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Sunday, 31 December 2023
Short GBP/USD - Going Against the Grain: Top Trade Q1, 2024
Crude Oil Q1 Fundamental Forecast: US Rate Cut Hopes Offer Support Amid Demand Worries
Coinbase (COIN) – Growing Tailwinds as Cryptocurrency Interest Swells?
Euro Q1 Technical Forecast: A Mixed Picture
Saturday, 30 December 2023
U.S. Dollar Little Changed Following Yesterday's Rebound
Following the rebound seen in the previous session, the U.S. dollar has shown a lack of direction during trading on Friday.
The U.S. dollar index has spent the day bouncing back and forth across the unchanged line after bouncing off its lowest levels in five months on Thursday. The index is currently up 0.12 points or 0.1 percent at 101.35.
The greenback is trading at 141.04 yen versus the 141.41 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1039 compared to yesterday's $1.1061.
The choppy trading on the day comes as traders seem reluctant to make significant moves ahead of the release of some key U.S. economic data next week.
The Labor Department's monthly jobs report is likely to be in focus, while traders are also likely to keep an eye on reports on manufacturing and service sector activity as well as the minutes of the Federal Reserve meeting.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223632/
Australian Dollar Technical Forecast: AUD/USD Enters Q1 at Key Resistance
Crude Oil Moves Modestly Lower, Extending Recent Pullback
Following the sharp pullback seen over the two previous sessions, the price of crude oil saw further downside during trading on Friday.
Crude for February delivery rose as high as $72.62 a barrel in early trading but turned lower to end the day down $0.12 or 0.2 percent at $71.65 a barrel.
The modest decrease came after the price of crude oil plunged by $3.80 a barrel over the two previous sessions amid easing concerns about supply disruptions.
The steep drops on Wednesday and Thursday came following several shipping companies announced their decision to resume transit via the Red Sea.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223630/
Friday, 29 December 2023
Dollar Recovers From Recent Losses Despite Rate Cut Hopes
The U.S. dollar firmed against some major currencies on Thursday, after having tumbled earlier in the session amid rising bets the Fed will likely cut interest rate in March 2024.
In economic releases today, the Labor Department's report showed initial jobless claims climbed to 218,000 in the week ended December 23rd, an increase of 12,000 from the previous week's revised level of 206,000.
Economists had expected jobless claims to inch up to 210,000 from the 205,000 originally reported for the previous week.
The data may have added to optimism about the likelihood of near-term interest rate cuts by the Federal Reserve, with CME Group's FedWatch Tool currently indicating a 72.8% chance the Fed will lower rates by a quarter point in March.
The National Association of Realtors also released a report showing pending home sales were unexpectedly unchanged in the month of November.
NAR said its pending home sales index stayed at 71.6 in November after tumbling by a revised 1.2% in October.Economists had expected pending home sales to jump by 1% compared to the 1.5% slump originally reported for the previous month.
The dollar index, which fell to 100.99 in the Asian session, recovered to 101.30 later on in the day, gaining about 0.3%.
Against the Euro, the dollar firmed to 1.1062 from 1.1107. The dollar strengthened to 1.2733 against Pound Sterling. Against the Japanese currency, the dollar weakened to 141.41 yen a unit, from 141.84 yen.
The dollar strengthened to 0.6828 against the Aussie. Against Swiss franc, the dollar firmed to CHF 0.8449, recovering from CHF 0.8332. The greenback was up marginally against the Loonie at C$ 1.3230.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223581/
Gold Futures Settle Lower As Dollar Rebounds
Gold prices fell on Thursday as the dollar rebounded from recent losses despite continued optimism the Fed will likely cut interest rate by 25 basis points in March 2024.
The yield on benchmark 10-year bonds edged up a bit as well.
The dollar index climbed to 101.25, gaining about 0.25%.
Gold futures for February ended down $9.60 at $2,083.50 an ounce.
Silver futures for March ended lower by $0.269 at $24.372 an ounce, while Copper futures for March settled at $3.9245 per pound, down $0.0350 from the previous close.
In economic releases today, the Labor Department's report showed initial jobless claims climbed to 218,000 in the week ended December 23rd, an increase of 12,000 from the previous week's revised level of 206,000.
Economists had expected jobless claims to inch up to 210,000 from the 205,000 originally reported for the previous week.
The data may have added to optimism about the likelihood of near-term interest rate cuts by the Federal Reserve, with CME Group's FedWatch Tool currently indicating a 72.8 percent chance the Fed will lower rates by a quarter point in March.
The National Association of Realtors also released a report showing pending home sales were unexpectedly unchanged in the month of November.
NAR said its pending home sales index stayed at 71.6 in November after tumbling by a revised 1.2% in October.Economists had expected pending home sales to jump by 1% compared to the 1.5% slump originally reported for the previous month.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223578/
Thursday, 28 December 2023
EUR/USD Breaks Out as GBP/USD Surges Toward Resistance, Gold Eyes Record
Ten-Year Yield Slumps To Five-Month Closing Low
After moving modestly higher over the course of the previous session, treasuries showed a more significant move to the upside during trading on Wednesday.
Bond prices advanced early in the day and climbed more firmly into positive territory as the session progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 9.7 basis points to 3.789 percent.
The ten-year yield added to the 1.5 basis point dip seen on Tuesday, falling to its lowest closing level in over five months.
Treasuries reached new highs for the session after the Treasury Department revealed this month's auction of $58 billion worth of five-year notes on attracted average demand.
The five-year note auction drew a high yield of 3.801 percent and a bid-to-cover ratio of 2.50, while the ten previous five-year note auctions had an average bid-to-cover ratio of 2.51.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
On Tuesday, the Treasury revealed this month's auction of $57 billion worth of two-year notes also attracted roughly average demand.
The Treasury is due to announce the results of this month's auction of $40 billion worth of seven-year notes on Thursday.
Reports on weekly jobless claims and pending home sales may also attract some attention on Thursday, although trading activity is likely to remain subdued ahead of the New Year's weekend.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223526/
Gold Futures Settle Notably Higher As Dollar, Bond Yields Drop Again
Gold prices climbed higher on Wednesday, as the dollar weakened and long term bond yields dropped amid rising expectations the Federal Reserve will lower interest rates as early as March 2024.
Rising geopolitical tensions contributed as well to increased demand for the safe-haven asset.
The dollar index dropped to 100.83 before noon, and despite recovering to 100.95 subsequently, remained well below the unchanged line, losing nearly 0.5%.
Yield on 10-year Treasury Note dropped to 3.791% today, falling to a more than 5-month low.
Treasury yield declined after the Treasury Department revealed this month's auction of $58 billion worth of five-year notes attracted average demand.
Gold futures for February ended up $23.30 at $2,093.10 an ounce.
Silver futures for March ended higher by $0.245 at $24.641 an ounce, while Copper futures for March settled at $3.9595 per pound, gaining $0.0575.
Data from the Commerce Department last week showed the annual rate of consumer price growth decelerated to 2.6% in November from a downwardly revised 2.9% in October. Economists had expected the pace of price growth to slow to 2.8% from the 3% originally reported for the previous month.
The annual rate of growth by core consumer prices, which exclude food and energy prices, also slowed to 3.2% in November from a downwardly revised 3.4% in October. Economists had expected core consumer price growth to decelerate to 3.3% from the 3.5% originally reported for the previous month.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223524/
Wednesday, 27 December 2023
Gold Prices Defy Key Resistance Area, USD/JPY Stuck Below 200-Day SMA for Now
Gold Futures Settle Slightly Higher As Dollar, Bond Yields Drop
Gold futures settled higher on Tuesday, supported by a weak dollar and a drop in treasury yields on bets the Federal Reserve will start cutting interest rates from the first quarter of 2024 after recent data showed a bigger than expected slowdown in consumer price growth.
The dollar index dropped to 101.50, down nearly 0.19% from Friday's close of 101.70.
Gold futures for February settled at $2,069.80 an ounce, gaining $0.70.
Silver futures for March ended down $0.169 at $24.396 an ounce, while Copper futures for March ended down $0.0030 at $3.9020 per pound, coming off the session's high of $3.9435 per pound.
Data from the Commerce Department last week showed the annual rate of consumer price growth decelerated to 2.6% in November from a downwardly revised 2.9% in October. Economists had expected the pace of price growth to slow to 2.8% from the 3% originally reported for the previous month.
The annual rate of growth by core consumer prices, which exclude food and energy prices, also slowed to 3.2% in November from a downwardly revised 3.4% in October. Economists had expected core consumer price growth to decelerate to 3.3% from the 3.5% originally reported for the previous month.
The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending.
