Furious Dollar Rally Fizzles On “Black Friday”; US Stocks Set To Open At New All-Time Highs

Having soared to fresh 13 year highs in a quiet overnight session on thin liquidity due to the US Thanksgiving holiday, which sent the USDJPY just shy of 114 and the Yuan to 6.96, the dollar pared back its weekly advance with modest profit taking after traders wondered if the rally has gotten “too stretched.” European shares were fractionally higher, with Asian stocks and US equity futures rising and both the Dow Jones and the S&P set for new all time highs. Oil followed the USD lower, down fractionally ahead of next week’s OPEC meeting where negotiations now focus on whether non-OPEC led by Russia nations will cut or freeze.
With the US offline yesterday, American markets are set for another early close on Black Friday: U. S. equity markets close at 1pm, bond markets close at 2pm.
The Bloomberg Dollar Spot Index fell from the highest level in more than a decade, while emerging-market currencies clawed back gains after India’s rupee and Turkey’s lira fell to record lows on Thursday. U. S. equity-index futures signaled stocks will edge higher as trading resumes following the Thanksgiving holiday. European shares were little changed, oil pared a weekly gain and Treasuries fell.

This post was published at Zero Hedge on Nov 25, 2016.