Hotforex.com - Market Analysis and News.

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  1. #1281
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    Hotforex.com - Market Analysis and News.
    Date : 24th November 2021.

    Market Update November 24 USD & Yields Higher, Stocks Mixed, Oil Recovers.


    Trading Leveraged Products is risky

    * USD (USDIndex 96.50) holds on at highs; EM currencies under particular pressure. (TRY lost 15% after Erdogan refused a rate rise). RBNZ raised rates but NZD fell (like the last time they raised rates!) JPY Inflation 2 ticks better than expected. USDJPY at January 2017 levels around 115.00. PMI data better across the globe, Stocks mixed in US & Asia, Yields bid, Oil recovered significantly and Gold pressured by yields. Biden invites Taiwan to its Summit for Democracy, WHO talks of additional 700k Covid deaths across Europe (Slovakia latest to talk lockdowns).
    * US Yields 10yr trades at 1.667%, down from yesterdays 1.684% high.
    * Equities Mixed. Musk sold more stock, Banks & Oil majors lead. USA500 +7.76 (0.17%) at 4690 USA500.F trades lower at 4684.
    * USOil rallied over 3% to $78.20 highs despite global strategic reserves being sold to cool prices.
    * Gold found a floor at 1782, but struggles to recoup $1800 at $1790.
    * FX markets EURUSD down to 1.1245, USDJPY over 115.23, earlier now at 114.88 & Cable back to 1.3375.

    European Open: December 10-yr Bund future up 26 ticks, US futures also broadly higher. RBNZ delivered expected rate hike & markets seem to be scaling back fears of escalating inflation as even dovish leaning BoE & ECB members highlight risk of second round effects. ECB VP Guindos highlighted overnight that the drivers of inflation are becoming more structural, which adds to signals that the CB is finally ready to start reining in stimulus. DAX & FTSE 100 futures currently up 0.3% & 0.2% respectively.

    Today Big data day ahead of Thanksgiving Weekend. German Ifo, US Weekly Claims GDP, PCE, Durables, FOMC Mins. & ECB speak.



    Biggest FX Mover @ (07:30 GMT) NZDJPY (-0.77%) RBNZ in-line but Dovish, sank from breach of 80.00 yesterday to 79.24, and 79.40 now. Faster MAs aligned lower, MACD signal line & histogram falling & below 0 line, RSI 35 & weak, Stochs OS. H1 ATR 0.17, Daily ATR 0.70.

    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Stuart Cowell
    Head Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

  2. #1282
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    Date : 25th November 2021.

    Market Update November 25 Solid US data lifts USD, Stocks, & Yields.


    Trading Leveraged Products is risky

    * USD (USDIndex 96.70) holds on at 16-mth highs; Strong set of US data yesterday GDP (2.1%) up a tick but missed by a tick, Claims (199k) at 52-yr low, PCE (0.4% m/m & 4.1% y/y), in-line & largest since Jan.1991, along with a big beat (5.9%) for GDP Price index, Durable Goods (0.5%) in-line, Personal Spending (1.3%) a big beat, Personal Income (0.5%) a beat, Trade balance a big beat (14.6%) on strong Exports, Inventories (-2.2%) a big miss, but shows demand is strong. Consumer Sentiment a beat and New Home Sales flat (745K) and missed.
    * Stocks & Yields pushed higher, Oil held onto gains and Gold tested 3-week lows.
    * The FOMC Minutes showed (1) there could be a faster taper than the $15bn/mth currently planned, (2) Inflation could indeed be persistent (3) Clear division over 2022/23 rate hike cycle, Doves hold sway for now.
    * US Yields 10yr trades at 1.644%, down from yesterdays 1.694% high.
    * Equities Gains into the Holiday USA500 +10.76 (0.23%) at 4701 USA500.F trades higher at 4713.
    * USOil peaked at $78.53 Inventories +1.0 vs -1.7 weakened prices now at $77.65
    * Gold found a floor at 1782, but struggles to recoup $1800 at $1790.
    * FX markets EURUSD now 1.1216, having broken 1.1200, USDJPY now 115.36, from 115.50 & Cable back to 1.3350 from 1.3315 yesterday.

