Log in to today’s North American session Market wrap for November 27
American traders have taken a break after weeks of volatility, and when the US is off, the entire market feels off.
Market participants from around the globe tend to take their day off when US markets are closed, due to a considerably lower amount of transactions, which generates a self-nourishing effect of market boredom.
Still, a few pairs and names generated some movement today, counting the New Zealand Dollar (NZD) on a second day of gains after publishing a strong beat on their Retail Sales number yesterday evening.
The Kiwi enjoyed the most recent RBNZ 25 basis point cut to 2.25%, as the market now prices in a cut cycle which is effectively done, with the central bank signaling neutral guidance. NZD/USD has bounced above 2.50% against the greenback in two sessions.
Elsewhere, Oil bounced above $59.00, Platinum bounced higher by 2%, and Cryptos also appreciated the calm session, with assets up between 0.20% for Bitcoin to 3% in some altcoins.
In terms of geopolitics, Russia’s Putin appeared to mention that the US-Ukraine proposition could be the basis of a peace deal, but still insists on terms regarding the official recognition of Ukrainian territory currently occupied by Russian forces.
US Envoy Steve Witkoff will travel to Moscow next week in the hope of further discussions. The chances for a conflict resolution before the holidays are still considered quite slim, given the core sticking points on territory and security guarantees.
