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AUDUSD continues to consolidate

Published November 23, 2018

Author: Nicholas Cork

Both AUD and NZD have spent the night in consolidation mode as the US celebrated Thanksgiving. GBP was the only real performer as the UK and the European Union have reportedly agreed on a final draft of the Brexit deal, as objectives for close economic ties have been agreed on in principle. The rise in the GBP led to the AUDGBP falling half a pence towards 0.5600 again.

Preliminary Consumer Sentiment data for Euro area showed another fall ahead, with evidence of a deceleration in momentum in the labor market and ongoing Italy concerns now really weighing on the general public sentiment. Worth noting most top-tier Euro sentiment indices have been on a downward path and Economists are tipping a slowdown in household spending ahead.

Trump told reporters overnight that “I can say this, China wants to make a deal very badly – because of the tariffs. China wants to make a deal; if we can make a deal, we will.”  What is worth noting is that the impact on the market was minimal unlike previous comments on the Trade War.

Tonight the market will still be thin as traditionally traders take the long weekend break. This may be an opportunity for some large currency moves.

Have a nice weekend.