    Overnight JPY PPI (1.0%) hit a 10-yr high, German GDP and consumer confidence both missed (1.7% vs 1.8% and -1.6% vs -1.0%) respectively.

    European Open: December 10-yr Bund future up 16 ticks, while US futures are slightly in the red. Bunds already outperformed yesterday, as EZ spreads widened in the wake of hawkish leaning ECB comments & confirmation that German finance ministry will go to the liberal FDP, which likely means more resistance to debt mutualisation across the EZ & more pressure on ECB to limit asset purchases. DAX & FTSE 100 futures are currently up 0.4% & 0.3% respectively & US futures are posting gains of 0.3-0.4%, suggesting markets are coping quite well with the prospect of less accommodative policies. Indeed, it seems to an extent that they welcome the CBs acknowledgement that inflation risks could be less temporary than previously thought.

    Today ECB Minutes, ECBs Elderson, Schnabel, Lagarde and BOEs Bailey.



    Biggest FX Mover @ (07:30 GMT) CADJPY (0.20%) The rally from Tuesdays low under 90.00 has been sustained with 91.25 being tested earlier today. MAs aligned higher, MACD signal line & histogram rising & over 0 line, RSI 61, H1 ATR 0.077, Daily ATR 0.707.

    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Stuart Cowell
    Head Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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    Date : 26th November 2021.

    Market Update November 26 B.1.1.529 Risk Off.


    Trading Leveraged Products is risky

    * B.1.1.529 RISK OFF JPY, CHF & USD bid AUD, NZD & CAD pressured Stocks & Oil tank. (-2.5%) Treasuries in demand as yields slip.
    UK, Singapore, Taiwan & Israel ban flights from 6 South African Countries 2 x cases also detected in Hong Kong. B.1.1.529, has a spike protein that was dramatically different to the one in the original coronavirus that COVID-19 vaccines are based on.
    * USD (USDIndex 96.61) holds on around 16-mth highs; elsewhere AUDJPY down 1.4% and still falling, currently.



    * The ECB Minutes inflation coming down below 2% in the medium term, elevated inflation uncertainty & possible upside risks were flagged, bank needed to maintain a degree of flexibility on the future policy path The minutes flagged that PEPP could be phased out in steps until the end of the program in March next year, which be expect to be confirmed at the December meeting.
    * US Yields 10yr trades at 1.54%, down from over 10bps
    * Equities Asian markets sink -2.5% (Nikkei) USA500.F tanks from a close at 4705 to trade at 4624.
    * USOil glugs over 3.5% lower to $74.50, closed $77.42
    * Gold rallies from $1788, breaches $1800 to trade at $1802.
    * FX markets EURUSD now 1.1234, USDJPY now 114.40 & Cable back to 1.3300.

    Overnight JPY Tokyo CPI inline, AUD Retail Sales big beat (4.9% vs 2.2%) and German Import prices leap +3.8% m/m, a whopping 21.7% in October, up from 17.7% in the previous month. Energy prices were again the main culprit +20.7% m/m jump in October that left prices 141% higher than in October last year.

    European Open: The December 10-year Bund future is up 94 ticks at 171.92, Treasuries have outperformed and the ultra long end in both Germany and the U.S. have seen a huge rise in demand as the detection of a new virus variant that is feared to render vaccines much less effective spooked markets. DAX and FTSE 100 futures are down -1.9% and -2.2% respectively, while a 1.7% slide in the Dow Jones is leading the sell off in U.S. futures.

    Today CHF GDP, EZ M3 Money Supply, ECBs Lagarde, Schnabel, Panetta, BoEs Pill.



    Biggest FX Mover @ (07:30 GMT) AUDJPY (-1.75%) Risk Off sell off of the most sensitive FX pair. Daily support 81.00, 80.50 and then 80.00. MAs aligned lower, MACD signal line & histogram falling & under 0 line, RSI 7.3 OS & still falling. H1 ATR 0.208, Daily ATR 0.768.

