Dollar still struggles to attract renewed demand after last week’s solid losses
US markets were closed for Thanksgiving on Thursday. Stock index futures were marginally positive in early pre-market deals. Wall Street equities will come back for a half day of trading today. On Wednesday, stocks closed on a higher note. The Dow Jones was up 0.53%, the S&P 500 gained 0.41%, and the tech-heavy Nasdaq increased 0.46%.
In Asia, equities were mixed on Friday. Japan’s Nikkei 225 gained 0.54% to register early-July highs even as a private survey showed that the country’s factory activity remained in contraction territory in November. The flash manufacturing PMI was at 48.1, the lowest since February. Meanwhile, the flash services PMI for November was 51.7, virtually unchanged from 51.6 in the previous month. Elsewhere, Hong Kong’s Hang Seng index plunged 2%, while South Korea’s Kospi slid 0.73%.
European equity markets were slightly lower in early trading in lighter trading conditions amid the Thanksgiving holiday. Despite muted moves, the Stoxx 600 index managed to reach its highest level in two months this week. On the data front, final German GDP figures for the third quarter confirmed an earlier reading of 0.1% month-on-month contraction. Next, investors will shift focus towards a speech by ECB President Lagarde due later in the day.
Meanwhile, the US dollar holds relatively steady after the recent rejection from the levels above the 104.00 figure. The USD index has settled around 103.75 in early European deals, trading under some selling pressure following three positive sessions in a row. On the weekly timeframes, the greenback has settled in negative territory, struggling to attract renewed demand after last week’s solid losses.