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Daily Market Commentary 24th November 2023

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US Markets were closed for the Thanksgiving Holiday, so markets remained quiet across Europe, also. European PMI data showed limited improvement, but remains heavily in contraction mode, while European bond yields were on the rise. This supported the currencies, with the EUR holding 1.0900, while the GBP consolidated above 1.2500.

The softer reserve allowed small gains in commodity currencies, with the NZD trades above 0.6000, while the AUD pushes up towards 0.6550. Australian PMI data continues to deteriorate, in contraction mode for Services and Manufacturing. Local markets will be looking at Japanese Inflation data today, along with NZ Retail Sales, while global markets remain quiet due to the US Holidays.

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