• Prior -0.1%
• GDP Y/Y +0.6% vs +0.4% expected
• Prior +0.4%

The final figures show an improvement but this is not going to change anything for the ECB as it’s more focused on inflation and has already stated many times that the current rate setting is appropriate.

The agency said: “Domestic demand net of inventories and valuables contributed 0.2 percentage points to GDP growth in the third quarter: +0.1 from Household and Non Profit Institutions serving Households (NPISH) consumption, and +0.1 from gross fixed investments, while the contribution from public administration (PA) spending was zero. The contribution from net foreign demand was also positive (+0.5 percentage points), while the change in inventories and valuables had a negative impact (-0.6 percentage points).

Positive quarterly quarter on quarter growth rates were recorded for the added value of agriculture (+0.8%) and services (+0.2%), while industry showed a negative trend (-0.3%).”

This article was written by Giuseppe Dellamotta at investinglive.com.

The other state releases around the same time:

• North Rhine Westphalia CPI +2.3% vs +2.3% y/y prior
• Saxony CPI +2.2% vs +2.2% y/y prior
• Baden Wuerttemberg CPI +2.3% vs +2.3% y/y prior

The readings here are all unchanged from the previous month, which points to the national reading later likely to come in similar to October as well at around 2.3%. The core estimate of course remains the most important but overall it doesn’t seem like there is much of a change to the inflation dynamics in Germany this month.

This article was written by Justin Low at investinglive.com.

• Inflation perceptions over the previous 12 months seen at 3.1% (unchanged)
• Inflation expectations 12 months ahead seen at 2.8% (previously 2.7%)

The qualitative measure continues to show an increase in the percentage of number of respondents expecting inflation to be higher in the next 12 months, now seen at 85.6% (previously 85.2%). As for the 2.8% median noted above and in the chart below, that’s the same as per August and the highest since May.

This article was written by Justin Low at investinglive.com.

Global Markets:

•  Asian Stock Markets : Nikkei down -0.07%, Shanghai Composite up 0.21%, Hang Seng down -0.23% ASX up 0.05%
• Commodities : Gold at $4,221.65 (0.76%), Silver at $52.235 (1.98%), Brent Oil at $63.04 (0.27%), WTI Oil at $59.05(-0.08%)
• Rates : US 10-year yield at 4.010, UK 10-year yield at 4.4530, Germany 10-year yield at 2.6775

News & Data:

• (USD) Unemployment Claims  216K  to 226K expected
• (USD) Core Durable Goods Orders m/m  0.6%  to 0.2% expected
• (USD) Durable Goods Orders m/m  0.5%  to 0.5% expected

Markets Update:

Asian stock markets were mixed on Friday, taking in slightly positive signals from Europe and no guidance from Wall Street due to the Thanksgiving holiday. Traders continued to respond to growing expectations of a U.S. Fed rate cut in December after soft economic data and dovish comments from several Fed officials. The global equity rally seen over the past week also slowed.

Markets now price in an 84.7 percent chance of a 25-basis-point cut in December, sharply higher than 30.1 percent just a week earlier, with additional cuts expected next year.

In Australia, stocks traded slightly higher in choppy action, extending gains from earlier sessions. The S&P/ASX 200 held above 8,600 as strength in gold miners and tech names offset weakness in iron ore miners and financials. Major miners were mixed, while technology stocks such as Appen, Xero and WiseTech gained. Banks traded mostly lower, and gold miners advanced modestly.

Japanese shares were slightly weaker as the Nikkei slipped below 50,150, pressured by declines in exporters and tech stocks, though financials provided some support. SoftBank gained, while Fast Retailing and major chip equipment makers declined. Economic data showed retail sales and industrial production rising in October, both beating expectations. Inflation in Tokyo’s Ku-area remained above the Bank of Japan’s target, while unemployment held at 2.6 percent.

Elsewhere, South Korea, Hong Kong and Malaysia traded lower, while New Zealand, Singapore and Taiwan edged higher. European markets finished modestly positive, and crude oil extended its decline ahead of the OPEC+ meeting.

Upcoming Events:

• 01:30 PM GMT – CAD GDP m/m

The post Friday 28th November 2025: Asian Markets Mixed as Rate-Cut Optimism Eases and Global Rally Loses Steam first appeared on IC Markets | Official Blog.