CME Group's FedWatch Tool is indicating a 72.7% chance the Federal Reserve will cut rates by a quarter point in March.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223481/
Tuesday, 26 December 2023
*Japan Nov Unemployment Rate Unchanged At 2.5%, As Expected
Japan Nov Unemployment Rate Unchanged At 2.5%, As Expected
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223451/
Top Lesson of 2023 - Discipline is Paramount in Rapidly Changing Markets
Monday, 25 December 2023
*Australian Dollar Falls To 6-day Low Of 96.11 Against Yen
Australian Dollar Falls To 6-day Low Of 96.11 Against Yen
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223443/
Market Week Ahead: Gold Pops, US Dollar Drops, GBP/USD and EUR/USD Rally
Sunday, 24 December 2023
US Dollar on Thin Ice, Setups on EUR/USD, USD/JPY, GBP/USD for Final Days of 2023
Saturday, 23 December 2023
Gold Weekly Forecast: XAU/USD Propelled by Softer US Inflation Outlook
Treasuries Close Roughly Flat After Pulling Back Off Early Highs
Treasuries moved notably higher early in the trading day on Friday but gave back ground over the course of the session.
Bond prices pulled back off their early highs and into negative territory before eventually closing roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, crept up by less than a basis point to 3.901 percent.
While treasuries initially benefited from the release of tamer-than-expected U.S. inflation data, other upbeat economic data led to some uncertainty about the outlook for interest rates.
The Commerce Department released a highly anticipated report showing the annual rate of consumer price growth decelerated to 2.6 percent in November from a downwardly revised 2.9 percent in October.
Economists had expected the pace of price growth to slow to 2.8 percent from the 3.0 percent originally reported for the previous month.
The annual rate of growth by core consumer prices, which exclude food and energy prices, also slowed to 3.2 percent in November from a downwardly revised 3.4 percent in October.
Economists had expected core consumer price growth to decelerate to 3.3 percent from the 3.5 percent originally reported for the previous month.
The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending.
The bigger than expected slowdown in consumer price growth added to optimism the Fed is poised to pivot to cutting interest rates early next year.
Meanwhile, the Commerce Department released a separate report showing new orders for U.S. manufactured durable goods surged by much more than expected in the month of November.
The report said durable goods orders spiked by 5.4 percent in November after tumbling by a revised 5.1 percent in October.
Economists had expected durable goods orders to jump by 2.2 percent compared to the 5.4 percent nosedive that had been reported for the previous month.
Excluding a rebound in orders for transportation equipment, durable goods orders climbed by 0.5 percent in November after falling by 0.3 percent in October. Ex-transportation orders were expected to inch up by 0.1 percent.
Alex McGrath, Chief Investment Officer for NorthEnd Private Wealth, noted core consumer price growth is still well above the Fed's target of 2.0 percent, which he said is "less supportive of the imminent cuts the market is expecting."
"This especially comes into focus looking at the durable goods orders that came in wildly above expectations," McGrath said. "The idea that to drive inflation down the economy needs to slow has once again put the Fed in between a rock and a hard place."
He added, "If the economy never slows down enough to fully stamp inflation out and they begin cutting, do we see an Arthur Burns 2.0 moment where the battle with inflation rears its head again in 2024? That will undoubtedly be one of the more pressing questions facing investors next year."
Next week's trading activity may be somewhat subdued following the Christmas weekend, with a relatively light U.S. economic calendar also likely to keep some traders on the sidelines.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223440/
Friday, 22 December 2023
U.S. Dollar Declines As Weak GDP Data Sparks Rate Cut Hopes
The U.S. dollar depreciated against its major counterparts in the New York session on Thursday, as the economic growth was revised down in the third quarter and initial jobless claims rose less than forecast last week, supporting hopes of a rate cut by the Federal Reserve early next year.
Data from the Commerce Department showed that real gross domestic product jumped by 4.9 percent in the third quarter, reflecting a downward revision from the previously reported 5.2 percent surge. Economists had expected the pace of GDP growth to be unrevised.
A separate report released by the Labor Department showed a slight uptick by initial jobless claims in the U.S. in the week ended December 16.
The Labor Department said first-time claims for U.S. unemployment benefits crept up to 205,000, an increase of 2,000 from the previous week's revised level of 203,000.
Economists had expected jobless claims to rise to 215,000 from the 202,000 originally reported for the previous week.
The Federal Reserve Bank of Philadelphia also released a report showing regional manufacturing activity unexpectedly contracted at an accelerated rate in the month of December.
The greenback touched 0.8562 against the franc, its lowest level since July 27. If the currency drops further, it may locate support around the 0.84 level.
The greenback fell to a 6-day low of 1.1002 against the euro and a 3-day low of 142.06 against the yen, off its early highs of 1.0935 and 143.56, respectively. The next possible support for the greenback is seen around 1.12 against the euro and 134.00 against the yen.
The greenback weakened to 1.2695 against the pound, from an early 1-week high of 1.2612. The currency may possibly face support around the 1.31 level.
The greenback slipped to 1.3312 against the loonie and 0.6292 against the kiwi, reversing from its early 2-day highs of 1.3371 and 0.6234, respectively. The greenback is seen finding support around 1.29 against the loonie and 0.64 against the kiwi.
The greenback dropped to near a 5-month low of 0.6791 against the aussie, easing from an early 2-day high of 0.6723. The greenback is poised to challenge support around the 0.70 level.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223343/
USD Price Forecast: DXY Faces Barrage of US Data
Thursday, 21 December 2023
*South Korea Producer Prices -0.4% On Month, +0.6% On Year In November
South Korea Producer Prices -0.4% On Month, +0.6% On Year In November
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223269/
Dollar Rebounds, Gains Against Most Major Counterparts
The U.S. dollar gained against most of its major counterparts on Wednesday, recovering after a fall in the previous session amid bets the Fed will cut rates next year.
Traders continued to assess interest rate prospects, digesting mixed comments from Fed officials.
While Richmond Fed President Thomas Barkin said the central bank would lower rates if recent progress on inflation continued, Chicago Fed President Austan Goolsbee and Cleveland Fed's Loretta Mester pushed back on expectations of rate cuts.
Atlanta Fed President Raphael Bostic said there was no urgency to lower rates.
In economic releases, a report from the Conference Board showed the consumer confidence index jumped to 110.7 in December from a downwardly revised 101.0 in November.
Economists had expected the consumer confidence index to rise to 103.4 from the 102.0 originally reported for the previous month.
A separate report released by the National Association of Realtors showed an unexpected rebound in U.S. existing home sales in the month of November.
The core personal consumption expenditures price index, the Fed's preferred measure of inflation, will be published on Friday.
The dollar index, which surged to 102.54, gaining about 0.35%, was at 102.45 a little while ago.
Against the Euro, the dollar firmed to 1.0940 from 1.0981, and against Pound Sterling, strengthened to 1.2634 from 1.2732.
Against the Japanese currency, the dollar eased to 143.63 yen from 143.84 yen. The dollar strengthened to 0.6734 against the Aussie, and strengthened to CHF 0.8627 against the Swiss currency. The dollar was up against the Loonie at C$ 1.3368, gaining from C$ 1.3333.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223268/
Treasuries Move Back To The Upside After Pulling Back Off Early Highs
Treasuries gave back ground after seeing initial strength but moved back to the upside over the course of the trading session on Wednesday.
Bond prices bounced back firmly into positive territory after pulling back near the unchanged line. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 4.5 basis points to 3.877 percent.
The ten-year yield moved lower for the seventh time in the past eight sessions, falling to its lowest closing level in almost five months.
Treasuries pulled back off their early highs following the release of a report from the Conference Board showing U.S. consumer confidence has improved by much more than anticipated in the month of December.
The Conference Board said its consumer confidence index jumped to 110.7 in December from a downwardly revised 101.0 in November.
Economists had expected the consumer confidence index to rise to 103.4 from the 102.0 originally reported for the previous month.
While the data partly offset the safe-haven appeal of bonds, buying interest remerged in afternoon trading amid ongoing optimism about the outlook for interest rates.
Meanwhile, the Treasury Department announced the results of this month's auction of $13 billion worth of twenty-year bonds, revealing the sale attracted below average demand.
The twenty-year bond auction drew a high yield of 4.213 percent and a bid-to-cover ratio of 2.55, while the ten previous twenty-year bond auctions had an average bid-to-cover ratio of 2.63.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
Trading on Thursday may be impacted by reaction to a slew of U.S. economic data, including reports on weekly jobless claims, Philadelphia-area manufacturing activity and leading U.S. economic indicators.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223266/
Wednesday, 20 December 2023
Japan Trade Data On Tap For Wednesday
Japan will on Wednesday release November numbers for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity.
