Forex Major Currencies Outlook (Nov 28, 2016)

The US currency was off to a bit of a weak start so far and there are no major reports lined up for the day so risk sentiment could push dollar pairs around. 

EUR 

The euro took advantage of the Thanksgiving holidays to make a correction against the dollar. The shared currency also pulled back against the yen and was mostly weaker against its other counterparts as well, even though there were no reports out of the euro zone economy on Friday. 

GBP

The pound ended slightly higher against most of its peers on Friday, thanks to a stronger than expected preliminary business investment figure. The report showed a 0.9% gain for the quarter instead of the estimated 0.2% decline while the GDP reading was unchanged at 0.5%. UK CBI realized sales also printed a stronger than expected read. There are no reports due from the UK today. 

CHF

The franc regained ground to the dollar and pound but was stuck in consolidation against the euro. There were no reports out of the Swiss economy on Friday and none are due today so the franc could continue moving as a counter currency. 

JPY

The yen was off to a strong start this week, although there were no major reports out yet. Profit-taking off the recent rallies may be to blame for the slide in yen pairs, although PM Abe still has a speech in parliament ongoing. Japanese retail sales and household spending data are due next. 

Commodity Currencies (AUD, NZD, CAD)

The comdolls were able to pull up against the dollar but are still no match to yen strength. Over the weekend, China signaled scope for further stimulus while OPEC-related updates cast doubts on whether or not a deal can materialize this week. Talks seemed to break down between Saudi Arabia and Iran, signaling that an output deal might not be signed in the November 30 meeting. 

By Kate Curtis from Trader's Way