There were no data releases at all overnight, nor any news that could have driven markets, but there was still a fair amount of volatility in FX, mostly due to the Yen pairs.
USD/JPY saw a sharp reversal as the Dollar came under pressure overnight. It opened around 113 in Asia and fell to a low of 111.35. The pair managed to bounce from there and is back above 112, but the rally is showing first signs of exhaustion. Below 111.40, key support is seen at 110.00/20.
EUR/USD started the new trading week around 1.06, and rallied to 1.0685 in Asia, while Cable made it from 1.2450 to 1.2530. The commodity currencies also benefited from the broad Dollar weakness, as AUD/USD increased from 0.7430 at the open to 0.7480, and NZD/USD from 0.7030 to 0.71. Meanwhile, USD/CAD declined from 1.3540 to 1.3460.
Looking ahead, there are no notable data releases scheduled for today. However, there are plenty of important events this week (see calendar below), including the OPEC meeting in Vienna, US and Canadian GDP, Chinese manufacturing PMI and US employment data.
Tuesday, November 29th
Wednesday, November 30th
Thursday, December 1st
Friday, December 2nd
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