Thanksgiving Quote List, US Dollar rebounds slightly

Financial markets were relatively calm early Friday after volatility on Thursday. U.S. stocks are set to close early on Black Friday, causing trading volume to remain thin heading into the weekend. Later in the day, Canada's third-quarter gross domestic product (GDP) data will be included in the economic calendar.

The U.S. dollar (USD) index closed almost flat on Thursday, Thanksgiving Day. Earlier on Friday, the U.S. dollar index rose slightly above 99.50. The Federal Reserve's (Fed) ban period begins this Saturday.

Basic trends in the foreign exchange market:

German data on Friday showed that retail sales fell by 0.3% on a monthly basis in October. The figure followed September's 0.3% expansion and was below market expectations of 0.2%. EURUSD remains under moderate bearish pressure during early European trade, trading below 1.1600.

Japan’s unemployment rate remained at 2.6% in October, www.xmxmxm.cnpared with analysts’ estimate of 2.5%. Other data from Japan showed annual consumer price index (CPI) inflation in Tokyo fell to 2.7% in November from 2.8% in October, in line with market expectations. After falling slightly on Thursday, USD/JPY traded sideways above 156.00 in early European trading on Friday.

Following a strong rally earlier in the week, GBP/USD fell on Friday and headed lower towards 1.3200. However, the pair is still expected to end on a positive note.

USD/CAD was flat near 1.4050, after closing in the negative zone for the previous three days. Canada's economy is expected to grow at an annual rate of 0.5% in the third quarter, following a 1.6% contraction in the previous quarter.

Bulk market fundamentals:

Gold fell back to a range of about $4,200 in the first half of Friday's European trading day, about a two-week high, and fell back to the lower limit of the intraday range.

Analysis of major currency trends:

Euro: EUR/USD remains in a sideways range, with the intraday bias remaining neutral. Further declines are expected, with resistance at 1.1655 remaining. On the downside, a break below 1.1490 and 1.1467 will resume the overall decline from the 1.1917 high. The next target is 1.1390, followed by the 38.2% retracement from 1.0176 to 1.1917, 1.1252. However, a decisive breakout of 1.1655 would signal that the decline from 1.1917 is www.xmxmxm.cnplete and bias the trend back towards the 1.1727 resistance and above.

GBP: GBP/USD intraday bias remains slightly higher at present. As mentioned earlier, the corrective decline from 1.3787 may have been www.xmxmxm.cnpleted at 1.3008. Sustained trading above the 55 DEMA (now 1.3266) should confirm and target a retest of the 1.3725/3787 resistance zone. Nonetheless, a break above the minor support of 1.3123 will revive bears in the short term and bring about a retest of 1.3008.

JPY: USD/JPY remains within the consolidation zone below 157.88, with the intraday bias remaining neutral. The downside should be limited by resistance turning into support at 154.47. On the upside, a break above 157.88 will resume the overall rebound from 139.87. Next target is structural resistance at 158.86, followed by the high of 161.94. However, a solid break above 154.47 would bring a deeper correction to the 55-day moving average (currently 152.63).

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