AUD eyes supports at 0.7170 as USD maintains momentum

Key Movers

With the US markets closed in observance of Thanksgiving, price action across major currencies remained largely muted. Commodity currencies, the AUD, NZD and CAD faced some selling pressure but largely maintained a relatively well-defined range while the euro managed to stave off a dip below 1.12 pushing toward intraday highs at 1.1230 before fading into this morning's open. This recent wave of COVID-19 infections across Europe continues to worsen, hampering consumer confidence and weighing on growth expectations into the end of the year. The Great British pound edged lower on the day but held above 1.33, touching lows at 1.3305. With little of note on today’s ticket and volumes expected to remain thin through the Thanksgiving long weekend, our attentions turn to Bank of England governor Bailey as the sole catalyst sparking a macroeconomic shift in direction. Having deferred a rate hike in November, markets will be keenly attuned to any clues into future policy updates and rate guidance.