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/

Nasdaq 100, Gold Price Forecast: Has the Fed Greenlighted a Santa Claus Rally?

This article examines the technical outlook for gold and the Nasdaq 100, analyzing key price levels that, if breached, could precipitate outsize directional moves. Via DailyFX - Market News https://www.dailyfx.com

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/

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/

*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

JPY prices have managed to begin the week on the front foot as elevated Japanese inflation stokes hawkish bets. Via DailyFX - Market News https://www.dailyfx.com

*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/

Market Week Ahead: Gold Tests $2k, GBP/USD, EUR/USD Pop, USD Sags

A holiday shortened week saw the US dollar slide, prompting a small rally in gold, while Sterling flexed its muscles after a robust PMI release. Via DailyFX - Market News https://www.dailyfx.com

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/

*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/

US Dollar Price Action Setups: DXY, EUR/USD, GBP/USD

Breaking down USD pairs for potential setups heading into the weekend. Will we get a return of liquidity and an explosive end to the week? Via DailyFX - Market News https://www.dailyfx.com

Australian Dollar Price Action Setups: AUD/USD, GBP/AUD

RBA Minutes keep the Aussie Dollar supported. Technical outlook and potential setups for both AUDUSD and GBPAUD. Via DailyFX - Market News https://www.dailyfx.com

Gold Futures Settle Lower As Dollar Climbs Up

Gold prices fell on Wednesday as the dollar surged higher and bond yields rebounded from early losses.

The dollar stayed firm after the Federal Open Market Committee meeting minutes largely reaffirmed the U.S. central bank's more cautious stance on interest rates.

Minutes from the Fed's last rate-setting meeting showed officials expect to keep interest rates at a restrictive level for "sometime" and raise interest rates if progress in controlling inflation faltered.

The dollar index rose to 104.21, gaining for a second straight session, after posting some losses late last week and earlier this week. The index pared some gains subsequently, but remains firm at 103.95, up nearly 0.4% from the previous close.

The yield on the benchmark ten-year note climbed into positive territory after hitting a two-month low.

Gold futures for December ended lower by $8.80 at $1,992.80 an ounce.

Silver futures for December ended down $0.181 at $23.688 an ounce, while Copper futures for December settled at $3.7630 per pound, losing $0.0495.

In U.S. economic news today, the Labor Department released a report showing first-time claims for unemployment benefits fell to 209,000 in the week ended November 18th, a decrease of 24,000 from the previous week's revised level of 233,000.

Economists had expected jobless claims to dip to 225,000 from the 231,000 originally reported for the previous week.

A separate report released by the Commerce Department showed new orders for U.S. manufactured durable goods pulled back by much more than expected in the month of October, plunging by 5.4%, after surging by 4.6% in September. Economists had expected durable goods orders to tumble by 3.1%.

The sharp pullback in durable goods orders came as orders for transportation equipment plummeted by 14.8% in October after spiking by 11.6% in September.

The University of Michigan also released revised data showing consumer sentiment in the U.S. deteriorated by less than previously estimated in the month of November

The University of Michigan said its consumer sentiment index for November was upwardly revised to 61.3 from a preliminary reading of 60.4. The upwardly revised reading is well above economist estimates for 60.5 but is still down from 63.8 in October.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221742/

Dollar Recovers From Recent Losses, Posts Gains Again Major Rivals

The U.S. dollar firmed against its major counterparts on Tuesday, after the minutes from the Federal Reserve's latest monetary policy meeting signaled interest rates will remain at a restrictive level for now.

The minutes of the October 31-November 1 meeting said participants agreed policy should remain restrictive until inflation is clearly moving down sustainably toward the Fed's 2% objective.

Following the recent series of interest rate hikes, participants also agreed to proceed carefully and take a data-dependent approach to future policy decisions.

"Participants noted that further tightening of monetary policy would be appropriate if incoming information indicated that progress toward the Committee's inflation objective was insufficient," the Fed said.

The Fed also said participants expect data arriving in coming months to help clarify the extent to which the disinflation process was continuing.

On the economic front, the National Association of Realtors released a report showing existing home sales in the U.S. tumbled by much more than expected in the month of October

NAR said existing home sales plummeted by 4.1% to an annual rate of 3.79 million in October after plunging by 2.2% to a revised rate of 3.95 million in September.

Economists had expected existing home sales to slump by 1.5% to a rate of 3.90 million from the 3.96 million originally reported for the previous month.

The dollar index, which climbed to 103.71 a few minutes before the Fed released the minutes of its latest policy meeting, dropped a bit to 103.58, but still remained above the flat line, gaining about 0.14%.

