Forex Forecast November 30th 2017

The S. dollar was sending mixed signals against the other major currencies on Thursday morning, as investors were waiting for political news from the U.S. The greenback shed some gains against Euro and Sterling, but was trading strong against the Japanese Yen. On Tuesday, economic data showed more growth: the GDP was up 3.3% during the last quarter. However, the dollar was kept at bay by news of a new, successful North Korean ballistic missile test and by political uncertainty as the Senate vote for the new U.S. tax bill looms. The Senate budget committee approved the bill on Tuesday, meaning that we could see a Senate vote as soon as today. The markets are being cautious in regards to the vote, since Republicans have a very thin majority in the Senate. Furthermore, investors are keeping a close eye on the FED for monetary policy: a December rate hike is almost fully priced in by the markets. USD/JPY was trading at 112.37 during the European morning, up 0.38% for the day.
The Australian Dollar showed positive signals this morning, trading higher against other major currencies. The positive momentum appears to be due to upbeat housing market and private investments data, both showing stronger than expected growth during the last quarter. AUD/USD was up 0.10% for the day during the European morning, trading around the 0.757 level. In the meantime, the New Zealand Dollar registered some losses against its U.S. counterpart and other currencies as well, as an economic report showed that Business Confidence dropped to its lowest level in almost eight years. NZD/USD was down 0.70% on a 24-hour basis, trading at 0.6835.

Meanwhile, Oil prices hedged up as the OPEC and non-OPEC meeting is set to start in Wien later today. Investors will probably focus on Russia’s position about another extension of the output cut deal. WTI Crude was up 0.38%, while Brent Crude inched up 0.43%.