• U.S. Dollar Trading (USD) was range bound against a number of majors as Thanksgiving holidays ensured thin trading across the board. Despite this, market sentiment remained on views that the Federal Reserve would be inclined to cut borrowing costs further in light of credit market woes, assumed to result in the slowing of economic growth. U.S. share markets were closed last night due to market holidays. Crude oil eased from recent record highs on Thursday due to thin trading, falling by US$0.48 a barrel to US$96.81.

• The Euro (EUR) was able to hold its gains versus the dollar in a thin trading session. In data news Current Account was released below expectations at 0.6 bln (Forecast: 3.4) whilst Industrial Orders also came in worse than expectations at -1.6 % (Forecast: -0.8%) both for the month of September. Overall the EURUSD traded with a low of 1.4823 and a high of 1.4873 before closing the day at 1.4845. ECB President Trichet is scheduled to speak on Friday, accompanied by PMI Manufacturing (Forecast: 51; Previous: 51.5) and PMI Services (Forecast: 55.2; Previous: 55.8) for the month of November.

• The Japanese Yen (JPY) retreated from its recent two year highs as rebounding stock gave reason for investors to purchase high yielding currencies, funded by the Yen, before capping its losses, to return to recent lows. Overall the USDJPY traded with a low of 108.30 and a high of 109.17 before closing the day at 108.52. Japanese markets will be closed on Friday for holidays.

• The Sterling (GBP) remained in tight ranges amidst US holidays. Overall the GBPUSD traded with a low 2.0618 and a high of 2.0684 before closing the session at 2.0625. Friday sees the release of UK GDP figures for the third quarter (Forecast: 0.8%q/q, 3.3%y/y; Previous: 0.8%q/q, 3.3%y/y), holding plenty of significance as future monetary movements of the BoE has been of primary focus.

• The Australian Dollar (AUD) like other majors was range bound despite edging slightly lower. The AUDUSD traded with a low of 0.8682 and a high of 0.8790 before closing the day at 0.8705.

• Gold (XAU) also held steady trading with a low of 799.80 and a high of 805.40. XAU closed the day up US$2.90 an ounce to US$803.10


• Euro – 1.4855

Initial support at 1.4582 (Nov 16 low) followed by 1.4521 (Nov 13 low). Initial resistance is now located at 1.4856 (Nov 21 trend high) followed by 1.4858 (1.4518 plus 1.4010 - 1.4350).

• Yen – 108.45

Initial support is located at 108.81 (Nov 21 trend low) followed by 108.76 (Sep 5, 2005 reaction low). Initial resistance is now at 111.76 (Nov 14 high) followed by 112.88 (Nov 8 high)

• Pound – 2.0625

Initial support at 2.0354 (Nov 16 low) followed by 2.0243 (Oct 12 low). Initial resistance is now at 2.0698 (Nov 21 high) followed by 2.0846 (Nov 14 high)

• Australian Dollar – 0.8715

Initial support a 0.8760 (Nov 20 low) followed by 0.8754 (Nov 13 low). Initial resistance is now at 0.8997 (Nov 19 high) followed by 0.9073 (Nov 14 high)

• Gold – 801.80

Initial support at 773.00 (Nov 20 low) followed by 771.50 (Oct 19 low). Initial resistance is now at 818.30 (Nov 15 high) followed by 845.80 (Nov 7 trend high)