Imports are expected to sink 8.6 percent on year after dropping 12.5 percent in October. Exports are called higher by an annual 1.5 percent, easing from 1.6 percent in the previous month. The trade deficit is pegged at 962.4 billion yen following the 661.0 billion yen shortfall a month earlier.
Taiwan will see November figures for export orders; in October, orders were down 4.6 percent on year.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223182/
Dollar Drifts Lower Against Major Counterparts
The U.S. dollar edged lower against its major counterparts on Tuesday as traders continued to bet the Federal Reserve will start reducing interest rates from the first quarter of the coming year.
Despite hawkish comments from some Fed officials, analysts are optimistic that the U.S. central bank will begin rate cuts soon.
Chicago Fed President Austan Goolsbee said on Monday that he was confused by market reaction to Fed Chief's remarks on possible rate cuts and the U.S. central bank is not precommiting to cutting rates soon and swiftly.
Cleveland Fed President Loretta Mester also said that financial markets had got "a little bit ahead" of the central bank with respect to rate cut expectations.
On the other hand, San Francisco Fed President Mary Daly said cuts to the U.S. central bank's benchmark rate are likely to be appropriate next year because of an improvement in inflation.
CME Group's FedWatch Tool is currently indicating a 67.5% chance the Fed lowers rates by a quarter point in March 2024.
The dollar index dropped to 102.07 earlier in the session, and was at 102.16 a little while ago, down nearly 0.4% from the previous close.
Against the Euro, the dollar weakened to 1.0978 from 1.0925, and against Pound Sterling, it eased to 1.2727 from 1.2649.
The dollar gained against the Japanese currency, fetching 143.89 yen a unit, up from 142.80 yen a unit on Monday. Against the Aussie, the dollar dropped to 0.6762, giving up more than 0.8%. The Swiss franc strengthened against the greenback, firming to CHF 0.8611 from CHF 0.8670, while the Loonie firmed to C$ 1.3339 a dollar, gaining from C$ 1.3401.
In U.S. economic releases, a report from the Commerce Department said housing starts soared by 14.8% to an annual rate of 1.560 million in November after inching up by 0.2% to a downwardly revised rate of 1.359 million in October.
The surge surprised economists, who had expected housing starts to decrease by 0.9% to an annual rate of 1.360 million from the 1.372 million originally reported for the previous month.
Meanwhile, the Commerce Department said building permits slumped by 2.5% to an annual rate of 1.460 million in November after jumping by 1.8% to an upwardly revised rate of 1.498 million in October.
Building permits, an indicator of future housing demand, were expected to fall by 1.1% to an annual rate of 1.470 million from the 1.487 million originally reported for the previous month.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223181/
Oil Futures Settle Higher For 2nd Straight Day
Oil prices rose on Tuesday, extending gains from the previous session, amid concerns about supplies following several companies rerouting their vessels due to the attacks by the Houthi militants in the Red Sea.
About 12% of world shipping traffic passes up the Red Sea and through the Suez Canal.
Several countries, led by the U.S. have agreed to jointly carry out patrols in the southern Red Sea and Gulf of Aden after the Iran-backed Houthis waded into the Israel-Hamas conflict by attacking vessels in vital shipping lanes, causing supply disruptions and raising supply concerns.
The Houthis have reportedly vowed to defy the U.S.-led naval mission and keep hitting Israeli targets in the region.
West Texas Intermediate Crude oil futures for January ended higher by $0.97 or about 1.3% at $73.44 a barrel.
Brent crude futures settled at $79.23 a barrel, gaining $1.28 or about 1.6%.
Several shipping giants, including Maersk, Mediterranean Shipping Company, CMA CGM, Evergreen, and BP have paused shipping through the Suez Canal due to "deteriorating security" in the Red Sea.
Meanwhile, markets await weekly petroleum reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).
The API's report is due later today, while the EIA will release its crude inventory data Wednesday morning.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223179/
Tuesday, 19 December 2023
*New Zealand Trade Deficit NZ$1.234 Billion In November
New Zealand Trade Deficit NZ$1.234 Billion In November
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223109/
Oil Futures Settle Notably Higher As Attacks On Tankers Raises Supply Concerns
Oil prices rose sharply on Monday on rising tensions in the Middle Ease due to recent attacks on ships crossing the Red Sea.
The attacks on Red Sea shipping by Houthi militants in Yemen have forced the suspension of some shipments through the Suez Canal, raising supply concerns.
According to reports, five of the world's six largest shipping companies have announced they will not send ships through the Red Sea. British oil giant BP and Taiwan's Evergreen became the latest to suspend transit.
However, oil gave up some gains later on amid uncertainty about the outlook for interest rates following hawkish comments from a couple of Fed officials.
New York Fed chief Williams said that a March cut seems 'premature', tempering market speculation about imminent rate cuts.
Also, Fed Bank of Chicago President Austan Goolsbee said on Sunday in an interview on CBS that it's too early to declare victory over inflation fight, and interest-rate decisions would depend on incoming data.
West Texas Intermediate Crude oil futures for January ended higher by $1.04 at $72.47 a barrel.
Brent crude futures were up $1.53 or about 2% at $78.08 a barrel a little while ago.
"There's still a lot of uncertainty and debate around the demand outlook for next year and it would appear the prospect of many rate cuts has boosted the odds of a softer landing which could support demand and may have done the same to the price in recent days," says Craig Erlam, Senior Market Analyst at OANDA, UK & EMEA.
"Markets may have become overly optimistic about cuts next year. Then there's also the risk that past cuts could have an even more dampening impact on the global economy or that OPEC+ compliance is as weak as the deal indicated it could be," he adds.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223108/
Treasuries Give Back Ground Following Last Week's Surge
Following the substantial rally seen in the previous week, treasuries gave back some ground during trading on Monday.
Bond prices saw initial strength but pulled back into negative territory and remained in the red for the rest of the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.6 basis points to 3.954 percent.
The pullback by treasuries may partly have reflected profit taking following last week's surge, which drove the ten-year yield down to its lowest levels since late July.
Last week's rally reflected optimism about the outlook for interest rates after the Federal Reserve's latest projections hinted at three rate cuts next year.
However, several Fed officials have subsequently pushed back on investor hopes that rate cuts by the central bank are imminent.
Chicago Fed President Austan Goolsbee told CNBC's "Squawk Box" he was confused by the reaction to the Fed announcement, which saw both stocks and bonds move sharply higher.
"It's not what you say, or what the chair says. It's what did they hear, and what did they want to hear," Goolsbee said. "I was confused a bit - was the market just imputing, here's what we want them to be saying?"
Nonetheless, CME Group's FedWatch Tool still suggests there is a good chance the Fed will lower interest rates by a quarter point in March.
Later this week, the Commerce Department is due to release its report on personal income and spending in the month of November, which includes readings on inflation said to be preferred by the Fed.
The National Association of Home Builders released a report this morning showing homebuilder sentiment in the U.S. rebounded in December after falling for four consecutive months.
The report said the NAHB/Wells Fargo Housing Market Index climbed to 37 in December after falling to an eleven-month low of 34 in November. Economists had expected the index to rise to 36.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223107/
Monday, 18 December 2023
*Singapore Non-Oil Domestic Exports +0.3% On Month, +1.0% On Year In November
Singapore Non-Oil Domestic Exports +0.3% On Month, +1.0% On Year In November
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223061/
Singapore Non-Oil Domestic Export Data Due On Monday
Singapore will on Monday release November numbers for non-oil domestic exports, highlighting a light day for Asia-Pacific economic activity.
In October, NODX was up 3.4 percent on month and down 3.4 percent on year.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2223060/
Sunday, 17 December 2023
Market Week Ahead: Gold Regains $2k, GBP/USD, EUR/USD Rally as USD Slides
US Dollar in Peril with Core PCE on Deck, Setups on EUR/USD, GBP/USD, USD/JPY
Saturday, 16 December 2023
Dollar Rises Against Major Counterparts
The U.S. dollar firmed against its major counterparts on Friday, after New York Fed President John Williams pushed back against market bets of multiple rate cuts by the central bank next year.
The greenback drifted lower in the past two sessions after the Federal Reserve's dovish tone signaled three interest rate cuts in 2024.
In economic news on Friday, the Federal Reserve released a report showing a modest rebound in U.S. industrial production in the month of November.
The report said industrial production rose by 0.2% in November after slumping by a downwardly revised 0.9% in October.
Economists had expected industrial production to climb by 0.3% compared to the 0.6% decrease originally reported for the previous month.
The rebound in industrial production came as manufacturing output increased by 0.3% in November after plunging by 1.2% in October following the resolution of strikes at several major automakers.
