FOREX, DAILY ANALYSIS

General Market News – 24th of November 2015 – European Session

In a letter to U.S. consumer advocate Ralph Nader, Federal Reserve Chair Janet Yellen argued for a cautious approach to the pace of interest raise stating that Americans would have been worse off had the central bank not kept rates near zero since 2008 and repeated that she expects to tighten policy gradually after liftoff as an overly aggressive increase would at most benefit savers only temporarily. European shares were dragged down as commodities retreated. Chinese stocks also dived for a second day as commodity shares slumped despite that robot-related companies rallied on rising growth prospects. Chinese government provided signs that will prevent big swings in the currency amid International Monetary Fund’s final decision on whether to grant it reserve status. According to a preliminary business survey on Tuesday, Japanese manufacturing activity expanded at its fastest pace in 20 months in November as output and new export orders picked up while the Japanese government is expected to finalize plans to raise the minimum wage in order to boost domestic demand. Asian shares wobbled as Wall Street was not impressed by a healthcare mega-merger....