Pound slightly softer as the Brexit saga drags on

Pound slightly softer as the Brexit saga drags on

2020-11-27 • Updated

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Ichimoku Kinko Hyo

CAD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a new bullish outlook.

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Fibonacci Levels

 XAU/USD: Gold sell off gains’ momentum. Bears control market.

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US Market View

U.S. stocks are set to open higher Friday, although gains are likely to be limited with the market set to close early in the aftermath of the Thanksgiving Holiday. Generally positive coronavirus vaccine news and emerging political certainty in the U.S. have prompted strong gains on Wall Street, with the Dow Jones Industrial Average topping the 30,000 mark for the first time earlier this week. Sterling remains near three-month highs against the U.S. dollar, despite U.K. Finance Minister Rishi Sunak’s horrific spending review a couple of days ago. Crude oil prices traded mixed Friday, but still close to their post-pandemic highs as attention turns to next week’s crucial meeting of OPEC+.

President Donald Trump said on Thursday he will leave office if the Electoral College votes for President-elect Joe Biden. This is the closest he has come to conceding the election, and adds to the feeling of normalcy returning to U.S. political circles. It’s Black Friday, traditionally the busiest shopping day in the United States, but this being 2020, things are set to be different.

Pictures of shoppers fighting to get into shops in the search for bargains have been the staple of news channels for years, but Covid-19 restrictions have forced shops to divert most purchases online.  Many major retailers, hit hard by the pandemic, started offering their Black Friday promotions much earlier than usual, taking their lead from Amazon (NASDAQ:AMZN) hosting their Prime Day in the middle of October, in order to capture as much holiday-related trade as possible. 

 USA Key Point

  • Germany to expand coronavirus aid for companies
  • NZD is the strongest and the GBP is the weakest
  • Cable falls to session lows as sellers wrestle back near-term control

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