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 Wednesday, November 26.
Overnight the U.S. GDP came in better than expected. Thanks to this the DJIA and S&P 500 closed within proximity to their record highs. Today’s data releases will be just as volatile. The United Kingdom will release its GDP data today and we are hoping for nor surprises. Hopefully we will get some direction out of the Sterling which has been oscillating between two key technical levels.
Later this afternoon the United States will release a whole slew of data. Starting at 1330 we will get Durable goods orders, Initial jobless claims, consumer sentiment and new home sales. All of these are market movers. The other matter weighing heavy on investors’ minds is the state of crude oil. The looming OPEC meeting and what they will do should cause some tension as the day proceeds. We need to see a meaningful production cut from them.
Looking at the GBP/USD today, the Sterling, as I mentioned above is trading between two key technical levels. We have been looking for direction for quite some time. The overall bearish tone remains intact and until a meaningful move comes from the Bank of England, expect this current tone to continue.
Have a great day trading!