Daily Update - 25th November 2020
The EUR found support on local data, as the German Q3 GDP was upwardly revised to 8.5%, while the November IFO survey on Business Climate met expectations with 90.7. The assessment of the current situation beat expectations, although expectations contracted by more than anticipated. The greenback recovered ahead of Wall Street’s opening but fell under selling pressure after US Consumer Confidence fell in November to 96.1 from 101.4 in the previous month, according to the Conference Board. Meanwhile, news that US President Trump has agreed with the transition process with Joe Biden and vaccine hopes lifted the market’s mood. The Retail Sales released is a measure of changes in sales of the German retail sector. It shows the performance of the retail sector in the short term. Percent changes reflect the rate of changes of such sales. The changes are widely followed as an indicator of consumer spending. The Employment Change released is a measure of the change in the number of employed people in the US. Generally speaking, a rise in this indicator has positive implications for consumer spending, stimulating economic growth.Yesterday’s Market
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