Meanwhile, a report released by the Federal Reserve Bank of New York said its general general business conditions index plunged to a negative 14.5 in December after surging to a positive 9.1 in November. Economists had expected the index to fall to a positive 2.0.
The dollar index climbed to 102.64, gaining nearly 0.7%.
Against the Euro, the dollar firmed to 1.0895 from 1.0994, gaining more than 1%. Against Pound Sterling, the dollar strengthened to 1.2677 from 1.2767, and against the Japanese currency, it moved up, fetching 142.22 yen a unit, compared to 141.89 yen a unit on Thursday.
The dollar gained marginally against the Aussie at 0.6702. Against Swiss franc, the dollar was up at CHF 0.8705, while against the Loonie, it eased to C$ 1.3381.
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source http://www.mt5.com/forex_news/quickview/2223059/
WTI Oil Futures Settle Slightly Weak
Oil futures posted their first weekly gain in two months despite settling on a slightly weak note on Friday.
An upward revision in oil demand forecast by the International Energy Agency (IEA), and a weak dollar pushed up crude oil prices over the past few sessions.
Also, the Federal Reserve's dovish tone that signaled three interest rate cuts in 2024 weighed on dollar in the past two sessions, contributing significantly to the uptick in oil prices.
However, the dollar rebounded on Friday and sent oil prices down sharply. The currency gained after New York Fed President Williams pushed back against market bets of multiple rate cuts by the central bank next year.
Still, recovering well from the day's lows, oil futures ended the day's session with a less pronounced loss.
West Texas Intermediate Crude oil futures for January ended down $0.15 at $71.43 a barrel, well off the session's low of $70.30 a barrel. WTI crude futures posted a modest 0.2% gain for the week.
Brent crude futures were up marginally at $76.62 a barrel a little while ago.
The IEA lifted its oil demand forecast for 2024, citing an improvement in the outlook for U.S. demand and lower oil prices.
Oil prices also found support from the People's Bank of China's decision to ramp up liquidity injections through medium-term policy loans in the face of challenges from a housing slump and subdued demand.
A report from Baker Hughes showed the oil and gas rig count fell by 3 to 623 in the week to December 15.
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source http://www.mt5.com/forex_news/quickview/2223058/
Treasuries Close Roughly Flat Following Lackluster Session
After moving sharply higher over the past few sessions, treasuries turned in a relatively lackluster performance during trading on Friday.
Bond prices spent the day bouncing back and forth across the unchanged line before closing roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 3.928 percent.
The choppy trading on the day as traders took a breather following the recent surge by treasuries, which has driven the ten-year yield down to its lowest levels since late July.
Optimism about the outlook for interest rates has contributed to the recent strength among treasuries, although hopes for near-term interest rate cuts were partly offset by comments from New York Federal Reserve President John Williams.
Williams told CNBC's "Squawk Box" the Fed is not "really talking about rate cuts right now" and is focused on whether monetary policy is sufficiently restrictive to ensure inflation comes back down to 2 percent.
Nonetheless, the chances of a quarter point rate cut in March have jumped to 61.6 percent, according to CME Group's FedWatch Tool.
On the U.S. economic front, the Federal Reserve released a report showing a modest rebound in U.S. industrial production in the month of November.
The report said industrial production rose by 0.2 percent in November after slumping by a downwardly revised 0.9 percent in October.
Economists had expected industrial production to climb by 0.3 percent compared to the 0.6 percent decrease originally reported for the previous month.
The rebound in industrial production came as manufacturing output increased by 0.3 percent in November after plunging by 1.2 percent in October following the resolution of strikes at several major automakers.
Reaction to reports on personal income and spending, durable goods orders, housing starts and new and existing home sales may impact next week's trading.
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source http://www.mt5.com/forex_news/quickview/2223057/
Friday, 15 December 2023
*New Zealand Manufacturing PMI 46.7 In November - BusinessNZ
New Zealand Manufacturing PMI 46.7 In November - BusinessNZ
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source http://www.mt5.com/forex_news/quickview/2222977/
Gold Price Forecast: Fed Pivot Opens Pathway for New Fresh Record, XAU/USD Levels
Oil Futures Settle Sharply Higher
Oil prices moved up sharply on Thursday, recording strong gains for a second straight day, lifted by a weak dollar and an upward revision in global oil demand forecast by the International Energy Agency (IEA).
Concerns about the security of Middle East supplies following a tanker attack in the Red Sea off Yemen's coast contributed as well to the uptick in oil prices.
Oil prices were also supported by Wednesday's data from the Energy Information Administration (EIA) showing a 4.3 million-barrel drop in crude inventories last week.
The dollar index dropped to 101.77, but recovered to 101.98 later on, but still trailed its previous close by about 0.9%.
The dollar tumbled on hopes for interest rate cuts after the U.S. Federal Reserve kept interest rates steady, as widely expected, and hinted at three rate cuts in 2024, citing easing inflation and slowing growth.
West Texas International Crude oil futures for January ended higher by $2.11 or about 3% at $71.58 a barrel.
Brent crude futures settled at $76.61 a barrel, gaining $2.35 or about 3.16%.
"The prospect of deep rate cuts from central banks next year has boosted the global economic prospects and in turn the price of oil," says Craig Erlam, Senior Market Analyst at OANDA, UK & EMEA. "The question now is whether central banks are responding just in time or whether it will prove to be just too late. Oil prices over the coming weeks may offer some insight into market expectations on that."
The IEA, which cut 2023 oil demand growth forecast by 90,000 bpd, has raised demand growth forecast for 2024 by 130,000 bpd to 1.1 million bpd.
OPEC+ lifted its estimate of 2023 global economic growth in its latest monthly report.
The cartel blamed the latest crude price slide on "exaggerated concerns" about oil demand growth and said it expects oil demand to grow by 2.2 million barrels per day next year.
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source http://www.mt5.com/forex_news/quickview/2222975/
Thursday, 14 December 2023
*Fed Chair Jerome Powell Holds Post-Meeting Press Conference
Fed Chair Jerome Powell Holds Post-Meeting Press Conference
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source http://www.mt5.com/forex_news/quickview/2222866/
US Dollar Sinks on Fed Dovish Pivot, Setups on EUR/USD, USD/JPY, GBP/USD
Wednesday, 13 December 2023
Dollar Turns Weak Ahead Of Fed Policy Announcement
The U.S. dollar shed some ground against some of its major counterparts with traders looking ahead to the Federal Reserve's monetary policy.
The Fed is widely expected to leave interest rates unchanged, but traders will be looking to the accompanying statement and projections for signs the central bank could begin cutting rates next year.
Data showing a slight uptick in consumer price inflation in the month of November helped the dollar to come off the session's lows.
Data from the Labor Department showed the consumer price index crept up by 0.1% in November after coming in unchanged in October. The uptick matched expectations.
Excluding food and energy prices, core consumer prices rose by 0.3% in November after edging up by 0.2% in October. The increase in core prices also came in line with estimates.
The report also said the annual rate of consumer price growth slipped to 3.1% in November from 3.2% in October, while the annual rate of core consumer price growth was unchanged at 4%.
Data on producer price inflation along with reports on retail sales and industrial production will be in focus later in the week after last Friday's strong than expected jobs data forced traders to lower bets for U.S. rate cuts to May from March 2024.
The European Central Bank (ECB), Bank of England (BoE), Norges Bank and the Swiss National Bank are all scheduled to announce their monetary policy decisions on Thursday.
The dollar index, which dropped to 103.49, recovered to 104.10 before turning weak again. The index was last seen at 103.80, down 0.28% from the previous close.
Against the Euro, the dollar weakened to 1.0796, and against Pound Sterling, it eased to 1.2567. The dollar eased against the Japanese currency as well, dropping to 145.51 yen, nearly 0.5% down from the previous close.
Against the Aussie, the dollar edged up marginally at 0.6560. The Swiss franc firmed to 0.8753 a dollar from 0.8783 a dollar. The dollar gained against the Loonie, fetching C$ 1.3591 a unit, as oil prices declined sharply.
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source http://www.mt5.com/forex_news/quickview/2222795/
Oil Futures Fall Sharply, Settle At Near Six-month Low
Crude oil prices fell to a six-month low on Tuesday amid lingering concerns about the outlook for fuel demand and worries about possible oversupply in the market.
Also, data showing persisting inflationary pressures reinforced the view that the Federal Reserve is unlikely to cut interest rates anytime soon.
West Texas Intermediate Crude oil futures for January ended down $2.71 or about 3.8% at $68.61 a barrel.
Brent crude futures settled at $73.24 a barrel, down $2.79 or about 3.7% from the previous close.