DXY (U.S. Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

The price could see a short-term pullback toward the pivot before continuing its bearish move down toward the 1st support.

Pivot: 99.80

Supporting reasons: Identified as a pullback resistance, where selling pressures could intensify and potentially cap any upward retracement.

1st support: 99.11

Supporting reasons: Identified as an overlap support, indicating a potential area where the price could again stabilize.

1st resistance: 100.07
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

The price has already bounced off the pivot and may continue its bullish move toward the 1st resistance

Pivot: 1.1546

Supporting reasons: Identified as an overlap support, where renewed buying pressure could emerge to push the price higher.

1st support: 1.1501

Supporting reasons: Identified as a swing low support, indicating a potential level where the price could stabilize once again.

1st resistance: 1.1651

Supporting reasons: Identified as a swing high resistance, indicating a potential level that could cap further upward movement.

EUR/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price could see a short-term pullback toward the pivot before rising again toward the 1st resistance.

Pivot: 179.93

Supporting reasons: Identified as a pullback support, where renewed buying pressure could emerge to push the price higher.

1st support: 178.67
Supporting reasons: Identified as a pullback support that aligns with the 50% Fibonacci retracement, indicating a potential area where the price could again stabilize.

1st resistance: 181.69
Supporting reasons: Identified as a swing high resistance, indicating a potential level that could cap further upward movement.

EUR/GBP:

Potential Direction: Bearish
Overall momentum of the chart: Bullish

The price could see a short-term pullback toward the pivot before continuing its bearish move down toward the 1st support.

Pivot: 0.8782

Supporting reasons: Identified as a pullback resistance, where selling pressures could intensify and potentially cap any upward retracement.

1st support: 0.8744
Supporting reasons: Identified as a pullback support, indicating a potential area where the price could stabilize once more.

1st resistance: 0.8815
Supporting reasons: Identified as a swing high resistance, indicating a potential level that could cap further upward movement.

GBP/USD:

Potential Direction: Bullish
Overall momentum of the chart: Bullish

The price could see a short-term pullback toward the pivot before rising again toward the 1st resistance.

Pivot: 1.3147

Supporting reasons: Identified as a pullback support, where renewed buying pressure could emerge to push the price higher.

1st support: 1.3012
Supporting reasons: Identified as a swing low support, indicating a potential area where the price could stabilize once more.

1st resistance: 1.3292
Supporting reasons: Identified as a pullback resistance that aligns with the 61.8% Fibonacci retracement and the 127.2% Fibonacci projection, indicating a potential level that could halt further upward movement.

GBP/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price could see a short-term pullback toward the pivot before rising again toward the 1st resistance.

Pivot: 206.39

Supporting reasons: Identified as a pullback support, where renewed buying pressure could emerge to push the price higher.

1st support: 204.84
Supporting reasons: Identified as a pullback support, indicating a potential level where the price could stabilize once more.

1st resistance: 208.42
Supporting reasons: Identified as a resistance that is supported by the 161.8% Fibonacci extension, indicating a potential level that could halt further upward movement.

USD/CHF:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

The price could see a short-term pullback toward the pivot before rising again toward the 1st resistance.

Pivot: 0.8030

Supporting reasons: Identified as a pullback support, where renewed buying pressure could emerge to push the price higher.

1st support: 0.7987
Supporting reasons: Identified as a pullback support that aligns with the 50% Fibonacci retracement, indicating a potential level where the price could stabilize once again.

1st resistance: 0.8109
Supporting reasons: Identified as a swing high resistance, indicating a potential level that could cap further upward movement.

USD/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price could see a short-term pullback toward the pivot before rising again toward the 1st resistance.

Pivot: 155.02

Supporting reasons: Identified as an overlap support, where renewed buying pressure could emerge to push the price higher.

1st support: 154.08

Supporting reasons: Identified as an overlap support, indicating a strong area where buyers might return, and the price could stabilize once again.

1st resistance: 157.61

Supporting reasons: Identified as a swing high resistance. This level represents the next key area where upward movement could be capped amid increased selling pressure

USD/CAD:

Potential Direction: Bearish                                                                                                                                                                                       

Overall momentum of the chart: Bearish

The price could see a short-term pullback toward the pivot before continuing its bearish move down toward the 1st support.

Pivot: 1.4073

Supporting reasons: Identified as a pullback resistance, where selling pressures could intensify and potentially cap any upward retracement.

