Key Events In The Coming Holiday-Shortened Week
It's a relatively quiet, holiday-shortened (in the US) week, in which volumes are expected to grind lower as we head into the Thanksgiving holiday.
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Europe
What German Political Turmoil? Global Markets BTFD, Don't Look Back
US index futures are unchanged, having recovered virtually all overnight session losses alongside the EURUSD following Merkel's failure to form a government, while European shares rise despite Angela Merkel's failure to form a new government. In the span of just hours, the goalseeked "hot take" consensus was that Germany’s collapsed coalition talks aren’t expected be a deal breaker for European equities due to the "strength of the German economy."
In Dramatic Rebound, Euro, DAX Recover All Losses; "Is Strong Government Overrated?" SocGen Asks
Having tumbled 80 pips to a one week low in kneejerk response to the late Sunday news that Angela Merkel had failed to form a government following the collapse of the "Jamaica Coalition" talks - when the Free Democratic Party walked out, saying the differences with the Green party were too great to bridge - both the Euro and European stocks have staged an impressive rebound, and the entire gap lower in the FX pair has now been, well, pared.
Meanwhile In Sweden, Crime Hits All Time Highs
It appears President Trump, having warned that Sweden's huge intake of refugees would lead to "problems like they never thought possible," has been vindicated.
Following media mockery and Sweden's official Twitter account responding:
“Hey Don, this is @Sweden speaking! It’s nice of you to care, really, but don’t fall for the hype. Facts: We’re OK!”
Trump reacted by tweeting...
FX Weekly Preview: EUR Darts Back To Uptrend, But Can It Last
Submitted by Shant Movsesian and Rajan Dhall MSTA of fxdailyterminal.com