    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Stuart Cowell
    Head Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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    Date : 29th November 2021.

    Market Update November 29 Omicron dominates sentiment.


    Trading Leveraged Products is risky

    * USD (USDIndex 96.30) recovers from Fridays slump (95.98), Stocks lost over 2.2% in thin half-day trading, Oil FUTS lost 13%, Gold slumped and Yields tanked (10-yr 1.482%) on a safe haven (JPY & CHF bid) risk off day. (and a strange carry trade bid for EUR). Weekend news, as Countries block flights and tighten restricts, but first Omicron cases in SA appear mild and hospitalizations have not spiked, has seen a bounce in sentiment and Asian markets. Pfizer suggested it would take 100 days to adapt new vaccine, if required.
    * US Yields 10yr trades up 5.1 bp at 1.52%, after Fridays slump.
    * Equities tanked in thin and short day on Friday USA500 -106.84 (-2.27%) at 45941 USA500.F trades higher at 4639.
    * USOil collapsed to $67.08 now up nearly $4 at $71.00. OPEC+ have delayed this weeks meeting by 2 days & likely to delay planned January production increases.
    * Gold spiked under $1780, has bounced to $1795 but struggles to recoup $1800
    * FX markets EURUSD now 1.1270, after a +125pip rally on Friday, USDJPY now 113.36, from 115.50 to 113.00 on Friday & Cable back to 1.3325.

    Overnight JPY Retail Sales recover but miss expectations (0.9% vs 1.2% & -0.5% last time).

    European Open: The December 10-year Bund future is down -27 ticks, US futures are also in the red & the US 10-year rate is up 5.1 bp at 1.52%. Stock markets remained under pressure during the Asian part of the session, but DAX and FTSE 100 futures are up 1.2% and 1.3% respectively and a 1.2% rise in the NASDAQ is leading US futures higher. A part reversal of Fridays flows then as virus developments remain in focus. Travel restrictions are making a come back and the services sector in particular is facing fresh pain, but as Lagarde suggested over the weekend, the impact of Omicron is unlikely to throw economies back to the situation at the start of the pandemic, meaning the overall situation has not really changed. We continue to see the ECB on course to end PEPP purchases on time in March next year, although developments will add to the arguments of those who want to keep the flexibility on the distribution of asset purchases at least for future emergencies. The BoE meanwhile may be postponing the planned rate hike into next year.

    Today German regional and national CPIs, Eurozone Consumer Confidence (final), US Pending Home Sales, ECBs de Guindos, Schnabel, Lagarde, Feds Williams, Powell.



    Biggest FX Mover @ (07:30 GMT) CADCHF (1.00%) The risk-off collapse on Friday 0.7400-0.7200 has recovered to 0.7280. MAs aligned higher, MACD signal line & histogram rising but still below 0 line, RSI 53.80 & rising H1 ATR 0.0018, Daily ATR 0.0062.

    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Stuart Cowell
    Head Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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    Date : 30th November 2021.

    Market Update November 30 Stocks at ups & downs.


    Trading Leveraged Products is risky

    Omicron remains in focus and warnings that it will leave current vaccines far less effective and that it will take time to modify and produce new ones has seen markets adjusting growth forecasts and central bank projections.

