The US dollar remains within recent ranges against the euro, yen and sterling.

The German flash PMI was disappointing, but the ZEW survey was considerable better. The German IFO followed the ZEW lead, not the PMI. The IFO improved for the first time since April.

Historically, global markets have behaved differently during the week surrounding the U.S. Thanksgiving holiday. Over the past 20 years the S&P 500, Brent Crude Oil, Gold, U.S. 10 yr note futures, and the U.S. $ Index have all done better than average,

We had expected the level at 1.2557 might act as resistance as it had acted previously as both resistance and support. Note how these “flipping” levels can work really well. The H4 chart shows how the price printed a bearish pin bar with a bounce off this level just before Monday's London session.

The yen has been the weakest of the majors this month, losing about 4.7% against the dollar. The swing in interest rate expectations for the BOE has seen sterling slip 2.0%, more than twice the euro's 0.9% decline, thus far, in November. The S&P might be giving indication of an exhaustion gap.

In the European morning, at a banking conference in Frankfurt, the ECB's Draghi expressed a sense of urgency that heightens the risk of fresh action as early as next month.