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EUR/USD steadies during Friday’s North American session set to finish the week and November’s in positive territory with gains o 0.81% and 0.59%, respectively as traders seem certain that the Federal Reserve will cut rates in December.

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The USD was mostly lower with the exception being the GBP (USD up a modest 0.05%).

A snapshot of the changes of the USD vs the major currencies as US traders head home early for the weekend shows:

• EUR -0.04%
• GBP +0.05%
• JPY -0.10%
• CHF -0.19%
• CAD -0.36%
• AUD -0.21%
• NZD -0.10%

The big mover was the USDCAD after the GDP came in stronger at 2.6% vs 0.5% estimate.

• GDP Q3 Q/Q +0.6% vs -0.4% prior (revised to -0.5%)
• GDP YoY 2.6% vs 0.5% estimate

The BoC projected +0.5%, so this blows it out of the water However, it was mainly driven by a big fall in imports. Nevertheless, it allows the BOC to sit back for a whiled

From StatCan, they said:

“The rise in the third quarter was driven by a strengthening trade balance, as imports dropped and exports edged up. Increased capital investment was driven by government capital spending, as business investment was flat. Overall growth was dampened by declines in household and government final consumption expenditures as well as a slower accumulation of business inventory.”

The USDCAD fell to the 50% of the trading range since September low at 1.39367 and bounced higher. The pair is closing near a key swing area between 1.3968 to 1.3976.

For a look at that currency pair from a technical perspective as well as other major pairs vs the USD, click on the video below:

The US major stock indices all closed higher on the day and for the 5th consecutive day, but the Nasdaq closed lower for the month.

Despite the gains the NASDAQ is closing lower on the month for the 1st time since March (-1.51%). The S&P eked out a small gain of 0.13% for the month. The Dow industrial average rose 0.32% for the month.

For the trading day:

• Dow industrial average rose 289.30 point or 0.61% at 47716.42.
• S&P index rose 36.48 points or 0.54% at 6849.09.
• NASDAQ index rose 151 points or 0.65% at 23365.69

Looking at the US debt market:

• 2-year yield 3.497%, +1.6 basis point
• 5 year yield 3.601%, +2 point basis points
• 10 year yield 4.019%, +2.1 basis points
• 30 year yield 4.665%, +2.2 basis points

This article was written by Greg Michalowski at investinglive.com.

Silver (XAG/USD) climbs to a fresh all-time high on Friday, buoyed by dovish Federal Reserve expectations alongside strong industrial and investment demand.

The major US stock indices closed higher for the 5th consecutive day. Despite the gains the NASDAQ is closing lower on the month for the 1st time since March (-1.51%). The S&P eked out a small gain of 0.13% for the month. The Dow industrial average rose 0.32% for the month.

For the trading day:

• Dow industrial average rose 289.30 point or 0.61% at 47716.42.
• S&P index rose 36.48 points or 0.54% at 6849.09.
• NASDAQ index rose 151 points or 0.65% at 23365.69

This month, there was a disparity of winners and losers. Looking at some of the big names:

• Nvidia had its worst month since March with a decline -12.6%
• Meta rebounded by 9.04% this week which nearly erased the declines for the month. The stock is closing down -0.0617%.
• Alphabet was a big gainer with a rise of 13.87%.
• Microsoft felt -5.0%
• Amazon felt -4.05%
• AMD fell -15.11%.
• Broadcom rose 9.02%
• Tesla fell -5.78%

Some of the other bigger moves to the downside this month include:

• Raytheon: -36.14%

• Super Micro Computer: -35.76%

• Strategy: -35.66%

• Celsius: -33.35%

• Roblox: -29.00%

• Trump Media & Technology Group: -27.66%

• Oracle: -26.66%

• DoorDash: -25.44%

• Nebius NV: -24.12%

• Arm: -21.17%

And some of the winners for the month:

• Biogen: +23.14%

• Merck & Co: +21.09%

• Alphabet A: +16.61%

• Marriott International: +15.84%

• Western Digital: +15.53%

• Southwest Airlines: +13.60%

• First Solar: +12.91%

• FedEx: +10.42%

This article was written by Greg Michalowski at investinglive.com.

In the video above, I take a look at the major currencies versus the US dollar from a technical perspective as the week comes to a close and traders look toward the new trading week.

What is the bias, the risks and the targets for each?.

Prepare for the new week, by understanding the key risk and bias defining levels for your trading.

This article was written by Greg Michalowski at investinglive.com.