Markets are back in Euphoria – Market Wrap for the North American session - November 26

[Ben Graham]

Log in to today's North American session Market wrap for November 26

As said in our Tuesday Market Wrap, The tides turn fast in Markets!

The narrative quickly came from the end of the World as we know it to an ecstatic mood.

US Stock Indexes have now recovered close to 75% of their mid-October to mid-November correction, and even the bloodshed Cryptocurrencies are rallying back.

The Thanksgiving week is known to be positive for risk-assets, but the up-and-down reminds Traders of one thing:

Volatility is here and it's here to stay – At least until the Fed actually takes a decisive route to the neutral rate.

FX Markets have also seen some strong movement, particularly with the GBP appreciating from the latest UK Budget and the NZD rallying back from the NZ Cut cycle being potentially done after 300 bps of total reduction.

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US Equity Heatmap (Session Close) – November 26, 2025 – Source: TradingView

Read More:

• North American mid-week Market update – December FOMC rate cut hopes saves the Market
• The UK autumn budget, sterling rallies and US jobs impress
• US stocks turn green for the pre-Thanksgiving trading session

Cross-Assets Daily Performance

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Cross-Asset Daily Performance, November 26, 2025 – Source: TradingView

Today was a classic Sell the Dollar, Buy Everything session, with almost every asset higher and the risk-on assets running higher.

Take a look at how Bitcoin and Nasdaq rallied frantically towards the beginning of the North American session.

Next Monday, when usual volumes return, will be a test for the Market.

A picture of today's performance for major currencies

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Currency Performance, November 26 – Source: OANDA Labs

The NZD was as said in the introduction a gigantic performer in today's session, and dragged the Australian Dollar with it.

For the rest, apart from the JPY and the USD, harsh losers of the session, FX performance stayed muted.

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The session is not over yet for NZD and AUD traders, who have immediate data to digest before the Thanksgiving lull hits North American markets.

NZD traders are bracing for the Retail Sales (Q3) release, which is imminent. With the RBNZ having just cut rates, this data will confirm if consumer spending is finally stabilizing.

Later this evening, AUD traders will watch Private Capital Expenditure (20:30 ET) to gauge business investment appetite.

Tomorrow's session (Thursday) will be quieter in terms of volume due to the US Thanksgiving holiday, but Europe still has stories to tell.

The early morning puts the spotlight on European sentiment with the German GfK Consumer Climate (03:00 A.M. ET) followed by the broader Eurozone Economic Sentiment (06:00 A.M. ET).

Traders should also keep an eye on the ECB Monetary Policy Meeting Accounts (08:30 A.M. ET) for insights into the internal debate on rate cuts.

The North American Session will be very thin with US markets closed. The only actionable data comes from Canada with the Current Account (09:30 A.M. ET) release. Liquidity will likely be low, so be wary of erratic moves.

The evening will however be the most important:

Tokyo CPI data will heat up the session at 19:30 ET. This is a massive release for the Yen. With inflation holding near 2.7-2.8%, a hot number here would ramp up expectations for a Bank of Japan rate hike in December.

Safe Trades!

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