Against the Euro, the dollar firmed to 1.0914. Against Pound Sterling, the dollar was weak at 1.2538, giving up about 0.25%.

The dollar was little changed against the Japanese currency at 148.39 yen. Against the Aussie, the dollar is trading at 0.6557, and against Swiss franc, it is weak at CHF 0.8838.

The Loonie has strengthened against the dollar to C$ 1.3700, recovering from early weakness.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221682/

Oil Futures Settle Slightly Lower Ahead Of Inventory Data

Crude oil futures settled slightly down on Tuesday, after posting gains in the previous two sessions.

Traders are awaiting the upcoming meeting of the OPEC+, scheduled to take place on Sunday (November 26).

The group, which has already pledged total oil output cuts of 5.16 million barrels per day, is widely expected to extend its production cuts.

West Texas Intermediate Crude oil futures for January ended down $0.06 at $77.77 a barrel.

Traders now await weekly crude oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API report is due later today, while the EIA is scheduled to release its inventory data Wednesday morning.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221681/

Treasuries Close Nearly Unchanged Following Med Minutes

After turning higher over the course of the previous sessions, treasuries showed a lack of direction during trading on Tuesday.

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, slipped less than a basis point to 4.418 percent.

Despite the choppy trading on the day, the ten-year yield still edged down to its lowest closing level in two months.

The lackluster performance on the day came as traders seemed reluctant to make significant moves ahead of the release of the minutes of the latest Federal Reserve meeting.

However, treasuries continue to lack direction even after the release of the minutes, which said Fed officials expect to keep interest rates at a restrictive level for "some time."

The minutes of the October 31-November 1 meeting said participants agreed policy should remain restrictive until inflation is clearly moving down sustainably toward the Fed's 2 percent objective.

Following the recent series of interest rate hikes, participants also agreed to proceed carefully and take a data-dependent approach to future policy decisions.

"Participants noted that further tightening of monetary policy would be appropriate if incoming information indicated that progress toward the Committee's inflation objective was insufficient," the Fed said.

The Fed also said participants expect data arriving in coming months to help clarify the extent to which the disinflation process was continuing.

On the U.S. economic front, the National Association of Realtors released a report showing existing home sales in the U.S. tumbled by much more than expected in the month of October

NAR said existing home sales plummeted by 4.1 percent to an annual rate of 3.79 million in October after plunging by 2.2 percent to a revised rate of 3.95 million in September.

Economists had expected existing home sales to slump by 1.5 percent to a rate of 3.90 million from the 3.96 million originally reported for the previous month.

With the much steeper than expected drop, existing home sales fell to their lowest level since August 2010.

Trading on Wednesday may be impacted by reaction to the latest U.S. economic news, including reports on durable goods orders and weekly jobless claims.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221680/

RBA Minutes On Tap For Tuesday

The Reserve Bank of Australia will on Tuesday release the minutes from its Nov. 7 monetary policy meeting, highlighting a light day for Asia-Pacific economic activity.

At the meeting, the RBA raised its benchmark rate by 25 basis points to 4.35 percent. The bank also increased the interest rate paid on Exchange Settlement balances by 25 basis points to 4.25 percent. The bank had held interest rates steady since June following an increase of 4 percentage points since May last year.

New Zealand will provide October results for imports, exports and trade balance. In September, imports were worth NZ$7.20 billion and exports were at NZ$4.87 billion for a trade deficit of NZ$2.329 billion.

Hong Kong will see October data for consumer prices; in September, overall inflation was up 0.4 percent on month and 2.0 percent on year.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221617/

Gold Futures Settle Lower, But Dollar's Weakness Limits Downside

Gold futures settled lower on Monday, giving up some of the gains recorded last week, as traders awaited fresh data, and the minutes from the Federal Reserve's latest policy meeting for more clarity on the central bank's interest-rate path.

Investors chose riskier assets as sentiment improved following a pledge by Chinese officials to roll out more stimulus measures for the country's beleaguered property sector

The dollar's weakness helped limit the yellow metal's downside.

The dollar index drifted down to 103.38, losing nearly 0.5%, amid speculation the Fed will refrain from raising interest rates over the next several months and then start reducing rates.

Gold futures for December ended down $4.40 at $1,980.30 an ounce.

Silver futures for December ended lower by $0.238 at $23.614 an ounce, while Copper futures for December settled at $3.8140 per pound, gaining $0.0755.

China's central bank kept its loan prime rate near record lows, as widely expected, and also added liquidity into markets via reverse repos.

