- European markets are expected to open mixed
- Veterans Day in the US – the US stocks markets will be open; bond trading is closed. We should expect thinner liquidity conditions as banks are closed.
- The UK GDP release was below market expectations
Futures markets point to a mixed opening for major European indices. It is worth noting that yesterday’s session was the worst in a month on Wall Street. On the other hand, stocks in China and Japan increased considerably. The most important release of this session is already behind us. UK Q3 preliminary GDP came at 1.3% q/q vs 1.5% q/q expected. Moreover, the year-over-year print was at 6.6% which was below expectations of 6.8%. Of course, UK GDP expanded by a decent pace in Q3, but some restrictions may have contributed to subdued activity in the recent quarter. The pound remains soft at the beginning of the European session.
We should expect thinner liquidity conditions, especially during the US session as banks are closed due to Veterans Day. Wall Street trading will be normal, but bond trading is closed.
The calendar:
10:00 ECB forecasts
12:00 OPEC monthly report
Bankers’ speeches:
16:00 ECB Shnabel
17:30 SNB Maechler
GBPUSD is testing 1.3400. A little disappointment of UK GDP is not supporting a possible rebound from important demand zone. Source: xStation5
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