1st support: 1.3970

Supporting reasons: Identified as an overlap support, indicating a key level where the price could stabilize once more.

1st resistance: 1.4134

Supporting reasons: Identified as a swing high resistance, making it a possible target for bullish advances and a level where some sellers could return to cap gains

AUD/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price could see a short-term pullback toward the pivot before rising again toward the 1st resistance.

Pivot: 0.6491

Supporting reasons: Identified as a pullback support, where renewed buying pressure could emerge to push the price higher.

1st support: 0.6439

Supporting reasons: Identified as a swing low support, this area has provided strong support historically and may attract buying interest for a potential short-term bounce

1st resistance: 0.6573

Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.

NZD/USD

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price could see a short-term pullback toward the pivot before rising again toward the 1st resistance.

Pivot: 0.5688

Supporting reasons: Identified as a pullback support, where renewed buying pressure could emerge to push the price higher.

1st support: 0.5637

Supporting reasons: Identified as a pullback support, this area has provided strong support historically and may attract buying interest for a potential short-term bounce

1st resistance: 0.5762

Supporting reasons: Identified as a pullback resistance that aligns with the 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

US30 (DJIA):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price could see a short-term pullback toward the pivot before rising again toward the 1st resistance.

Pivot: 46,864.36

Supporting reasons: Identified as a pullback support, where renewed buying pressure could emerge to push the price higher.

1st support: 46,442.68

Supporting reasons: Identified as a pullback support, suggesting a potential area where the price could stabilize once again.

1st resistance: 48,005.04

Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price has already bounced off the pivot and may continue its bullish move toward the 1st resistance

Pivot: 23,488.29

Supporting reasons: Identified as an overlap support, where renewed buying pressure could emerge to push the price higher.

1st support: 22,917.77

Supporting reasons: Identified as a swing low support, indicating a key level where the price could stabilize once more.

1st resistance: 23,956.58

Supporting reasons: Identified as a pullback resistance that aligns with the 61.8% Fibonacci retracement and the 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

US500 (S&P 500):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price has already bounced off the pivot and may continue its bullish move toward the 1st resistance

Pivot: 6,773.23

Supporting reasons: Identified as an overlap resistance, where selling pressures could intensify and potentially cap any upward retracement.

1st support: 6,673.25

Supporting reasons: Identified as an overlap support, indicating a potential level where the price could stabilize once again.

1st resistance: 6,870.93

Supporting reasons: Identified as a swing high resistance, indicating a potential area that could halt any further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

The price could see a short-term pullback toward the pivot before rising again toward the 1st resistance.

Pivot: 89,178.40

Supporting reasons: Identified as a pullback support, where renewed buying pressure could emerge to push the price higher.

1st support: 81,214.21

Supporting reasons: Identified as an overlap support, indicating a potential level where the price could stabilize once more.

1st resistance: 97,784.84

Supporting reasons: Identified as a pullback resistance that aligns closely with the 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

ETH/USD (Ethereum):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

The price could see a short-term pullback toward the pivot before continuing its bearish move down toward the 1st support.

Pivot: 3,058.25

Supporting reasons: Identified as a pullback resistance, where selling pressures could intensify and potentially cap any upward retracement.

1st support: 2,858.64

Supporting reasons: Identified as an overlap support, indicating a potential level where the price could stabilize once more.

1st resistance: 3,230.74
Supporting reasons: Identified as an overlap resistance that aligns with the 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.

WTI/USD (Oil):

Potential Direction: Bearish

Overall momentum of the chart: Bullish

The price could see a short-term pullback toward the pivot before continuing its bearish move down toward the 1st support.

Pivot: 58.99

Supporting reasons: Identified as an overlap resistance, where selling pressures could intensify and potentially cap any upward retracement.

1st support: 57.35
Supporting reasons: Identified as a swing low support, indicating a key level where the price could stabilize once more.

1st resistance: 60.28
Supporting reasons: Identified as a pullback resistance, indicating a potential area that could halt any further upward movement.

XAU/USD (GOLD):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

The price could see a short-term pullback toward the pivot before rising again toward the 1st resistance.

Pivot: 4,129.00

Supporting reasons: Identified as a pullback support, where renewed buying pressure could emerge to push the price higher.

1st support: 4,093.68
Supporting reasons: Identified as a pullback support, indicating a key level where the price could stabilize once more.