    * USD (USDIndex 96.00 up from 95.92 low) saw a fresh wave of risk aversion as Treasuries sold off, but cautiously with only a modest back up in yields, & Stocks bounced significantly with the USA100 jumping over 2% intraday with IT a big winner. It closed with a 1.88% gain, with the USA500 1.3% firmer, and the USA30 up 0.68%.
    * Wall Street stocks closed higher as investors were hopeful that the Omicron coronavirus variant would not lead to lockdowns after reassurance from US President Joe Biden.
    * Modernas CEO told the FT that existing vaccines will be less effective and that it may take months before modified vaccines are available at scale. #Moderna +12.73% yesterday.
    * US Yields 10- and 30-year rates were up just over 3 bps to 1.51% and 1.859%, respectively, with the 2-year 1bps higher at 0.508% The 10-year is currently corrected -3.9 bp to 1.46%, but it is still in negative territory, at -1.05% on Tuesday, keeping golds opportunity cost low.
    * Equities Topix and Nikkei are down -1.0% and -1.6% respectively, Hang Seng lost -2.3%, the CSI 300 -0.6%, while the ASX outperformed with a modest gain of 0.2%.
    * USOil down by 2%, drifted to $66.73 after FT cast doubt on the efficacy of COVID-19 vaccines against the Omicron expectations are growing that OPEC+, will put on hold plans to add 400,000 barrels per day (bpd) of supply in January.
    * Gold spiked to $1795 World Health Organization said on Monday carried a very high risk of infection surges.
    * #TWTR was UP 12% pre-market on news Dorsey was leaving as CEO it closed DOWN 2.74%. The USA100 rose+1.88%.
    * FX markets Yen rallied (a new flight to safety), Aussie and kiwi slide. USDJPY at 112.94, EURUSD now 1.1326 & Cable steadied to 1.3300-1.3330.

    European Open: The December 10-year Bund future is up 46 ticks, Treasury futures are outperforming and in cash markets the US 10-year rate has corrected -3.9 bp to 1.46% amid a fresh wave of risk aversion. DAX and FTSE 100 futures are down -1.5% and -1.1% respectively, while a -1.1% drop in the Dow Jones is leading US futures lower. In FX markets both EUR and GBP gained against the Dollar. EGB yields had moved higher against the background of improving risk appetite and a jump in German inflation yesterday, but while Eurozone HICP today is likely to exceed forecasts, central bankers have already been out in force to play down the importance of the number for the central bank outlook and rate expectations. Virus developments will also help to take the sting out of the number.

    Today German labour market data, EU Inflation, Canadian GDP and US Consumer confidence are due today. Fed Chair Jerome Powell and Treasury Secretary Janet Yellen are due to testify before the US Senate Banking Committee at 15:00 GMT.



    Biggest FX Mover @ (07:30 GMT) AUDJPY (-0.68%) Risk-sensitive currencies slid and safe havens gained. AUDJPY dropped to 80 lows (S2). Currently MAs point rightwards, MACD signal line & histogram below 0, RSI rising above 30 but Stochastic OS. Hence a mixed picture intraday.

    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Andria Pichidi
    Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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    Date : 1st December 2021.

    Market Update December 1 Taper gets a boost & Transitory gets retired.


    Trading Leveraged Products is risky

    Powell retires Transitory in light of Omicron & surprisingly suggests faster taper Stocks tank, Dollar& Yields rise on faster tightening expectations.

    * USD (USDIndex 95.90) back down from leap to 96.60 on Powell testimony. Saw fresh wave of risk aversion as Treasuries sold off, yields spiked (particularly the 2yr) , Stocks fell significantly with USA100 down over -2.4% (APPL bucked the trend +3.16%) USA500 -1.90% (-88pts) 4567 & USA30 off 652 pts or -1.86%. Consumer confidence saw a slump in the headline, and a rise to a 13-year high in the inflation component. The Chicago PMI fell to 61.8. Home prices increased to fresh record peaks.
    * US Yields 10-year rates were down over 7 bps to 1.41% before closing at 1.443% before recovring to 1.468% now.
    * Asian Markets Equities Topix and Nikkei are currently up 0.4%, the Hang Seng bounced 1.1% and the CSI 300 is up 0.1%. The ASX, which outperformed yesterday, dropped back -0.3%. Data over night Japans manufacturing PMI came in stronger than expected and while Chinas private PMI reading signalled stagnation at 49.9, that was compensated somewhat by the stronger than expected official manufacturing PMI released yesterday. AUD GDP was not as bad as expected -1.9% vs -2.7% & 0.7% last time.
    * USOil continues under pressure, down to $64.08 (14-week lows) yesterday recovered to test $68.00 today expectations continue to grow that OPEC+, will put on hold plans to add 400,000 barrels per day (bpd) of supply in January at their meeting tomorrow.
    * Gold finally some intra-day volatility Powell surprise spiked to $1808 before testing $1770 with a couple of hours, back to $1788 now.
    * FX markets Yen rallied USDJPY dipped to 112.50, back to 113.40 now, EURUSD now 1.1326 & Cable steadied to 1.3300-1.3330.

