The US Forex trading market after the Election - Financial Independence Hub

Oil Crumbles, Cable Reverses and the Dollar Continues with Bullish Structure. GBP Reacts to CB Talk as the Queen Speaks.

Gold, USD Strong Inverse Correlation and in Confluence. FTSE Further Develops Range on Sharp Turn Lower.

Dow Jones Industrial Average Struggles to Hold the Gap Higher. Markets always have a way of heating up in Thanksgiving week and this year is no different, with currencies coming under some serious pressure over the past few sessions as risk aversion themes take hold.

Clearly, the dominant and primary driver of price action has stemmed from the Eurozone, with market participants unable to ignore the threat and fear of contagion from Ireland into some of the other local economies. Geopolitics have also been playing a role, with the latest North Korean actions in which the country shelled a South Korean island prompting additional safe haven buying across the board.

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Global equities have been hit hard on these developments and it is also no surprise to see the higher yielding antipodean currencies stand out as relative underperformers. Although currencies have recovered a bit on Wednesday, with the Australian Dollar leading the way in early trade, it is well worth noting that Australian construction data came in significantly weaker than expected and given the current market environment, selling the Australian Dollar into rallies would be our preferred strategy.

Forex Holidays (Markets Holidays calendar)

To add further strength to this bearish Aussie argument, we must also not forget another major theme in the markets right now which is efforts by China to rein in inflation by tightening policy. These actions will only act to slow down growth which will also have a negative impact on an Australian economy heavily reliant on China growth for its own prosperity.

Looking ahead, German IFO data business climate — easiest way to make money selling weed Eurozone industrial global forex trading thanksgiving orders US equity futures and commodity prices are recovering a bit into the European open, but at this point the price action can only be classed as corrective.

Dollar steadies after pre-Thanksgiving breakout | Reuters

Written by Joel Kruger, Technical Currency Strategist. If you global forex trading thanksgiving to discuss this or any other topic feel free to visit our Forum Page. DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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