The financial markets displayed a calm demeanor on Thursday, as the U.S. markets were closed in observance of Thanksgiving. This holiday resulted in decreased liquidity, heightening the risk of sudden significant price movements or unexpected widening of spreads.
On Friday’s trading session (November 29, 2025), activities at the Chicago Mercantile Exchange (CME) were temporarily halted due to technical difficulties. This rendered the trading of Oil and U.S. stock indices globally suspended.
Recommended
Recommended
Recommended
Recommended
CME reported that the pause was caused by a failure in the cooling systems at the CyrusOne data center, which is currently being addressed.
From a fundamental perspective, no significant changes have occurred. The sentiment surrounding a potential rate cut from the Fed in December has been looming over the markets since the start of trading today. Dovish signals from Fed officials John Williams and Christopher Weller continue to drive the prevailing market mood.
Market participants are also keeping an eye on the nomination process for the next Fed Chair. Kevin Hassett, an economic advisor to President Donald Trump, is being cited as a strong candidate to succeed Jerome Powell. Considering Hassett’s more dovish reputation, market stakeholders are anticipating the possibility of more aggressive rate cuts in the coming year.
These sentiments are expected to impact market movements during the European trading session. Importantly, economic data releases are also anticipated. Here are the details from Trading Central:
-
German retail sales (year-on-year/October) at 14:00 WIB; forecast 0.6% vs. previous 0.2%.
GOLD
Gold’s (XAUUSD) price decreased marginally by US$6.58 or 65.8 pips, settling at US$4,156.80 per troy ounce during Thursday’s trading. The market movement for Gold was constrained within a narrow range during the holiday, leading to lower trading volumes.
However, volatility in Gold has surged today, with prices peaking at US$4,193 per troy ounce earlier this morning. As previously noted, the U.S. Thanksgiving holiday resulted in decreased transaction volumes, diminishing liquidity and increasing the likelihood of sudden notable price shifts. The technical suspension of trading at CME contributed further to this heightened volatility.
This was evident in the fluctuations of Gold around 12:24 WIB, where movements rapidly alternated between US$4,164 and US$4,184.
Such elevated volatility could continue, especially since Gold is underpinned by expectations of a rate cut from the Fed in December. Thus, there remains a potential for Gold prices to ascend.
OIL
Oil prices (CLS10) rose to US$59.10 per barrel in yesterday’s trading. However, this increase was limited in light of heightened concerns regarding the potential end to the Russia-Ukraine conflict. As the European session approached, Oil found itself under renewed pressure.
Statements from President Vladimir Putin suggesting that Donald Trump’s peace proposal could lay the groundwork for future agreements have sparked concerns of oversupply, particularly if sanctions against Russia are lifted and supply floods back into the market.
However, trading of Oil is currently halted due to the technical issues at the Chicago Mercantile Exchange.
EURUSD
EURUSD dipped slightly by 10 points to 1.15934 during Thursday’s trading, ending a three-day rally. This downturn was influenced by data released from Germany, which indicated that German consumers remain pessimistic about future economic conditions.
Such pressure continued into the early European trading hours. However, should German retail sales data be released above the forecast, EURUSD may receive a positive sentiment boost.
GBPUSD
GBPUSD fell modestly by 39 points (almost 4 pips), reaching 1.32340 in yesterday’s trading, thereby concluding a five-day rally. The currency pair suffered due to profit-taking after hitting a one-month high.
As the European session began, GBPUSD sought to strengthen again. The proposed tax increase budget from UK Finance Minister Rachel Reeves has been positively received by market participants, as it is seen to provide greater leeway to achieve fiscal targets, ultimately supporting the slowing UK economy.
This sentiment is expected to continue to influence GBPUSD in the European session.
USDJPY
USDJPY dropped by 146 points to 156.228 in yesterday’s trading, and it has further weakened today. The U.S. dollar is attempting a rebound, but gains are being capped by expectations of a Fed rate cut and the prospect of Hassett leading the Fed with a more dovish stance.
Japanese data indicates stronger-than-expected industrial production and retail sales, while stable unemployment rates provide additional positive sentiment for the yen. Speculation about the Bank of Japan (BoJ) raising interest rates next month is also gaining traction.
This sentiment is anticipated to continue to impact USDJPY during the European session.
NASDAQ
NASDAQ experienced a slight decline of 13 points to 25,300 in yesterday’s trading, halting a four-day winning streak. The Thanksgiving holiday contributed to minimal trading activity, resulting in limited movement and a small drop due to profit-taking.
At the start of today’s trading, NASDAQ is seeking to regain strength. Expectations for a Fed rate cut and the possibility of a more dovish Hassett leading the central bank remain positive sentiment drivers. However, technical issues at CME stemming from the cooling system failure at the CyrusOne data center mean NASDAQ cannot currently be traded.
