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ForexLive European morning wrap: Pound under pressure again as month-end looms

Forex news from the European morning session 26 Nov

News:

Data:

Happy Thanksgiving to all our US followers

In understandably thin trading it's been the pound that's come in for today's kicking after the punishment handed out to the euro yesterday

Month-end flows have been mainly cited as the cause and Morgan Stanley GBPJPY sell-note added some additional fuel

GBPUSD has been down to 1.5066 from 1.5120 as EURGBP begins its regular month-end journey north and has posted 0.7044 from 0.7819 before running into fresh supply ahead of 0.7050 offers.

The pattern has been similar in other pound pairs with GBPJPY down to 184.65, GBPAUD to 2.0822 and GBPCAD down to 2.0051 to name but three

Elsewhere it's been a snooze-fest by and large although the euro had its own little wobble early doors but we've seen EURUSD hold a test of 1.0600 helped by the EURGBP demand. EURJPY had another look below 130.00 but found a few buyers again but euro rallies still have sellers lurking in the shadows as ECB easing dominates the mind-set still

USDJPY and USDCHF have both had a quiet session with cross plays the main/only driver while USDCAD has found sellers above 1.3320 to test 1.3300 again despite softer oil prices

AUDUSD and NZDUSD have both traded tightly also caught up in cross play cross fire

No US markets so we won't be looking for too much before the final mouthful of Turkey gets consumed but thin markets can create additional volatility so we might see a little more action

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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