Thanksgiving market closures were supposed to be an exclusively US event, but it looks like other markets around the world were also keen for a day off. Very tame conditions all round yesterday. Given that the US has been the main driver of financial movements over the last few weeks, it is understandable that its absence induced a lack of direction. US markets will open back up later today, albeit briefly, before closing early again for Thanksgiving weekend.
The Dollar currency index barely moved yesterday, closing the day just north of 106. A step down from recent highs that is causing many to ask whether the local top is in or if the Greenback still has room to push higher. Even commodities had nothing to contribute on Thursday, gold ending the day flat at $2,637 an ounce and oil prices edging half a Dollar higher to remain near yearly lows. Bitcoin had a similarly muted day, aimlessly oscillating around $95,000. Interestingly, Bitcoin dominance finally took a hit over the last week, falling from highs of 61% down to 58% currently. A little early to be calling for “alt season” but an interesting development nonetheless.
On Wednesday, the US Bureau of Economic Analysis unveiled the latest round of price inflation data, which fell in line with predictions across the board. A 2.3% year-on-year increase in prices, not far off the Fed’s target of 2%. The exclusion of food and energy from the index provided a higher figure of 2.8% although this too was hardly eyebrow raising. The publication provoked almost no reaction in the FedWatch, a tool showing the odds of the next Fed decision based on the positioning of interest rate traders.
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