MarketDeal24.Com – Here are five things to keep in mind in the financial market on Wednesday, 25th November:

1. Jobless claim and third quarter GDP will be published

The report on initial Jobless claims Report will be released today at 8:30 a.m. Eastern time.

Initial unemployment claims rose to a six-week high last week, and investors are somewhat apprehensive that initial jobless claim could increase with rising corona virus infections this week.

Besides, the October durable product report and third quarter GDP report will be published at 8.30 am today. At 10 a.m. Michigan Consumer Sentiment Index, new home sales and personal income reports will be released.

2. Modern tax collection is about to begin in France

France has said it is starting a digital tax service that is set to launch earlier this year in the case of large companies such as Amazon (NASDAQ: AMZN) and Facebook (NASDAQ: FB), which have huge profits from major European countries. Even if it is achieved, it pays a very small amount of tax.

It was speculated that the Biden government would take such a step. However, those who have already purchased the goods will not be included in the digital tax.

Meanwhile, the European Union is taking steps to strengthen digital security on government and industrial data.

3. US stock market set to open mixed

The US stock market rose to a record high yesterday on reports that the US economy will improve in 2021 and the news of the corona vaccine.

Today, the Chinese stock index fell 1%, while the European market fell 0.5%.

At 6:30 a.m. Eastern Market, the Dow 30 futures were down 65 points, or 0.2%, and the S&P 500 futures were down 0.1%. However, Nasdaq futures rose 0.2%.

4. Cautious position in the Forex market due to Thanksgiving

The year 2020 has already established itself as a unique year in the history of trading and it is not surprising if an asset moves to its multi-month highest or lowest level this week. EUR/USD and USD/JPY have a history of breaking out trades during Thanksgiving.

USD/JPY reached its 6 months highest level In 2019, the day before Thanksgiving, while EUR/USD fell to its lowest level in 1 month. In 2016, EUR/USD and GBP/USD fell to a 1-month low on Thanksgiving, while USD/JPY fell to a two-month low.

In case of USD/JPY, we are far away from the multi month highs or lows, but in case of EUR/USD, we are only 100 pips away from the highs in two months. We learn from history that in the next 24 to 72 hours we should not become more dependent on the market.

5. Oil and bitcoin price increase

Crude oil and bitcoin prices have continued to rise over the past two days. The value of these assets has risen as the liquidity of the central banks has increased.

7:40 a.m. Eastern time U.S. Crude futures traded up 0.8% at $45.18 a barrel, while Brent Oil traded up 0.5% at $47.04 a barrel.

The U.S. Department of Energy’s weekly report will be released today at 10:30 a.m. Eastern Time.