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Markets steady as Thanksgiving marks beginning of festive season

Thursday, Nov 26 2015
It is a steadier Thursday's trade with Thanksgiving holiday being celebrated in USA, and with many markets not being fully opened till Monday. This is also beginning of festive season, which is sometimes marked by lack volatility, but also sharp unexpected moves. Aussie is still being stable above 0.72 handle despite decline this morning. 
Developments in China are still monitored. Fitch Ratings has affirmed China's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'A+' with a Stable Outlook. The issue ratings on China's senior unsecured local-currency bonds are also affirmed at 'A+'. The Country Ceiling is affirmed at 'A+' and the Short-Term Foreign-Currency IDR at 'F1'. China's ratings balance a strong sovereign balance sheet and sustained high GDP growth against high sovereign contingent liabilities and a range of structural weaknesses and risks. 
 
Euro is above 1.06 handle, with German Consumer Climate figures being released later today. As for Sterling, with no data releases from the UK pair is being stable around 1.5070 area. It is a quiet trading day as speculators review George Osborne’s budget cuts and its effect on the UK economy. The pound is trading at 1.5074. U.K. mortgage approvals increased in October and gross mortgage lending reached a seven year high, the British Bankers' Association said Wednesday. The number of mortgages approved in October rose to 45,437 from 44,825 in September. It was also below the expected level of 44,500.
 
Also after yesterday's US figures markets are once again speculating on Fed rate hike. Yesterday’s economic data came in mostly in line or above expectations, suggesting the Federal Reserve is likely to raise interest rates in its next meeting in December. Speculators noted that the appreciation of the dollar so far has already priced in a rate increase in December, and that further appreciation is unlikely if the Fed takes a slow approach to subsequent rate increases. 
Last modified on Thursday, 26 November 2015
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