Trading news

Silver (XAG/USD) trades higher for the fourth consecutive day on Thursday.

European Gas storage drops under 78% amid cold spells, while speculators shift to a net short position for the first time since March 2024, raising winter market risks, ING's commodity experts Ewa Manthey and Warren Patterson note.

EUR/CAD extends its losses for the second successive session, trading around 1.6260 during the European hours on Thursday.

USD/JPY faces resistance near 157.90, with a brief bounce possible, but failure to clear this level could extend the recent pullback toward 154.40–152.80, Société Générale's FX analysts note.

USD/JPY has started to ease lower in recent sessions, taking cues from a shift in BOJ rhetoric. The timing of the shift appears to coincide with Takaichi-Ueda meeting last week. USD/JPY was last seen at 156.30 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Markets are pricing in a near-certain 25bp Fed cut in December, influenced by dovish Fed chatter and signs of a slowing US economy, while the US Dollar (USD) shows mixed reactions.

Eurozone M3 Money Supply (3m) fell from previous 3% to 2.9% in October

Eurozone Private Loans (YoY) above forecasts (2.6%) in October: Actual (2.8%)

Italy Consumer Confidence came in at 95 below forecasts (97.6) in November

Italy Business Confidence came in at 89.6, above forecasts (88.5) in November

Eurozone M3 Money Supply (YoY) in line with forecasts (2.8%) in October

The Oil market is stuck between the potential for progress in Russia-Ukraine peace talks and what that would mean for Oil supply amid a broader risk-on trade as expectations grow for a December interest rate cut by the US Federal Reserve.

The Dollar Index (DXY) gaps as markets price an 80% chance of a December Fed cut, extending the shift in Fed rhetoric, OCBC's FX analysts Frances Cheung and Christopher Wong note.

The Euro could extend gains if Ukraine peace talks deliver a breakthrough, though negotiations may continue into next week. EUR/USD’s return to 1.16 opens room toward 1.17–1.18, ING's FX analyst Francesco Pesole notes.

The Pound Sterling (GBP) staged a relief rebound yesterday after the UK government released details of their own budget. There was initial relief amongst market participants that the Autumn Statement did not trigger a sell-off in the gilt market.

EUR/USD is pulling back from highs above 1.1600, but keeps most of its weekly gains, trading at 1.1585 at the time of writing on Thursday.

Dow Jones futures are steady around 47,500 during Thursday’s European session, while S&P 500 and Nasdaq 100 futures also hold firm, edging up 0.03% and 0.08% to roughly 6,830 and 25,300, respectively. US markets will remain closed as traders observe the Thanksgiving holiday.

The Euro hesitates near monthly lows, following a sharp reversal after the release of the UK Budget on Wednesday. The pair has found some support at 0.8745 earlier on the day, but is lacking acceptance above 0.8760, and looks likely to extend its reversal, aiming for the 0.8720 area.

EUR/JPY retraces its recent gains registered in the previous session, trading around 181.00 during the European hours on Thursday. The currency cross is under pressure as the Japanese Yen (JPY) strengthens on renewed speculation of official intervention.

Here is what you need to know on Thursday, November 27: