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  • No notable reaction in BTPs given that resignation from Conte has been touted earlier in order to put together a new government. Also, a resignation does not necessarily mean that a snap election will be the next step as of yet.
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US Dollar Pays Little Attention US Data, Month-End Flows to Drive the Action

US Dollar Pays Little Attention US Data, Month-End Flows to Drive the Action

Justin McQueen, Analyst

US Dollar Analysis & News

  • Market Volumes Lighter Ahead of the US Thanksgiving Holiday
  • US Data Does Little for Market Direction
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Market Volumes Lighter Ahead of the US Thanksgiving Holiday

A plethora of US economic data has been met with little acknowledgement as risk sentiment remains steady. While initial jobless claims rose to a 5-week high, this had been offset by the firmer durable goods data. Alongside this, the second estimate of US Q3 GDP remained at 33.1%. However, given that the data is unlikely to move the needle for Fed policy the cross asset market reaction was fairly muted, while volumes are also thinner given the upcoming US Thanksgiving Holiday. That said, markets will likely continue to follow the narrative of positive vaccine updates, coupled with Former Fed Chair Yellen set to become the new Treasury Secretary.

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US Data Does Little for Market Direction

US Dollar Pays Little Attention US Data, Month-End Flows to Drive the Action

Source: DailyFX

US Dollar to be Driven by Month End Flows

In the short-term G10 FX are likely to be driven by month-end flows as has been evidenced throughout the week, particularly in Monday’s session. In turn, volatility is expected to pick-up around the London fix (1600GMT) with price action somewhat whippy. This is also expected of equity markets as investment banks tout potential outflows from equities into bonds after this month’s stellar gains across the equity complex.

US Dollar Pays Little Attention US Data, Month-End Flows to Drive the Action

Source: Refinitiv

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