Forex Today: Massive pre-holiday US data dump, Trump holding back deal, critical UK poll eyed

Here is what you need to know on Wednesday, November 26:  

US data: The calendar is packed ahead of the Thanksgiving holiday. Economists expect the third-quarter GDP (preview)  to be confirmed at 1.9% annualized, while Durable Goods Orders (preview) for October have likely dropped in the most important measures. Personal Spending, Personal Income and Core Personal Consumption Expenditure, the Federal Reserve’s preferred inflation gauge, is expected to rise modestly. On Tuesday, the Conference Board’s Consumer Confidence measure edged lower while housing figures looked upbeat.

Lael Brainard, a Governor at the Fed, reaffirmed the bank’s stance that no change is likely in the near future.  

Trade: President Donald Trump said that the US and China are in the “final throes” of a trade deal and that he, Trump, is holding it back. Markets have learned to shrug off the headlines. The US dollar is on the rise across the board, but currency movements are limited. Safe havens such as the Japanese yen and gold have been on the back foot.

China: Producer Prices are in deflationary territory, reflecting a slowdown. Industrial profits are also sharply lower, by 9.9% yearly in October.

The Australian dollar has been under pressure after Westpac said that the Reserve Bank of Australia will embark on a QE program.  

UK elections: A YouGov poll has joined other surveys in showing a narrowing gap between the Conservatives and Labour, albeit it remains at around ten points. The “mother of all polls” – YouGov’s MRP which correctly predicted the hung parliament of 2017 – is due out today at 22:00 GMT.

Cryptocurrencies’ volatility has cooled down, with Bitcoin consolidating above $7,000. Ethereum and Ripple are licking their wounds.