- FX: The pound was the day’s strongest major currency despite Labour reportedly gaining ground in the most recent YouGov poll while the Japanese yen brought up the rear.
- USD/JPY hit its highest level since May near 109.50, and USD/CHF tagged the parity (1.00) level for the first time since early October.
- Commodities: Both gold and oil edged lower on the day, with the latter falling on the back of a larger-than-expected EIA inventories. Bitcoin bounced back $500 off its 6-month low.
- US indices closed moderately higher in low liquidity, pre-holiday trade.
- Consumer Discretionary (XLY) stocks were the day’s best performers; Industrials (XLI) were the weakest, and the only major sector to fall on the day.
- Stocks on the move:
- Deere and Company (DE) fell -4% after reducing guidance in agricultural and construction sales in 2020.
- Manchester United (MANU) gained 12% after crosstown rival Manchester City was valued at nearly $5B.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.