Thursday, November 25 finds us with a rather quiet day in the financial markets, largely due to Thanksgiving in the United States, which means no fundamentals from the world’s largest economy today.
However, while the market is closed in the States, other countries are still delivering some important data.
First off, Germany released its final GDP growth rate measurement for the third quarter, which met the forecast at 2.5%. Germany also published the GfK consumer confidence for December, which is lower than expected at -1.6.
The main reason why expectations for the German economy are so grim for the next month is the coronavirus. The strongest economy in the European Union is currently seeing huge daily increases in Covid-19 cases. With a government finally formed, new restrictions might finally come from Germany’s new Chancellor.
Other notable data from Europe today includes the minutes from the ECB’s most recent monetary policy meeting and a brand-new speech by President Lagarde.
Today we’ll also hear from the Bank of England, but no crucial publications are expected from the United Kingdom.
In emerging markets, there is a slight recovery of the Turkish lira. Nevertheless, the main concerns about sky-high inflation in Turkey still remain and the lira will likely continue its descent soon, likely on a day that’s actually active for the US dollar.
Meanwhile, even though US markets are closed for the day, investors are digesting yesterday’s minutes from the November Fed meeting. Their expectations is now of at least two rate hikes next year.