Worries about oversupply persist despite OPEC+'s plans to reduce output by 2.2 million barrels per day in the first quarter of 2024, as production in the U.S. reached a fresh all-time high of 13.2 million bpd in September, and production in Canada is set to rise by 10% next year to a record high of around 5.3 million bpd.
The Labor Department's report said the consumer price index crept up by 0.1% in November after coming in unchanged in October. The uptick matched expectations.
Excluding food and energy prices, core consumer prices rose by 0.3% in November after edging up by 0.2% in October. The increase in core prices also came in line with estimates.
The report also said the annual rate of consumer price growth slipped to 3.1% in November from 3.2% in October, while the annual rate of core consumer price growth was unchanged at 4%.
Investors now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API's report is due later today, while EIA will release its inventory data Wednesday morning.
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source http://www.mt5.com/forex_news/quickview/2222794/
Treasuries Move To The Upside Ahead Of Fed Announcement
Treasuries gave back ground after an initial jump but moved back to the upside in the latter part of the trading session on Tuesday.
Bond prices spent much of the session lingering near the unchanged line but climbed back into positive territory in afternoon trading.
Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell 3.3 basis points to 4.206 percent.
Treasuries initially benefited from the release of a highly anticipated Labor Department report showing U.S. consumer prices inched up in line with economist estimates in the month of November.
The Labor Department said its consumer price index crept up by 0.1 percent in November after coming in unchanged in October. The uptick matched expectations.
Excluding food and energy prices, core consumer prices rose by 0.3 percent in November after edging up by 0.2 percent in October. The increase in core prices also came in line with estimates.
The report also said the annual rate of consumer price growth slipped to 3.1 percent in November from 3.2 percent in October, while the annual rate of core consumer price growth was unchanged at 4.0 percent.
Buying interest waned shortly after the release of the report, however, as traders wondered whether the slowdown in price growth was enough to convince the Federal Reserve to pivot toward lowering interest rates.
While the Fed is widely expected to leave interest rates unchanged on Wednesday, traders will be looking to the accompanying statement and projections for signs the central bank could begin cutting rates next year.
The late-day advance by treasuries came after the Treasury Department revealed this month's auction of $21 billion worth of thirty-year bonds attracted above average demand.
The thirty-year bond auction drew a high yield of 4.344 percent and a bid-to-cover ratio of 2.43, while the ten previous thirty-year bond auctions had an average bid-to-cover ratio of 2.37.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
Ahead of the Fed announcement, early trading on Wednesday may be impacted by reaction to the Labor Department's report on producer price inflation in November.
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source http://www.mt5.com/forex_news/quickview/2222793/
Tuesday, 12 December 2023
*New Zealand Electronic Card Retail Sales +1.6% On Month, +2.1% On Year In November
New Zealand Electronic Card Retail Sales +1.6% On Month, +2.1% On Year In November
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source http://www.mt5.com/forex_news/quickview/2222712/
Treasuries Recover From Early Weakness Following Ten-Year Note Auction
After initially extending the sell-off seen during last Friday's session, treasuries regained ground over the course of the trading day on Monday.
Bond prices climbed well off their worst levels of the day before ending the session roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 4.251 percent after reaching a high of 4.301 percent.
The early weakness among treasuries came as traders continued to react to last Friday's stronger than expected U.S. employment data.
The jobs report partly offset recent optimism the Federal Reserve could pivot to cutting interest rates as soon as March 2024, with the central bank now seen as more likely to wait until May to begin lowering rates.
Selling pressure remained somewhat subdued, however, as traders seemed reluctant to make significant moves ahead of the Fed's monetary policy announcement on Wednesday.
With the Fed widely expected to leave interest rates unchanged, traders are likely to focus more closely on the central bank's accompanying statement and projections.
The subsequent recovery by treasuries came after the Treasury Department revealed this month's auction of $37 billion worth of ten-year notes attracted modestly above average demand.
The ten-year note auction drew a high yield of 4.296 percent and a bid-to-cover ratio of 2.53, while the ten previous ten-year note auctions had an average bid-to-cover ratio of 2.47.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
Trading on Tuesday is likely to be driven by reaction to a report on consumer price inflation in the month of November, which could have a significant impact on the outlook for interest rates.
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source http://www.mt5.com/forex_news/quickview/2222710/
Gold Price Outlook Rests on US Inflation, Fed’s Guidance, Nasdaq 100 Breaks Out
Monday, 11 December 2023
Japan Large Manufacturers' Sentiment Improves In Q4
Sentiment among Japanese large manufacturers improved at the end of the year, quarterly survey results from the Ministry of Finance showed on Monday.
The business survey index of large manufacturers rose to 5.7 in the fourth quarter from 5.4 in the preceding period.
Meanwhile, the BSI of non-manufacturing companies declined to 4.4 from 6.0. As a result, the BSI of overall industries dropped to 4.8 from 5.8 in the third quarter. Both manufacturers and non-manufacturers forecast business conditions to deteriorate in the first quarter of 2024. The outlook index of manufacturers posted 1.3 and that of non-manufacturers came in at 4.1.
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source http://www.mt5.com/forex_news/quickview/2222677/
FTSE 100, Dax 40 and S&P 500 Lose Upside Momentum in Low Volume Trading
Euro Price Forecast: Colossal Data Filled Week for EUR/USD
Sunday, 10 December 2023
Markets Week Ahead: Gold, EUR/USD, GBP/USD, USD/JPY, US Inflation, Fed, ECB, BoE
US CPI, Fed Decision to Guide US Dollar, Setups on EUR/USD, USD/JPY, GBP/USD
Saturday, 9 December 2023
USD/JPY Weekly Forecast: Markets Peel Back Hopes for BoJ Policy Change
Friday, 8 December 2023
Gold (XAU/USD) Primed for US NFPs, Is Another Price Shock on the Cards?
Japanese GDP Strained by Rising Inflation and BoJ Spurs Hawkish Bets
AUD Forecast: Australian Households Managing Tough Financial Conditions, RBA’s Brischetto
US Jobs Report Preview: What’s Next for Gold, US Dollar, Yields & Nasdaq 100?
Thursday, 7 December 2023
Dow Edges Lower, while Nasdaq 100 and CAC40 Mixed
EU Breaking News: EU GDP Revised Lower, Confirming Stagnant Growth
Japanese Yen Latest – USD/JPY Posts a Fresh Three-Month Low on BoJ Talk
GBP Price Forecast: UK House Price Index Rises for 2nd Consecutive Month
Wednesday, 6 December 2023
Dollar Gains Against Major Counterparts
The U.S. dollar gained against most of its major counterparts on Tuesday after data showed a stronger than expected growth in the nation's services sector activity in the month of November.
A report released by the Institute for Supply Management showed service sector activity in the U.S. grew at a slightly faster rate in the month of November.
The ISM said its services PMI crept up to 52.7 in November from 51.8 in October, with a reading above 50 indicating growth. Economists had expected the index to inch up to 52.0.
Data from the Labor Department showed job opening slid to 8.73 million in October from 9.35 million in September, falling to the lowest level since March 2021. Economists had expected job openings to edge down to 9.30 million.
U.S. non-farm payroll data for November is due on Friday. Economists currently expect employment to increase by 185,000 jobs in November after rising by 150,000 jobs in October, while the unemployment rate is expected to hold at 3.9%.
The dollar index surged to 104.09 before easing to 103.95, but still remained firm, gaining nearly 0.25% over the previous close.
Against the Euro, the dollar firmed to 1.0798 from 1.0836, and strengthened to 1.2596 against Pound Sterling from 1.2634.
The dollar was down slightly against the Japanese currency at 147.16 yen. Against the Aussie, the dollar firmed to 0.6554 from 0.6621.
The Swiss franc eased to 0.8750 against the dollar from 0.8728. The dollar strengthened to C$ 1.3592 from C$1.3539 against the loonie as oil prices dropped on demand concerns.
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source http://www.mt5.com/forex_news/quickview/2222445/
Treasuries Move Sharply Higher On Job Openings Data
Treasuries moved sharply higher over the course of the trading day on Tuesday, more than offsetting the pullback seen in the previous session.
Bond prices showed a strong move to the upside early in the session and remained firmly positive throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled 11.7 basis points to 4.171 percent.
The ten-year yield more than offset the 6.2 basis point increase seen on Monday, ending the session at its lowest closing level in over three months.
Following an initial rebound, treasuries saw further upside after the Labor Department released a report showing a bigger than expected decrease in U.S. job openings in the month of October.
The report said job openings slid to 8.73 million in October from 9.35 million in September, falling to the lowest level since March 2021. Economists had expected job openings to edge down to 9.30 million.
