Forex Major Currencies Outlook (Nov 29, 2016)

As it turns out, Wisconsin is recounting votes and Clinton's team is monitoring the results. US preliminary GDP data is due today and an upgrade from 2.9% to 3.0% is expected. The CB consumer confidence index is also lined up and a rise from 98.6 to 101.3 is eyed.

EUR

The euro slumped across the board on ECB Governor Draghi's warnings about geopolitical uncertainties in the coming months. Italy has a referendum over the weekend and France's primaries have shown a rise in populist sentiment. Medium-tier data from the region also fell short of estimates. Today has German import prices, German preliminary CPI, French consumer spending, and Spanish flash CPI due. 

GBP

The pound was also one of the weaker performers of the day as traders are bracing for a downbeat BOE Financial Stability Report. Rumor has it that Carney is meeting with top finance and business leaders to lobby for a delay in invoking Article 50 so as to provide more time for transition. Only medium-tier data such as net lending to individuals is due today.

CHF

The franc advanced to the pound but still caved to the dollar and the euro. There were no reports out of the Swiss economy yesterday and none are due today so the franc could continue to function as a counter currency.

JPY

The yen managed to advance after seeing upbeat economic reports. Household spending dipped 0.4% year-over-year instead of showing the estimated 1.0% drop while retail sales fell 0.1% instead of slumping by 1.5%. The unemployment rate was unchanged at 3.0% as expected.

Commodity Currencies (AUD, NZD, CAD)

The comdolls continued to benefit from dollar weakness while the Loonie regained ground on positive remarks from BOC Governor Poloz. OPEC leaders are still in disarray, with the technical talks failing to reach an agreement on output cut levels and Iran and Iraq still hesitant to cooperate. The RBNZ financial stability report is due next but the focus would likely stay with oil-related headlines.

By Kate Curtis from Trader's Way