USD Softens into Thanksgiving as Risk Sentiment Improves

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Forex Market 

AUD & NZD Strengthen; USD Softens Ahead of Thanksgiving
The USD weakened into the New York close as liquidity thinned ahead of the Thanksgiving holiday and U.S. yields held steady. Risk sentiment remained constructive, with Wall Street extending gains for a fourth consecutive session and volatility falling further.
The AUD found support after Australian CPI surprised to the upside, lifting AUD/USD toward the top of its 0.6468–0.6521 range. The NZD outperformed across G10 currencies following the RBNZ’s 25bp rate cut, with NZD/USD pushing to session highs during Asian trade. EUR/USD and GBP/USD initially advanced on stronger European sentiment before paring gains, while USD/JPY eased as the USD softened into late trade.
Overall, the session closed with a mild risk-on tone, a softer USD, and commodity currencies holding near the upper end of their recent ranges.

General Market

Wall Street
  • Dow Jones: +0.9% → 47,535
  • S&P 500: +0.8% → 6,823
  • Nasdaq: +1.0% → 23,263
  • VIX: -8.0% → 17.08
Asia-Pacific
  • ASX 200: +0.8% → 8,607
  • Nikkei: +1.8% → 49,559
  • Shanghai Comp: -0.2% → 3,864
Europe
  • FTSE: +0.9% → 9,692
  • DAX: +1.1% → 23,726
  • CAC: +0.9% → 8,096

Headlines to Watch 

New Zealand
  • Focus on Q3 retail sales as markets assess the strength of domestic demand after the RBNZ rate cut
  • NZD to remain sensitive following its recent post-cut rally
Japan
  • BOJ Board Member Noguchi’s comments may hint at policy direction and future tightening/normalisation path
  • USD/JPY could see short-term volatility on any hawkish or dovish tone
Europe
  • Final November consumer confidence may confirm softening household sentiment
ECB’s account of the October meeting could give clues on the timing of potential rate cuts
  • EUR sensitive to any signs of policy divergence within the ECB
China
  • Industrial profits data will be closely watched for signs of stabilisation in the manufacturing sector
  • Weak data may weigh on risk sentiment and commodity-linked currencies
United Kingdom
  • BOE’s Greene speech may influence rate expectations following mixed UK growth and inflation projections
  • GBP volatility likely around forward guidance on inflation risks

Mid-market rates

Currency PairMid-market Rate
AUD/USD0.6524
AUD/NZD1.1436
AUD/JPY101.94
AUD/CNY4.6153
AUD/EUR0.5623
AUD/GBP0.4925
AUD/HKD5.0740

 

 

 

 

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