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FX Analysis – EUR and GBP rally on PMIs, USDJPY tests key level.

24 November 2023 By Lachlan Meakin

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Markets were predictably quite due to holidays in the US and Japan on Thursday.

USD was marginally softer overall with DXY dropping to test the support at the 200-day MA before recovering modestly amid the holiday lull for Thanksgiving.

Source:TradingView.com

EURUSD managed mild gains with price action choppy around the 1.0900 level but eventually managed to hold that key level. There were several hawkish leaning comments from ECB officials and ECB Minutes noting that members argued in favour of keeping the door open for a possible further rate.

Source:TradingView.com

GBPUSD extended on its mid-week bounce and made further progress above 1.2500 after UK manufacturing and services PMI figures beat forecasts.

Source:TradingView.com

USDJPY ended flat for the session but not before a sharp dip reversed following a bounce off support at 149.00 and seeing the pair again settle above 149.50.

Source:TradingView.com

Ahead on Fridays , US traders will be mostly offline meaning another likely low volume session, we do have Manufacturing and Services PMI figures out of the US later today though.

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