Market Moves Await Eurozone PMI and ECB Insights, Thanksgiving Quiets US Trading.

EUR Update:
In the early Asian session on Thursday, the EUR/USD pair maintained slight losses as investors geared up for the release of Eurozone PMI data later in the day. Forecasts anticipate growth in Manufacturing PMI to 43.4, Services PMI to 48.1, and Composite PMI to 46.8. Despite Bundesbank President Joachim Nagel’s statement on Eurozone interest rates nearing their peak, market activity remained subdued in anticipation of the upcoming Thanksgiving Day holiday in the United States. The current trading for the major pair hovered around 1.0888, reflecting a marginal 0.01% increase.

USD Developments:
After two days of outperforming its major counterparts, the US Dollar (USD) faced early struggles in demand on Thursday. Attention turned to Germany and Euro area’s Manufacturing and Services PMIs, alongside the UK’s S&P Global PMIs. The European Central Bank’s release of October policy meeting accounts added to the economic docket. With US markets closed for Thanksgiving, trading volumes were expected to thin out in the latter half of the day. Positive US unemployment data on Wednesday contributed to the USD Index closing higher for the second consecutive day, although Wall Street’s modest gains tempered the USD’s upward momentum in the American session.

GBP Momentum:
In the Asian session on Thursday, GBP/USD retraced losses from the previous day, trading around the psychological level of 1.2500. Technical indicators signaled a bullish outlook, with the 14-day Relative Strength Index (RSI) above 50 indicating upward momentum. The Moving Average Convergence Divergence (MACD) line positioned above the centerline further suggested strength in the GBP/USD pair. Potential resistance loomed at the 1.2550 level, near a two-month high at 1.2559, and a decisive breakthrough could propel the pair toward the psychological level of 1.2600.