Forex Marketz Daily Forex News – Fully Markets Update
Good morning and welcome to CupO’Forex. This is David Frank with your daily video analysis for Thursday, November 27. First off, Happy Thanksgiving to all of our American viewers.
Let’s get started. OPEC left production alone. They made no attempt to reduce production and supply will continue to grow. We have seen crude prices tank on the news of this with Brent down 1.17 percent in early Asian trading today. Our calendar focuses on Germany today as we will get a whole slew of economic data from Europe’s juggernaut. They will release unemployment numbers today including their unemployment rate. Expect this to remain steady. Germany is also coming out with inflation numbers today and we suspect inflation to remain very benign if not slipping closer to the deflationary area. This is the biggest problem the Eurozone is facing right now. That and economic malaise.
The EUR/USD Forex pair is trading just above the 1.25 handle and losing steam. As I suspected yesterday, this recovery lacks the legs to continue. Looking at gold today, the key technical handle at $1,200 per ounce held and the recovery lost momentum and the yellow metal turned lower.
Have a great day trading and we will see you again tomorrow!