The data helped reinforce expectations that the Federal Reserve will keep interest rates unchanged in the coming months and potentially lower rates as early as March 2004.
Traders largely shrugged off a separate report released by the Institute for Supply Management showed service sector activity in the U.S. grew at a slightly faster rate in the month of November.
The ISM said its services PMI crept up to 52.7 in November from 51.8 in October, with a reading above 50 indicating growth. Economists had expected the index to inch up to 52.0.
Meanwhile, Quincy Krosby, Chief Global Strategist for LPL Financial, cautioned that the nosedive by the ten-year yield over the past month could reflect an economy that is deteriorating at a faster than desired clip.
"If the economic landscape continues to decline faster than consensus estimates, financial markets will demand that the Fed begins easing quickly," Krosby said.
"The ten-year Treasury yield should be monitored as keenly as it was during its upward climb," she added. "A faster pace downward should similarly be acknowledged by what it implies---that a growth scare has taken hold."
ADP's report on private sector employment in the month of November may attract some attention on Wednesday as traders look ahead to the Labor Department's more closely watched monthly jobs report on Friday.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2222443/
Gold Futures Settle Lower For 2nd Straight Day
Gold futures settled lower on Tuesday, extending losses from the previous session, as the dollar climbed higher. Some profit taking weighed as well bullion prices.
The dollar index surged to 104.05, gaining 0.33%, extending recent gains, amid expectations the Fed will hold rates unchanged for now.
Some safe-haven buying due to geopolitical tensions helped limit gold's downside.
Gold futures for February ended down $5.90 or about 0.3% at $2,036.30 an ounce.
Silver futures for March ended lower by $0.361 at $24.546 an ounce, while Copper futures for March settled at $3.7840 per pound, down $0.0515 from the previous close.
"We're continuing to see profit-taking in gold after it started the week in remarkable fashion, smashing through record highs and bursting above $2,100. It didn't last though and already it's trading back close to $2,000 which will be a very interesting test of support after it took so long to significantly break and hold above it," says Craig Erlam, Senior Market Analyst at OANDA, UK & EMEA.
In economic news today, a report from the Labor Department showed job openings slid to 8.73 million in October from 9.35 million in September, falling to the lowest level since March 2021. Economists had expected job openings to edge down to 9.30 million.
Meanwhile, a separate report released by the Institute for Supply Management showed service sector activity in the U.S. grew at a slightly faster rate in the month of November.
The ISM said its services PMI crept up to 52.7 in November from 51.8 in October, with a reading above 50 indicating growth. Economists had expected the index to inch up to 52.0.
The Labor Department is scheduled to release its closely watched monthly jobs report on Friday. The data could have a significant impact on the outlook for interest rates.
Economists currently expect employment to increase by 185,000 jobs in November after rising by 150,000 jobs in October, while the unemployment rate is expected to hold at 3.9%.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2222442/
Tuesday, 5 December 2023
Gold Clobbered after Fakeout; EUR/USD, Nasdaq 100 Hit by Rebound in US Yields
Gold Retreats After Hitting Record High, Settles Sharply Lower
Gold prices tumbled on Monday after registering a record high in the Asian session, as the dollar climbed higher despite easing concerns about the outlook for interest rates.
Gold prices rallied to an all-time high of $2,151.20 earlier, buoyed by hopes the Federal Reserve will cut rates sooner than expected.
Fed Chair Jerome Powell's remarks last week that inflation is moving in the right direction, helped as well.
However, the bullion retreated subsequently as the dollar gained in strength, rallying to 103.85, rising about 0.55% from the previous close.
Gold futures for February ended down $47.50 at $2,042.20 an ounce, falling nearly $100 from a record high recorded barely a few hours earlier.
Silver futures for March ended lower by $0.950 at $24.907 an ounce, while Copper futures for March settled at $3.8355 per pound, down $0.0960 from the previous close.
"Perhaps the combination of pending orders above the previous high and an illiquid moment in the markets contributed to the extremely volatile move, with the yellow metal now trading back around the previous record highs," said Craig Ernam, Senior Market Analyst at OANDA, UK & EMEA.
Traders are now looking ahead to the release of the Labor Department's closely watched monthly jobs report on Friday.
Economists currently expect employment to increase by 180,000 jobs in November after rising by 150,000 jobs in October, while the unemployment rate is expected to hold at 3.9%.
Reports on service sector activity, private sector jobs, weekly jobless claims and consumer sentiment may also attract attention in the coming days.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2222334/
Monday, 4 December 2023
*New Zealand Terms Of Trade -0.6% On Quarter In Q3
New Zealand Terms Of Trade -0.6% On Quarter In Q3
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source http://www.mt5.com/forex_news/quickview/2222281/
Sunday, 3 December 2023
Markets Week Ahead: Gold in Record Zone as Dow Breaks Out; EUR/USD, USD/JPY Eye NFP
US Dollar’s Trend Hinges on US Jobs Data, Setups on EUR/USD, USD/JPY, GBP/USD
Oil Weekly Forecast: Crude Oil Markets Dissatisfied by OPEC+
Saturday, 2 December 2023
Gold Futures Settle Notably Higher As Dollar Turns Weak
Gold prices moved up sharply on Friday as the dollar fell and bond yields dropped amid rising bets the Federal Reserve is likely to end its tightening cycle.
However, during his speech at Spelmen College today, Fed Chair Jerome Powell acknowledged recent signs of slowing price growth but said the Fed is committed to keeping monetary policy restrictive until officials are confident inflation is on a path to 2%.
"It would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease," Powell said.
Powell stressed the Fed is prepared to tighten policy further if it becomes appropriate, although most economists believe the central bank is done raising rates.
The dollar index dropped to 103.16, losing about 0.3%.
Gold futures for February ended higher by $32.50 at $2,089.70 an ounce.
Silver futures for March ended up $0.197 at $25.857 an ounce, while Copper futures for March settled at $3.9315 per pound, gaining $0.0810.
U.S. consumer spending moderated in October, the Fed's preferred inflation measure eased in the month and weekly jobless claims rose slightly, signaling that interest rate cuts are on the horizon.
In economic releases today, a report from the Institute for Supply Management said its manufaturing PMI came in at 46.7 in November, unchanged from October. Economists had expected the index to inch up to 47.6.
"The yellow metal has been buoyed recently by a less hawkish Fed and weaker labor market and inflation data," says Craig Erlam, Senior Market Analyst at OANDA UK& EMEA.
"There's plenty more to come from the US data and central bank over the next couple of weeks but today's figures won't have done it any harm either. Record highs are not far away now either so it could be a bright end to the year for gold," he adds.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2222277/
Friday, 1 December 2023
Dollar Rises Against Major Counterparts
The U.S. dollar firmed against its major counterparts on Thursday on bets the Federal Reserve will keep interest rates unchanged for longer after data showed the central bank's preferred measure of inflation rose in line with expectations.
The Commerce Department report said the annual rate of consumer price growth decelerated to 3% in October from 3.4% in September. The slowdown matched expectations.
Core consumer price growth also slowed in line with estimates, slipping to 3.5% in October from 3.7% in September. Core consumer prices exclude food and energy prices.
The month-on-month PCE price index, which was seen dropping to 0.1%, from 0.4% in the previous month actually recorded a flat reading. The core component of the same reducing as expected to 0.2%, from 0.3% in the previous period.
The inflation readings, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending during the month.
The report said personal income edged up by 0.2 percent in October after climbing by 0.4 percent in September. The uptick came in line with economist estimates.
Personal spending also increased in line with estimates, rising by 0.2 percent in October following a 0.7 percent advance in September.
A report released by the Labor Department showed initial jobless claims inched up 218,000 in the week ended November 25th, an increase of 7,000 from the previous week's revised level of 211,000.
Economists had expected jobless claims to rise to 220,000 from the 209,000 originally reported for the previous week.
The dollar index surged to 103.59, gaining more than 0.8%.
Against the Euro, the dollar firmed to 1.0890, gaining about 0.8%. The dollar strengthened to 1.2626 against Pound Sterling from 1.2694.
Against the Japanese currency, the dollar climbed higher, fetching 148.21 yen a unit. The Aussie weakened to US $0.6606. The dollar was up against Swiss franc at CHF 0.8752, and against the Loonie, it dropped to C$ 1.3562.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2222185/
Treasuries Give Back Ground Following Recent Strength
Treasuries showed a notable move to the downside during trading on Thursday, giving back ground after moving notably higher over the three previous sessions.
Bond prices came under pressure early in the session and remained firmly negative throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 8.1 basis points to 4.352 percent.
With the increase on the day, the ten-year yield regained ground after ending Wednesday's session at its lowest closing level in well over two months.
