Thanksgiving Calm: Dollar Rebounds as Markets Shift to Technical Mode

Hello traders, welcome to Thursday. Today brings us an unusually empty calendar, which is quite remarkable because Thursdays are typically packed with data. The reason is simple: Thanksgiving in the US, which means no major releases and reduced participation from American traders. With that in mind, the bulk of this week’s meaningful moves is most likely already behind us, and both today and tomorrow should be noticeably calmer, more technical, and generally lower in volatility.

On the currency side, we are entering the session with a clear correction of yesterday’s moves. The American dollar, which weakened quite significantly on Wednesday, is now gaining back strength. This rebound is accompanied by notable weakness in the Swiss franc and euro, while the antipodean currencies — already strong after yesterday’s upbeat data — continue their positive momentum. This dynamic suggests that traders are repositioning lightly ahead of the lower-liquidity holiday environment.

Looking at commodities, oil continues to struggle, extending its recent weakness. The situation is much more constructive in the precious metals space: silver is pushing higher, and gold is only slightly negative, but importantly, gold remains pressed right against the upper line of the symmetric triangle — a crucial resistance. A breakout here would generate a clean buy signal, so this is the key level to watch today. As for indices, futures are flat, but considering yesterday’s very strong performance, this is simply a mild and natural consolidation of prior gains. With the calendar empty today and tomorrow, we can expect the market to trade mostly on technicals, with liquidity thinning out after the US holiday.

Source: https://www.axiory.com/analytics/market-news/thanksgiving-calm-dollar-rebounds-as-markets-shift