Equity markets and oil bounced ahead of the Thanksgiving holiday in the US and the US dollar continued falling, leaving its status of a safe haven momentarily. On a different note, MNI (Market News) reported that the Fed might pause the rate hike cycle as early as Spring, according to senior people at the Fed, causing the US dollar index to fall 0.32 percent yesterday. The spotlight now turns to the Fed, which is due to speak next week (including Fed Vice Chairman Clarida on Tuesday and Fed Chairman Powell on Wednesday).
The economic data in the US was mixed. Durable goods orders (for October) were weaker at -4.4 percent vs. -2.6 percent while existing home sales were up by 1.4 percent vs. the 1 percent forecast, the first rise since March. University of Michigan consumer sentiment was revised down from the preliminary number (97.5 vs. 98.3), but consumer confidence remains at a high level.
Some news for a " risk on" environment was the South China Morning Post reporting that the US has excluded Peter Navarro from the invite list for the Trump-Xi summit, a sign the US is going into the meeting with a more appeasing approach