The pullback by treasuries came even though the Commerce Department released a report showing consumer price growth in the U.S. slowed in line with economist estimates in the month of October.
The report said the annual rate of consumer price growth decelerated to 3.0 percent in October from 3.4 percent in September. The slowdown matched expectations.
Core consumer price growth also slowed in line with estimates, slipping to 3.5 percent in October from 3.7 percent in September. Core consumer prices exclude food and energy prices.
The inflation readings, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending during the month.
A separate report released by the Labor Department on Thursday showed a modest increase in first-time claims for U.S. unemployment benefits in the week ended November 25th.
The Labor Department said initial jobless claims inched up to 218,000, an increase of 7,000 from the previous week's revised level of 211,000.
Economists had expected jobless claims to rise to 220,000 from the 209,000 originally reported for the previous week.
Trading on Friday may be impacted by reaction to remarks by Federal Reserve Chair Jerome Powell as well as a report on U.S. manufacturing activity.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2222183/
Gold Prices, Nasdaq 100 Rejected at Resistance, USD/JPY Flies Ahead of Powell
Thursday, 30 November 2023
Japan Data On Tap For Thursday
Japan is scheduled to release a raft of data on Thursday, highlighting a busy day for Asia-Pacific economic activity. On tap are October numbers for industrial production, retail sales, construction orders and housing starts, as well as November results for its consumer confidence index.
Industrial output is expected to rise 0.8 percent on month, up from 0.5 percent in September. Retail sales are seen higher by an annual 5.9 percent, up from 5.8 percent in the previous month. Construction orders were down 3.0 percent on year in September.
Housing starts are tipped to slide 6.8 percent on year, steady from the September reading, while the consumer confidence index is expected to show a score of 35.6 - down from 35.7 in October.
Australia will release October data for building approvals and private sector credit, as well as Q3 numbers for capital expenditure. Approvals are expected to rise 1.4 percent on month and sink 7.1 percent on year after slipping 4.6 percent on month and 7.1 percent on year in September.
Private sector credit is seen higher by 0.4 percent on month, easing from 0.5 percent in September. Capex is expected to add 1.0 percent on quarter, down from 2.8 percent in the three months prior.
The Bank of Korea will wrap up its monetary policy meeting and then announce its decision on interest rates; the bank is widely expected to keep its benchmark lending rate unchanged at 3.50 percent.
South Korea also will provide October figures for industrial production and retail sales. In September, industrial production was up 1.8 percent on month and 3.0 percent on year, while retail sales rose 0.2 percent on month.
China will see November numbers for its manufacturing, non-manufacturing and composite PMIs; in October, their scores were 49.5, 50.6 and 50.7, respectively.
Hong Kong will provide October figures for retail sales; in September, sales were 13 13.0 percent on year.
Thailand will release October numbers for imports, exports, trade balance, current account and industrial production. In September, imports fell 7.9 percent on year and exports rose 1.0 percent for a trade surplus of $3.80 billion. The current account surplus was $3.40 billion and industrial output slumped an annual 6.06 percent.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2222054/
Treasuries Move Higher For Third Consecutive Session
After moving notably higher over the course of the two previous sessions, treasuries saw further upside during trading on Wednesday.
Bond prices advanced early in the day and remained in positive territory throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 6.5 basis points to 4.271 percent.
The ten-year yield moved lower for the third consecutive session, once again ending the day at its lowest closing level in well over two months.
Treasuries continued to benefit from optimism the Federal Reserve is done raising interest rates following yesterday's remarks by Federal Reserve Governor Christopher Waller.
Waller said he is "increasingly confident that policy is currently well positioned to slow the economy and get inflation back to 2 percent."
Traders have seemingly ignored comments from Fed Governor Michelle W. Bowman, who said she expects further rate hikes will be needed.
On the U.S. economic front, revised data released by the Commerce Department showed the U.S. economy grew faster than previously estimated in the third quarter of 2023.
The Commerce Department said the jump by real gross domestic product in the third quarter was upwardly revised to 5.2 percent from the previously reported 4.9 percent. Economists had expected the pace of growth to be upwardly revised to 5.0 percent.
The faster than previously estimated growth reflected upward revisions to non-residential fixed investment and state and local government spending that were partly offset by a downward revision to consumer spending.
Meanwhile, the Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, said economic activity has slowed since the previous report.
The Fed said four districts reported modest growth, two indicated conditions were flat to slightly down, and six noted slight declines in activity.
Trading on Thursday is likely to be driven by reaction to key inflation readings, while traders are also likely to keep an eye on reports on weekly jobless claims and pending home sales.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2222051/
Wednesday, 29 November 2023
Nasdaq 100, Gold Price Forecast: Has the Fed Greenlighted a Santa Claus Rally?
Dollar Stays Weak Against Major Rivals Ahead Of Key Data
The U.S. dollar drifted lower against its major rivals on Tuesday amid expectations the Federal Reserve is done rising rates.
Traders are awaiting U.S. personal income and spending data, which includes readings on inflation said to be preferred by the Federal Bank.
Data on jobless claims, pending home sales and manufacturing activity are also due this week. The central bank's Beige Book, and a speech by Fed Chair Jerome Powell are also awaited.
In economic news today, the Conference Board released a report showing a rebound in U.S. consumer confidence in the month of November.
The Conference Board said its consumer confidence index rose to 102.0 in November from a downwardly revised 99.1 in October. The increase came following three straight monthly declines.
Economists had expected the consumer confidence index to edge down to 101.5 from the 102.6 originally reported for the previous month.
The dollar index, which dropped to 102.61, recovered to 102.79, but still remained weak, losing about 0.4% from the previous close.
Against the Euro, the dollar weakened to 1.0990 from 1.0954. The dollar is weak against Pound Sterling, at 1.2691, easing from 1.2627. Against the Japanese currency, the dollar has eased to 147.47 yen from 148.69 yen.
The dollar is trading at 0.6648 against the Aussie, down from Monday's close of 0.6608. Against Swiss franc, the dollar is down, fetching CHF 0.8782, and against the Loonie it is down at C$1.3577.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2221961/
Oil Futures Settle Sharply Higher Ahead Of Inventory Data, OPEC+ Meeting
Crude oil prices rose sharply on Tuesday on hopes the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+, will extend output cuts, or might even consider increase the quantum of reduction.
OPEC+ is scheduled to hold an online ministerial meeting on Thursday (November 30) to discuss production targets for next year.
A weak dollar contributed as well to the jump in oil prices.
West Texas Intermediate Crude oil futures for January ended up $1.55 or about 2.1% at $76.41 a barrel.
Brent crude futures were up $1.58 or about 1.98% at $81.45 a barrel a little while ago.
Markets now await weekly oil reports from the American Petroleum Institute (API) and Energy Information Administration (EIA).
The API data, due later in the day, is expected to show a decline of 2 million barrels in crude oil inventories during the week ended November 24. Inventories had surged by more than 9 million barrels in the previous week.
Official data from EIA is also expected to show a reduction of 2 million barrels, as compared with the addition of 8.7 million barrels in the previous week.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2221960/
Treasuries See Further Upside Amid Optimism About Interest Rates
Treasuries showed a lack of direction in early trading on Tuesday but climbed firmly into positive territory over the course of the session.
Bond prices gave back some ground in early afternoon trading but moved back to the upside going into the close. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell 5.3 basis points to 4336 percent.
With the drop, the ten-year yield added to 8.3 basis point slump seen on Monday, once again falling to its lowest closing level in over two months.
The strength that emerged in the bond market came on the heels of remarks by Federal Reserve Governor Christopher Waller adding to optimism the Fed is done raising interest rates.
Speaking at an American Enterprise Institute event, Waller said he is "increasingly confident that policy is currently well positioned to slow the economy and get inflation back to 2 percent."
Waller warned that he cannot say for sure whether the Fed has done enough to achieve price stability but expressed hope incoming economic data will help answer that question.
However, the buying interest generated by Waller's remarks was partly offset by conflicting comments from Fed Governor Michelle W. Bowman.
Bowman said during a Utah Bankers Association and Salt Lake Chamber breakfast that she continues to expect the Fed we will need to increase rates further to keep policy sufficiently restrictive to bring inflation down to 2 percent in a timely way.
Meanwhile, traders continued to look ahead to the release of some key economic data in the coming days, including a report on personal income and spending that includes inflation readings said to be preferred by the Fed.
Trading on Wednesday may be impacted by reaction to a revised reading on third quarter GDP as well as the Fed's Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2221959/
Tuesday, 28 November 2023
Dollar Sheds Ground Against Major Counterparts
The U.S. dollar traded weak against its major counterparts on Monday with investors awaiting a slew of crucial economic data for clues about the outlook for interest rates.