    European Open: December 10-yr Bund future down -11 ticks at 172.26, slightly outperforming versus Treasury futures. Central bankers may be getting more nervous about inflation outlook, but Omicron clearly is clouding over growth outlook & in Europe at least that will boost the arguments of the cautious camp at the central banks. US yields remain firmly below the levels seen before the new virus variant hit the headlines & sentiment is likely to remain jittery, even if stocks are set to back up from yesterdays lows, with DAX & FTSE 100 future posting gains of 0.9% and 0.7% respectively & a 1.4% jump in the NASDAQ leading US futures higher. Data releases today kicked off with a big miss for German Retail sales (-0.3% vs 1.0%), higher UK house prices & firmer CPI from CHF.

    Today PMIs (EZ & UK),US Markit Final Manufacturing PMIs, US ADP and ISM Manufacturing PMI, JTC and OPEC meetings, BoEs Bailey and Feds Powell & Yellen testify.



    Biggest FX Mover @ (07:30 GMT) NZDJPY (+0.60%) Risk-sensitive currencies remain volatile, from a slide to 76.65 yesterday, today a rally to 77.80. Currently MAs aligned higher, MACD signal line & histogram over 0 and rising, RSI dipping from 70.00 at 58, Stochastic remain OB. H1 ATR 0.172, Daily 0.84.

    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Stuart Cowell
    Head Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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    Date : 2nd December 2021.

    Market Update December 2- Sentiment swings on Omicron news.


    Trading Leveraged Products is risky

    Powell reiterates Hawkishness, First case of Omicron confirmed in US Stocks tank again under key technical levels, Yields slip again, USD mixed. Erdogan sacks Fin Min TRY new all-time lows, Apple iPhone 13 demand weakens, GSK anti-viral drug remains active vs. Omicron.

    * USD (USDIndex 96.08) rotates through 96.00 due to lack of firm data regarding Omicron, markets reamin on edge. Stocks fell significantly with USA100 down over -1.83% USA500 -1.18% (-54pts) 4513 (opened the day +1.1%) and broke 50-day MA first time since October 14 & USA30 off 461 pts and under 200-day MA first time since July 13 2020.
    * * US Yields 10-year rates were down over 7 bps to 1.40% before recovering to 1.434% now.
    Asian Markets Asian markets have traded mixed. Topix and Nikkei are down -0.5% and -0.7% respectively. The ASX lost -0.1%, but Hang Seng and CSI 300 are up 0.2% and 0.3%. Shenzen and Shanghai Comp are slightly lower though as officials seem eager to close a loophole used by tech firms to list abroad.
    * USOil continues under pressure, down to $64.50 yesterday recovered to test $66.35 today awaiting OPEC+ meeting later.
    * Gold Up day yesterday but remains pressured testing $1775 now
    * FX markets Yen rallied USDJPY dipped to 112.70, back to 113.31 now, EURUSD now 1.1312 & Cable pressured 1.3192 low yesterday 1.3275 now.

    European Open: The 10-year Bund future is up 30 ticks, outperforming versus Treasuries, which remain pressured by the hawkish turn at the Fed. The 10-year Treasury yield has lifted 3.0 bp overnight, but at 1.43% remains far below the levels seen ahead of the Omicron scare, which the WHO seemed to try and play down somewhat. DAX and FTSE 100 down -1.1% and -0.9% respectively in catch up trade with the slide on Wall Street yesterday, while US futures have found a footing and are posting gains of around 0.6-0.8%.

    Today EZ Unemployment Rate, US Weekly Claims, Feds Bostic, Quarles, Daly, ECBs Panetta, JMMC/OPEC+ meetings.



    Biggest FX Mover @ (07:30 GMT) CADJPY (+0.77%) Risk-sensitive currencies remain volatile, from a slide to 87.85 yesterday, today a rally to 88.60. Currently MAs aligned higher, MACD signal line & histogram under 0 but rising, RSI 56 & rising, OB. H1 ATR 0.188, Daily 0.98.

