Themes

• General mood is “risk off”
• U.S. Thanksgiving holiday destroys liquidity and volumes

What’s Moving
Nothing. Nothing is moving. The U.S. Thanksgiving holiday overnight saw markets grind to a standstill in European and U.S. trade and is expected to continue to dominate trade in Asia today to end the week. Many Americans are expected to take today off work as well.
ECB Minutes and a speech by BoE’s Baily had little impact on trade as well.
Thoughts
The reality is that no major moves are expected in Asia today amid the U.S. Thanksgiving holiday. We expect quiet two-way trade within current ranges to persist.
Data today sees:

• Japanese Tokoy CPI, expected +0.3%, and
• Australian Retail Sales, expected +2.2%
• Both o these data sets can move the market if they come in away from expectations.

Pivot Points