A very calm Thanksgiving Session – Log in to today's North American session Market wrap for November 27

Log in to today's North American session Market wrap for November 27

American traders have taken a break after weeks of volatility, and when the US is off, the entire market feels off.

Market participants from around the globe tend to take their day off when US markets are closed, due to a considerably lower amount of transactions, which generates a self-nourishing effect of market boredom.

Still, a few pairs and names generated some movement today, counting the New Zealand Dollar (NZD) on a second day of gains after publishing a strong beat on their Retail Sales number yesterday evening.

The Kiwi enjoyed the most recent RBNZ 25 basis point cut to 2.25%, as the market now prices in a cut cycle which is effectively done, with the central bank signaling neutral guidance. NZD/USD has bounced above 2.50% against the greenback in two sessions.

Elsewhere, Oil bounced above $59.00, Platinum bounced higher by 2%, and Cryptos also appreciated the calm session, with assets up between 0.20% for Bitcoin to 3% in some altcoins.

In terms of geopolitics, Russia's Putin appeared to mention that the US-Ukraine proposition could be the basis of a peace deal, but still insists on terms regarding the official recognition of Ukrainian territory currently occupied by Russian forces.

US Envoy Steve Witkoff will travel to Moscow next week in the hope of further discussions. The chances for a conflict resolution before the holidays are still considered quite slim, given the core sticking points on territory and security guarantees.

Read More:

• NZD/USD posts a major reversal higher after the RBNZ Cut – Technical Outlook
• The Bank of Japan's FX Intervention: Mechanism, Impact, and Historical Precedent
• North American mid-week Market update – December FOMC rate cut hopes saves the Market

Nothing to see here! The session was a very calm one throughout all markets.

Bitcoin still holds above $90,000 in an attempt to rebound. Tomorrow should be more active.

As mentioned in the introduction, only the Kiwi demarcated itself today and also dragged its neighbor the AUD higher.

The rest of the FX market has stayed very quiet but the session is far from over for those who trade the yen. See why with our calendar review for tomorrow just below.

JPY traders, will need to brace for a quintessential inflation print that will set the tone for the final month of the year.

The evening session will turn the eyes towards Tokyo, where the highly anticipated Tokyo CPI data, the most important for Japan, releases at 19:30 ET.

• This inflation figure is crucial, as the Bank of Japan is looking for sustained price pressures to justify a rate hike in December. A print near or above the consensus of 2.7% YoY will significantly increase expectations for the BoJ to move to 0.75% soon.

Tomorrow's session is promising in terms of fundamentals, offering a high-impact inflation/growth releases across Europe and Canada.

The early birds will assist with key Eurozone data, starting with EUR Retail Sales (3:00 A.M. ET), followed by the highly anticipated Preliminary HICP (CPI) data (9:00 A.M. ET).

However, the day really starts with the North American session: 9:30 A.M. ET will see the release of Canadian Gross Domestic Product (GDP) figures.

• This is the sole high-tier North American release, and the market needs to see a rebound in the Q3 Annualized figure (consensus expects 0.5% after the -1.6% contraction in Q2) to reassure the Bank of Canada that the economy is stabilizing.

To compliment the data, markets will monitor the ECB's Monetary Policy Meeting Accounts (8:30 A.M. ET) and comments from ECB's Nagel for further context on the inflation debate.

Keep an eye on any major deviations in the inflation prints, as they will dictate policy moves from the BoJ and ECB going into December.

Safe Trades!

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