1st resistance: 4,205.06
Supporting reasons: Identified as a swing high resistance that aligns with the 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.

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The post Friday 28th November 2025: Technical Outlook and Review first appeared on IC Markets | Official Blog.

• Prior -1k
• Unemployment rate 6.3% vs 6.3% expected
• Prior 6.3%

German unemployment rose by less than expected in November with the jobless rate continuing to hold steady at 6.3%. That said, the labour office noted that the number of people in employment was stagnating and demand for labour remains subdued for the most part.

This article was written by Justin Low at investinglive.com.

• Prior 101.3; revised to 101.5

This marks just a marginal improvement in Swiss economic conditions, with at least some brighter prospects now surrounding the export outlook. That being said, there is still nothing to shift the agenda for the SNB as they sit on the cusp of negative interest rates.

This article was written by Justin Low at investinglive.com.

• Prior +3.1%
• HICP +3.1% vs +2.9% y/y expected
• Prior +3.2%

Headline annual inflation might have moderated slightly to 3.0% but core annual inflation is seen increasing marginally to 2.6% (previously 2.5%). So alongside Germany, this is one spot that is still a bit of a sticking point for the ECB in trying to work towards getting back on the saddle with regards to rate cuts. Here is the trend in prices for Spain:

This article was written by Justin Low at investinglive.com.

• Prior +0.1% (revised to +0.2%)
• GDP Y/Y +0.5% vs +0.6% expected
• Prior +1.2% (revised to +1.3%)

This article was written by Giuseppe Dellamotta at investinglive.com.

• Prior +0.3%
• GDP Y/Y +0.9% vs +0.9 expected
• Prior +0.9%

No changes to the preliminary figures.

The agency said:

“In Q3 2025, real GDP accelerated (+0.5% quarter on quarter after +0.3%). Household consumption continued to increase slightly (+0.1% after +0.1%): the decline in spending on food products (-1.0% after +1.5%) was more than offset by the rebound in energy spending (+1.3% after -2.3%) and by the increase in services (+0.1% after +0.5%). Gross fixed capital formation (GFCF) increased anew this quarter (+0.5% after +0.0%), buoyed up by the acceleration in GFCF in information and communication (+1.7% after +0.4%) and by the sustained pace of GFCF in capital goods (+1.7 % after +1.3 %). General government’s consumption expenditure remained dynamic (+0.5% after +0.5%). Overall, final domestic demand excluding inventories contributed positively to GDP growth (+0.3 points after +0.2 points).

Exports accelerated significantly this quarter (+3.2% after +0.3%), boosted by a sharp rise in exports of transport equipment (+13.4% after -2.3%). Imports rose again in the third quarter (+1.3% after +1.5%). They were driven by rising imports of manufactured goods (+1.9% after +2.6%). Overall, the contribution of foreign trade to GDP growth was positive in Q3 2025 (+0.6 points after -0.4 points).

Finally, the contribution of changes in inventories to GDP growth was negative this quarter (-0.4 points after +0.6 points) buoyed up by transport equipment, in particular aeronautics.”

This article was written by Giuseppe Dellamotta at investinglive.com.

• Prior +0.9%
• HICP +0.8% vs +1.0% y/y expected
• Prior +0.8%

The figures are softer than estimated, so that at least helps to ease some of the concerns by the ECB that price pressures across the region remain stubborn. Again, it is mostly just Germany at this point. Looking at the details, food price inflation is up marginally to 1.4% (previously 1.3%) while services inflation declined to 2.2% (previously 2.4%) in November.

This article was written by Justin Low at investinglive.com.

• Prior +0.2%; revised to +0.3%

That’s another highly disappointing reading for German retail sales. Food sales were notably up on the month at least (+1.2%) but it’s not enough to offset the drop in non-food store sales (-0.7%) and online/mail-order sales (-0.6%). Just take note though that Destatis mentions that:

“For the reporting month of October 2025, the existing reporting group of legally required entities in the retail sector (previous sample) was replaced by a new sample. This new sample became effective retroactively from the reporting month of January 2024. To ensure comparability of the results despite the different samples, the metrics are chained forward; that is, existing series of metrics are extended using the metrics from the revised sample. For these reasons, revisions may occur in the results from January 2024 onwards.”

This article was written by Justin Low at investinglive.com.