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OPEC in focus, quiet otherwise – TDS

FXStreet (Barcelona) - Analysts at TDS observe that with the US markets closed for Thanksgiving holiday, focus remains on the OPEC meeting in Vienna, but anticipate the market to quiet down significantly after the announcement.

Key Quotes

“A deluge of US data yesterday left some bruises on the USD, as market participants focused on the negative surprises in Initial Claims and Core Durable Goods Orders and ignored the above-consensus print in Core annual PCE inflation, selling the USD as a result.”

“The downward misses in both New and Pending Home Sales added insult to injury, and the greenback remained under pressure for the remainder of the NA morning session.”

“Surprisingly, price action overnight has been livelier than we would have envisioned ahead of the US Thanksgiving holiday. Soft regional German inflation data sent lower EURUSD to an intraday low of 1.2465, and that moved seems to have dragged GBPUSD along the way.”

“The highlight today will be the conclusion of the OPEC meeting in Vienna. A statement is expected around 10.00ET, although expectations for even a modest cut to crude oil output appear to be fading. This would be detrimental for the likes of NOK, RUB, and CAD.”

“Things should quiet down significantly after the announcement, as a void in US data and significantly lower liquidity due to the US holiday should make for an uneventful couple of days.“

USD/JPY hovers around 117.50

USD/JPY has continued to pullback from a 7-year high scored last week just below the 119 mark. Although at a slow pace, USD/JPY has printed lower highs and lower lows over the last days, having hit a 1-week low of 117.22 before steadying in a narrow range.
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