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Markets stagnant during Thanksgiving Day

  • EUR M3 Money Supply y/y: 5.3%
  • JPY Household Spending y/y: -2.4%
  • Tokyo Core CPI y/y: 0.0%
  • GBP Gfk Consumer Confidence: 1

Yesterday was relatively quiet as the world’s largest economy took a day off in observance of Thanksgiving Day. As expected, we gained some consolidation in major currencies in the absence of any further rise in geo-political tensions. End of month flows dominated trading sessions yesterday as the month end fast approaches and the docket remained extremely light.

Investors remain nervous ahead of the December European Central Bank meeting, where the central bank is expected to adjust its QE program. This may place further selling pressure on the Euro, unless it had been already priced in. The diverging policies of the FED and ECB next month will be the markets main focus until year end. Economists are still torn between whether the US will raise rates in December or continue to hold off until 2016. December is arguably the biggest month of 2015 and next month’s news could set the tone for 2016.

  • Spanish Flash CPI y/y
  • GBP Second Estimate GDP q/q
  • GBP Prelim Business Investment q/q
  • CAD RMPI m/m

The US markets have returned and therefore so has a high amount of liquidity. Data wise it is quiet, with the only notable piece of data released from the UK in the form of the second reading GDP figure.