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 FX option expiries for 26 November 10am New York cut
The first ones are for EUR/USD near the 1.1600 level. The pair has been trending more choppily since the end of October, keeping above 1.1500 but below its 100-day moving average (now seen at 1.1645). The expiries above could help to place a bit of a magnet on price action for the session ahead. But amid a weaker dollar this week, buyers will stay poised to keep the momentum going with the near-term chart also turning more bullish now.That being said, the Thanksgiving holiday season will begin tomorrow and that may sap out any real market appetite/liquidity for the next two days.
Then, there is one for AUD/USD at the 0.6500 level. The aussie is getting a boost from the stronger monthly CPI data here earlier, quelling expectations for a rate cut. That sees the near-term bias also nudge up to become more bullish again but the expiries could above could keep a lid on things before rolling off later in the day at least.
Another thing to consider is any continuation of the more bullish risk mood, which will act as another tailwind for the aussie in reducing the impact of the expiries in the session ahead.
Whipsaw city… initial reaction to UK OBR release quickly reverse. GBPUSDÂ up then down, EURGBP down then up, Gilt yields down then up
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Newsquawk UK Budget Preview
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Source: Try Newsquawk free for 7 days and see the full UK budget preview and analysis afterwards
Newsquawk Daily US Opening News
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Thanksgiving holiday trading hours
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Countdown to the UK Budget
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Forex Market Snapshot
The dollar is trading mixed with a risk on mood favoring commodity currencies (AUD, NZD, CAD) at the expense of the JPY.
EURUSD is back to uinchanged on the day afterba run to the upside paused below 1.16.
A key focus will next be on the UK budget and the reaction not only in GBPUSD but its crosses as well.
Note some in the US are already traveling for the Thanksgiving holiday while many will be taking a 4 day weekend as well.
GBP trading this week has been driven anticipation of Wednesday’s UK budget.
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EURGBP UPDATE
- The UK budget will be a focus on Wednesday as GBP buying ahead of it, most notably vs the EURÂ drove it higher until whatever order behind it was filled and the moves ran out of steam
- So, watch EURGBP for a clue (both for GBPUSD and EURUSD) after the budget with 8758-63 (Tuesday low 8765) Â on the downside and 8800 on the upside the levels to watch.
EURGBP 4 HOUR CHART
Newsquawk US Stock Market Wrap
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NAS100 (NASDAQ) UPDATE
- Positive day that saw 25000+ trade despite early underperformance.
- A move through 25283 is needed to not only make a full recovery of the plunge to 23833 but to turn the move into an uptrend.
- If not, range is to 24543 with a bis=d as long as it trades above 24930.
NAS100 4 HOUR CHART
Newsquawk Market Wrap
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Came out awhile ago… may have taken some wind out of USD selling along with GBP buying running out of steam
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XAUUSD (GOLD) UPDATE
No change to this earlier poste xcept high has been extended to 4159
- With downward momentum broken, today’s high at 4155 becomes the obstacle to putting 4200 on the radar.
- On the downside, support at 4110 needs to hold to keep a bid. Fallback support 4063-88.
XAUUSDÂ 4 HOUR CHART
Who Is Kevin Hassett and is he qualified to be the next Fed Chair?
Education:
- Bachelor’s degree from Swarthmore College.
- MA and PhD in Economics from the University of Pennsylvania.
Career
- Taught as an associate professor of economics & finance at Columbia Business School.
- Visiting professor at NYU Law School.
- Economist at the Federal Reserve Board of Governors (1990s).
- U.S. Treasury as a policy consultant.
- Longtime scholar at the American Enterprise Institute (AEI), focusing on tax policy, fiscal issues, energy, and investing.
Government Service (Trump Administration):
- Chair, Council of Economic Advisers from Sept 2017 to June 2019.
- Returned in 2020 as senior economic adviser during the COVID-19 pandemic, focusing on economic modeling and forecasting.
- In early 2025, he was appointed Director of the National Economic Council under Trump.
USD SPIKES DOWN ON REPORT OF FED CHAIR FRONTRUNNER
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Let the negotiations begin
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