Despite some hawkish comments from a few Fed officials in recent days, it is widely expected that the central bank will hold interest rates unchanged, and might consider reducing them by the second half of 2024.
After the November FOMC minutes revealed a cautious approach to future rate hikes, traders now await U.S. reports on new home sales, consumer confidence, pending home sales and manufacturing activity this week for additional clues about the outlook for growth and interest rates.
The Commerce Department's report on personal income and spending may be in the spotlight, as it includes readings on inflation said to be preferred by the Federal Reserve.
The Fed's favored measure of inflation is expected to slow to its lowest since mid-2021, reinforcing investor optimism that the Fed is done raising interest rates.
The U.S. GDP second estimate for the third quarter is set to be released on Wednesday.
The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, along with remarks by several Federal Reserve officials, including Chair Jerome Powell's speech on Friday, could impact the asset markets.
Data released by the Commerce Department today showed new home sales in U.S. pulled back sharply in the month of October after soaring in September.
The report said new home sales plunged by 5.6% to an annual rate of 679,000 in October after spiking by 8.6% to a downwardly revised rate of 719,000 in September.
Economists had expected new home sales to tumble by 4.5% to a rate of 725,000 from the 759,000 originally reported for the previous month.
The dollar index dropped to 103.19, losing more than 0.2%.
Against the Euro, the dollar strengthened to 1.0990 but shed gains and dropped to 1.0956 as the session progressed. The dollar weakened to 1.2626 against Pound Sterling, and against the Japanese currency, it eased to 148.64 yen a unit, declining more than 0.5% from the previous close.
Against the Aussie, the dollar was down at 0.6607. The Swiss franc firmed to 0.8807 a dollar, from 0.8827 a dollar. The dollar weakened to C$ 1.3616 against the Loonie, down from C$ 1.3635.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2221908/
Ten-Year Yield Pulls Back To Lowest Level In Over Two Months
Following the notable pullback seen during last Friday's session, treasuries showed a strong move back to the upside during trading on Monday.
Bond prices moved higher in early trading and climbed more firmly into positive territory as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 8.3 basis points to 4.389 percent.
The ten-year yield more than offset the increase seen in the previous session, falling to its lowest closing level in over two months.
The rebound by treasuries came as traders continued to express optimism about the outlook for interest rates ahead of the release of some key economic data in the coming days.
The Commerce Department's report on personal income and spending may be in the spotlight, as it includes readings on inflation said to be preferred by the Federal Reserve.
Economists currently expect the report to show the annual rate of consumer price growth slowed to 3.1 percent in October from 3.4 percent in September. Core price growth is expected to slow to 3.5 percent from 3.7 percent.
Traders are also likely to keep an eye on reports on consumer confidence, weekly jobless claims, pending home sales and manufacturing activity.
The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, may also attract attention along with remarks by Fed Chair Jerome Powell.
Treasuries saw further upside after the Treasury Department announced the results of this month's auctions of $54 billion worth of two-year notes and $55 billion worth of five-year notes.
The two-year note auction drew a high yield of 4.887 percent and a bid-to-cover ratio of 2.54, while the five-year note auction drew a high yield of 4.420 percent and a bid-to-cover ratio of 2.46. The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
On Tuesday, the Treasury is scheduled to announce the results of this month's auction of $39 billion worth of seven-year notes.
Trading on Tuesday may also be impacted by reaction to reports on home prices and consumer confidence as well as remarks by several Fed officials.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2221906/
Monday, 27 November 2023
*Indonesia Oct M2 Money Supply Up 3.4% Y/Y Vs. 6.0% In September
Indonesia Oct M2 Money Supply Up 3.4% Y/Y Vs. 6.0% In September
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2221854/
USD/JPY Weekly Forecast: BoJ Policy Change Reinforced by Japanese CPI
*China Oct Industrial Profits Down 7.8% On Year
China Oct Industrial Profits Down 7.8% On Year
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2221853/
Hong Kong Trade Data Due On Monday
Hong Kong will on Monday release October figures for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity.
In September, imports were down 0.4 percent on month and exports sank 5.3 percent for a trade deficit of HKD64.6 billion.
China will see October numbers for industrial profits; in September, profits were down 9.0 percent year-to-date.
Thailand will see October figures for imports, exports and trade balance starting today. Imports are expected to rise 6.0 percent after slipping 8.3 percent in September. Exports are called higher by 9.3 percent after adding 2.1 percent in the previous month. The trade surplus is pegged at $530 million after showing $2.10 trillion a month earlier.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2221852/
Sunday, 26 November 2023
Market Week Ahead: Gold Tests $2k, GBP/USD, EUR/USD Pop, USD Sags
Saturday, 25 November 2023
Dollar Loses Ground Against Major Counterparts
The U.S. dollar drifted lower against its major counterparts on Friday amid speculation the Federal Reserve will start reducing interest rates by the middle of next year.
On the economic front, the S&P Global US Composite PMI held steady at 50.7 in November, unchanged from the previous month, according to a preliminary estimate.
The S&P Global US Manufacturing PMI dropped to 49.4 in November from a reading of 50.0 in October, preliminary estimates showed.
The Commerce Department's report on personal income and spending may be in the spotlight next week, as it includes readings on inflation said to be preferred by the Federal Reserve.
The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, may also attract attention next week along with remarks by Fed Chair Jerome Powell.
The dollar index dropped to 103.36, losing more than 0.5%.
The euro strengthened and regional bond yields edged higher after Bundesbank President Joachim Nagel said the European Central Bank must resist any temptation to cut interest rates early.Against the Euro, the dollar weakened to 1.0498, and against Pound Sterling, it shed more than 0.5 to 1.2604.
The dollar was little changed against the Japanese currency, fetching 149.45 yen a unit. Against the Aussie, the dollar weakened to 0.6586. The Swiss franc gained against the greenback, firming to CHF 0.8827, and the Loonie strengthened to C$ 1.3635 against the dollar, after data showed Canadian retail sales increased 0.6% in September following a 0.1% drop in the previous month.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2221851/
Treasuries Give Back Ground In Light Post-Holiday Trading
After ending the previous session roughly flat, treasuries showed a notable move to the downside during trading on Friday.
Bond prices came under pressure early in the session and remained firmly negative throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 5.3 basis points to 4.469 percent.
The increase came after the ten-year yield edged down to its lowest closing level in over two months on Wednesday.
Traders may have looked to cash in on recent strength in the bond market ahead of the release of some key economic data next week.
Overall trading activity remained somewhat subdued, however, as some traders remained away from their desks following the Thanksgiving Day holiday on Thursday.
The Commerce Department's report on personal income and spending may be in the spotlight next week, as it includes readings on inflation said to be preferred by the Federal Reserve.
The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, may also attract attention next week along with remarks by Fed Chair Jerome Powell.
Investors will be looking for additional clues about the outlook for interest rates, with optimism the Fed is done raising rates contributing to recent strength on Wall Street.
Traders are also likely to keep an eye on reports on new home sales, consumer confidence, pending home sales, manufacturing activity and more.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2221849/
Gold Prices Climb Higher As Dollar Weakens
Gold prices moved higher on Friday, earnings the most active gold futures contract their second straight weekly gain, as the dollar shed ground.
Despite some hawkish comments from a few Fed officials, there are expectations the central bank will start reducing rates from the second quarter of 2024.
The dollar index dropped to 103.40, losing about 0.5%.
Gold futures for December ended higher by $10.20 at $2,003.00 an ounce.
Silver futures for December ended up $0.653 at $24.341 an ounce, while Copper futures for December settled at $3.7890 per pound, up $0.0260 from the previous close.
The euro strengthened and regional bond yields edged higher after Bundesbank President Joachim Nagel said the European Central Bank must resist any temptation to cut interest rates early.
Nagel also said he was "skeptical" about the risk of a 'hard landing' for the euro zone economy caused by the monetary policy squeeze.
Elsewhere, Bank of England's chief economist Huw Pill told the Financial Times that it was too early to declare victory in the battle against high inflation.
The Commerce Department's report on personal income and spending may be in the spotlight next week, as it includes readings on inflation said to be preferred by the Federal Reserve.
The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, may also attract attention next week along with remarks by Fed Chair Jerome Powell.
Traders will be looking for additional clues about the outlook for interest rates, with optimism the Fed is done raising rates contributing to recent strength on Wall Street.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2221848/
Friday, 24 November 2023
*New Zealand Q3 Retail Sales Flat On Quarter Vs. -0.9% In Q2, Consensus -0.8%
New Zealand Q3 Retail Sales Flat On Quarter Vs. -0.9% In Q2, Consensus -0.8%
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2221801/