    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Stuart Cowell
    Head Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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    Date : 3rd December 2021.

    Market Update December 3 Pre-Omicron peak NFP?


    Trading Leveraged Products is risky

    In the foreign exchange market, the US Dollar Index remained range-bound, but was subsequently boosted by Yellen and Bostics speeches and closed at 95.97. In addition, the 10-year US Treasury yield rebounded 4 basis points to 1.44%.

    In terms of non-US currencies, the Euro hovered around 1.13 against the US Dollar; the British Pound closed up 0.16% to 1.3297 against the US Dollar; the US Dollar ended a 4-day losing streak against the Yen to close at 113.16; the New Zealand Dollar and the Australian Dollar have been hovering at low levels throughout the year and closed at 0.6813 and 0.7091 respectively; the US Dollar and Canadian Dollar remained stable at a high level of 1.28; the US Dollar and Swiss franc continued to test the previous low level of 0.92.

    In the precious metals market, spot gold fell below the 1770 level to $1769 per ounce; spot silver held steady above the 8-week low at $22.33 per ounce.

    In the oil market, OPEC+ decided to keep the output increase of 400,000 barrels per day unchanged in January next year. US crude oil fell to a minimum of 62.20 US dollars, and then rebounded more than 7% to 67.01 US dollars/barrel.

    Key recent events:
    The labor market has grown moderately, and the Dollar has regained support and rebounded.

    Yesterday, the number of layoffs at challenger companies in the United States in November fell further by 7,947 to 14,875, a record low since May 1993. In addition, as of the week of November 27, the number of initial claims for unemployment benefits recorded an increase of 222,000, which was lower than the markets expectation of 240,000. After the data was released, its previous value was also revised down to an increase of 194,000 (previously an increase of 199,000). Judging from the four-week average, the number of people applying for unemployment benefits was 238,750, which was lower than the previous value of 251,000 (pre-revision: 252,250).

    Overall, these data reflect the continued moderate growth of the US labor market, and may benefit the non-agricultural data that will be released later today. The market predicts that after the November seasonal adjustment, the non-agricultural employment population will record an increase of 555,000, slightly higher than the previous value of an increase of 531,000, the unemployment rate will record a five-month consecutive decline to 4.5%, and the employment participation rate will rebound by 0.1% to 61.7%, the average weekly working hours remained at 5.0%, and the average hourly wage rate and monthly rate increased by 5.0% and 0.4%, respectively.

    In addition, the market will continue to track news about the Omicron virus strain. According to foreign media reports, cases of infection with the mutant strain have been found in the states of Minnesota and Colorado. However, despite the fact that Omicron has been pointed out as having a very high transmission capacity and leading to the risk of a further surge in infections, President Biden gave the market a shot in the latest speech and said that the government will not re-impose the lockdown measures. Judging from the known clues, the current Omicron variant is not likely to cause fatal symptoms to most patients (especially those who have been fully vaccinated), but because this new variant is still relatively new, uncertainty remains for now.

    In addition, Treasury Secretary Yellen and Atlanta Fed President Bostic were hawkish. The former stated that it would be prepared to abandon inflation temporarily and that the strong US economy will prompt interest rate hikes; the latter stated that if inflation stays near 4% next year, the Fed may raise interest rates more than once. The US Dollar Index rebounded on the eve of the non-agricultural report and ended at 96.07.

    Today EZ, UK, US Markit Services PMIs, EZ Retail Sales, US and Canadian Labour Market Reports, US ISM Services, US Factory Orders, ECBs Lagarde, Lane, BoEs Saunders, Feds Bullard



    Biggest FX Mover @ (06:30 GMT) EURNZD (+0.32%) From a high @ 1.6680 & slide to 1.6570 yesterday, back to resistance today at 1.6650. Currently MAs aligned higher, MACD signal line & histogram struggle with 0 line, RSI 56 & cooling. H1 ATR 0.0020, Daily 0.0131.

    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

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    Stuart Cowell
    Head Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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