Eamonn Sheridan Wednesday, 30/11/2022 | 23:48 GMT-0 30/11/2022 | 23:48 GMT-0 Powell hinted at a slowing pace of Federal Open Market Committee (FOMC) rate hikes ahead in his speech on Wednesday: Stock markets surged and the US dollar US Dollar The US dollar, (symbol $, code USD) is the fiat currency of the United States
Month: November 2022
S&P 500 with 200 day moving average Even the world’s least-technical traders need to know this chart right now and the importance of the 4050 level today. In August, the S&P 500 rallied to almost-precisely the 200-day moving average, which was then at 4326 before crumbling. The high that day was 4326.18 with the DMA
As US yields moved to the downside with the two-year down -5.4 basis points in the 10 year down -5.0 basis points (they were up earlier today), the US stocks have moved sharply to the upside. The gains are being led by the NASDAQ index which is up near 2.5%. The current price is up
Bitcoin has gained 2.5% in the last 24 hours to $16.9K and has already tried to break above $17K. The price has been moving near the upper end of its range for the past three weeks, fuelling hopes that buyers can push it up out of an established channel. The total capitalisation of the crypto
Natural gas technical analysis and trade plan examples In this video you can see how a trading idea on Natural Gas futures came from a simple upward channel that could be seen as a bearish flag pattern, which generally indicates a further downward move to follow after a breakout. So, this gives the reason for
USDJPY daily The US dollar is broadly higher and adding to momentum at the moment. Economic data today was a mixed bag and I don’t think that was the driver. Yields are moving up for the second day today and that’s certainly helping USD. Ten-year benchmark Treasuries are up 4.5 bps to 3.79%, which is
The market is increasingly leaning towards a 50 bps Fed hike on December 14 so if the FOMC wants to change that, Powell will need to deliver a hawkish speech today. The pricing in the Fed funds futures market right now shows an 81% chance of a 50 bps hike with the remainder at 75
Here are some snippets from the latest on the global economy from Citi: Global growth to slow to below 2% in 2023 Sees Fed terminal rate between 5.25% to 5.50% Sees 2023 US headline inflation at 4.8% Sees US GDP growth of 0.7% next year, China GDP growth of 5.6% The firm adds that “we
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Coming up from the Federal Reserve on Wednesday, 30 November 2022: 1350 GMT Federal Reserve Board Governor Michelle Bowman participates in “The Future of Small Banks” discussion before “The Future of Minority Depository Institutions: MDI ConnectTech” event 1735 GMT Federal Reserve Board Governor Lisa Cook speaks on “The Outlook for Monetary Policy and Observations on
Both China’s November manufacturing and non-manufacturing PMIs missed estimates and slumped under the October reading, heading more deeply into contraction. Given widespread COVID outbreaks and associated lockdowns and other restrictions the results are not too much of a shock. China’s National Bureau of Statistics noted slowing on both the demand and production sides. Australian monthly
Latest from National Australia Bank on their Reserve Bank of Australia outlook: We expect the (monthly CPI) data to further solidify the need for the RBA to continue hiking in the near-term and see the RBA hiking rates by 25 bps in December, February, and March to 3.60%. Thereafter the key for the RBA outlook
Wti crude oil settles between the 100 and 200 hour MAs The price of WTI crude oil is settling at $78.20. That is up $0.96 or 1.24% on the day. The high for the day reached $79.61. The low at $76.31. The market was influenced by China who showed some signs of an easing of
USDCAD takes a breather The USDCAD has raced higher in trading today and in the process really had limited corrective price action. There was a brief consolidation after the better-than-expected GDP, but it has been racing back to the upside over the last few hours. However, the last 20 minutes have seen a rotation to
DXY bounces off a cluster of support Yesterday, the dollar index (DXY) moved to a low of 105.321. The 200 day moving average was at 105.374. The brief dipped below that moving average level was quickly bought. Also near the level is the 38.2% retracement of the move up from the May 25, 2021 low.
<p>The US stock indices have taken a turn to the downside. The NASDAQ index is leading the way with a decline of -0.9%</p><p>Looking at the NASDAQ hourly chart, the price has rotated down to the 200 hour moving average at 10931.65. The move below the 200 hour moving average would have traders targeting the 50%
Bitcoin declined on Monday along with stock indices, testing six-day lows near $16K, following a decline in demand for risky assets due to unrest in China. Near this round level, the first cryptocurrency saw a demand, and in early trading on Tuesday, cryptocurrencies rose more actively than traditional markets, bringing the price of Bitcoin back
It’s hard to tell whether or not this is in part some relaxation of stringent measures or just the fact that close contacts of Covid cases under medical observation has surpassed 1 million persons across the country in the past two weeks. For some context, close contacts in China are typically brought to a “centralised
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From Goldman Sachs’s Japan outlook for the coming year. GS expect core CPI inflation (excludes fresh food) will decelerate after peaking at around 3.5% at end-2022, but will remain above 2% through most of 2023 “owing largely to the cumulative impact of the weak yen coming to the fore“. GS on “the BOJ has positioned
I posted this earlier: It’s a big day on Wednesday in the US, Powell is up at 1830 GMT: Powell will likely signal a +50bp rate hike is coming at the December Federal Reserve Federal Reserve The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States.
I’m sure you all remember this guy – he was editor of the Global Times until recently and was VERY wired into China’s leadership. These two tweets from him overnight: That first tweet seems very specific. “No longer afraid”. “May walk out …. sooner than expected”. Seems to me China is going to exit its
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
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