Search ForexCrunch

Here is what you need to know on Thursday, November 21:

Trade: Chinese Vice Premier Liu He has said that he is cautiously optimistic about reaching Phase One of a deal but confused as to what the US wants. Relations between the world’s largest economies worsened when the Senate passed a bill supporting protesters in Hong Kong. President Donald Trump may sign the bill into law as soon as today. CNBC’s Kayla Tausche reported that the trade deal is in trouble. Markets remain under some pressure.

Fed: The Federal Reserve’s meeting minutes from the October meeting have shown that the most judged that barring a material reassessment of the outlook, rates are at an appropriate level. Overall, the document was in line with the bank’s message that it remains on hold.  See  FOMC minutes dash hope for future rate cuts, trade deal worries send equities plunging

UK Elections: The opposition Labour Party will unveil its manifesto today, in which it will criticize billionaires and offer steps to tackle inequality. Prime Minister Boris Johnson has hinted at tax relief on Wednesday. Opinion polls continue showing the Conservatives in the lead, boosting GBP/USD.

Impeachment: US Ambassador to the EU and Republican donor Gordon Sondland said that Trump and other senior officials were all involved in a quid-pro-quo deal with Ukraine. His bombshell testimony has yet to move markets.  

Euro-zone: The German finance ministry’s monthly report noted weakening global economic momentum. The European Central Bank releases its meeting minutes from former President Mario Draghi’s last meeting at the helm.

USD/CAD has stabilized above 1.33 after Canadian inflation figures were roughly within expectations. Stephen Poloz, Governor of the Bank of Canada, speaks today. Oil prices have stabilized after advancing on Wednesday.

US indicators: The US economic calendar features the Philly Fed Manufacturing Index and Existing Home Sales. See  Existing-Home Sales Preview: Sales follow mortgage rates

Cryptocurrencies remain on the back foot with Bitcoin clinging to $8,000.

More  Trump Impeachment: Markets will not like any replacement