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A light on the data folder

Well, the Thanksgiving holiday season certainly doesn’t seem like a quiet time as risky trades are slammed with bond yields in particular falling.

The latest interest in the new variant of COVID-19 emerging from South Africa is arguably the biggest risk factor weighing on sentiment. Adam has more on that here.

You can also blame exacerbated moves involving thinner liquidity conditions in general, but that’s what it is with 2-year Treasury yields falling 6 bps to 0.583% and 10-year yields falling. 8bp down to 1.563% so far.

Elsewhere, European equity futures are down almost 2% while S&P 500 futures are down 1% as we look into the coming session. The gloomy mood led to a direct movement of currency risk aversion against a backdrop of lighter trading conditions.

Looking ahead, economic data won’t do much to change the background music, but keep in mind that with weaker liquidity in trading today, we could see even exacerbated moves on the market before the weekend.

0700 GMT – Germany Import Price Index in October

The previous version can be found here. Another month, another anticipated increase in import prices, as this is part of the trend of rising cost pressures in the region.

07:45 GMT – France November Consumer confidence

The previous version can be found here. French consumer morale is estimated to have hardly changed as economic expectations hold up roughly this month.

0800 GMT – Swiss GDP figures for Q3

The previous version can be found here. The Swiss economy is likely to have experienced modest expansion in the third quarter, but the outlook for the rest of the year and next year is the most important focus at the moment and it is a prospect that is hampered by supply constraints and increasing cost pressures – similar to the rest of the region.

0900 GMT – October M3 money supply data for the euro area

The previous version can be found here. A look at the growth of broad money in the euro zone, which should just reaffirm an ECB pursuit while keeping the liquidity taps open.

That’s all for the upcoming session. I wish you the best of the days ahead and good luck with your trading! Stay safe there.

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