It was a very quiet session with US participants away for the Thanksgiving celebrations. There were a few EU-UK comments out with France and the UK exchanging the usual barbs over fishing disputes. It has become a political fight now with a nearly pantomime feel in some respects.
ECB minutes gave little light to the December rate meeting, rising Covid cases were adding to European recovery angst, and we also had Bank of England’s Bailey speaking on the dark arts of BoE forward guidance. Markets pretty much unmoved by any of it. One slightly odd moment was an almost apologetic sounding Bailey saying that the, ‘Boundary between commentary and guidance is quite murky”. We can say that firm, reliable guidance should not be expected from the BoE.
In terms of currency moves the NZDUSD moved into key support and found buyers.We spoke about the importance of this level in line with the more positive outlook for the NZD.
We tried to make the most of the quieter time with some more general posts:
I will be back tomorrow with a few more book reviews and another reflection from a life event. Until then take care and I will leave you in the very capable hands of Eamonn. Also, don’t miss Greg’s post. Greg’s analogy is really helpful and may help frame technical analysis in a way that is just right for you. Check it out here.