In another development, China's central bank and financial regulators pledged on Friday to ensure financing support for the beleaguered real estate sector.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221614/

*Australian Dollar Rises To Near 4-month High Of 0.8970 Against Canadian Dollar

Australian Dollar Rises To Near 4-month High Of 0.8970 Against Canadian Dollar

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221558/

​​​FTSE 100, DAX 40 and Nasdaq 100 Pause after Three Weeks of Strong Gains​​​

​​Outlook on FTSE 100, DAX 40 and Nasdaq 100 as earnings season draws to a close. Via DailyFX - Market News https://www.dailyfx.com

AUD/USD Price Forecast: Positive Start for Aussie Dollar

AUD prices are up almost 0.70% against the USD after China kept LPR on hold alongside a weaker greenback. Via DailyFX - Market News https://www.dailyfx.com

Markets Week Ahead: Gold, EUR/USD, Nasdaq 100 Soar as US Yields Sink, Oil Tanks

Few high-impact events are expected in the coming days, with a shorter trading week in the U.S. due to the Thanksgiving holiday. This could lead to some consolidation of the most recent market moves. Via DailyFX - Market News https://www.dailyfx.com

Dollar Stays Weak Against Major Counterparts

The U.S. dollar turned in another weak performance, losing ground against most of its major counterparts on Friday, amid speculation the Federal Reserve will likely ease its monetary policy by the middle of next year.

A drop in bond yields weighed as well on the dollar.

Recent data showing tamer than expected inflation, an increase in jobless claims, a drop in retail sales, and a bigger than expected decline in industrial production, have raised expectations the Fed may start cutting rates sooner than expected next year.

In U.S. economic news today, a report from the Commerce Department said housing starts in the U.S. jumped by 1.9% to an annual rate of 1.372 million in October after surging by 3.1% to a downwardly revised rate of 1.346 million in September.

Economists had expected housing starts to dip to a rate of 1.350 million from the 1.358 million originally reported for the previous month.

The Commerce Department said building permits also shot up by 1.1% to an annual rate of 1.487 million in October after plunging by 4.5% to a revised rate of 1.471 million in September.

Building permits, an indicator of future housing demand, were expected to decrease to a rate of 1.450 million from the 1.475 million originally reported for the previous month.

The dollar index has dropped to 103.85, giving up nearly 0.5%.

Against the Euro, the dollar has weakened to 1.0912 after having firmed to 1.0825 in the Asian session. The dollar is down against Pound Sterling at 1.2466.

Against the Japanese currency, the dollar is trading at 149.65 yen, easing from 150.73 yen. The dollar is weak against the Aussie at 0.6515, easing from 0.6472. The Swiss franc has firmed to 0.8859 a dollar from 0.8886, while the Loonie has strengthened to C$ 1.3717 thanks to the sharp uptick in oil prices.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221549/

JPY Weekly Forecast: Cautious Ueda Leaves Yen Exposed

USD/JPY continues to hover around the 150 mark ahead of Japanese CPI next week. Via DailyFX - Market News https://www.dailyfx.com

Oil Futures End Session On Firm Note, But Post Sharp Weekly Loss

Crude oil futures ended sharply higher on Friday, but the most active futures contract still posted its fourth straight weekly loss amid concerns about the outlook for near term energy demand.

West Texas Intermediate Crude oil futures for December ended higher by $2.99 or about 4.1% at $75.89 a barrel. WTI crude futures shed about 4% in the week.

Brent crude futures surged nearly 4% to 80.47 a barrel.

Crude oil saw some weak spells this week due to a sharp rise in U.S. crude stockpiles over the last couple of weeks, and concerns about the outlook for energy demand due to weak economic data from the U.S., Europe and Asia.

Meanwhile, a report released by Baker Hughes this afternoon showed the rig count in the U.S. rose by 6 to 500 this week.

The focus now is on the OPEC meeting, scheduled to take place on November 26. Traders are waiting to see if Saudi Arabia and Russia will consider rolling over their voluntary supply cuts into 2024.

Some reports indicate OPEC+ may deepen its production cuts to provide additional support to the market.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221548/

Treasuries Finish Choppy Trading Session Roughly Flat

Treasuries showed a lack of direction throughout the trading session on Friday before eventually ending the day roughly flat.

Bond prices spent the day bouncing back and forth across the unchanged. The yield on the benchmark ten-year note, which moves opposite of its price, closed down less than a basis point at 4.441 percent.

After seeing initial strength, treasuries gave back ground following the release of a Commerce Department report showing unexpected increases in U.S. housing starts and building permits in the month of October.

The report said housing starts jumped by 1.9 percent to an annual rate of 1.372 million in October after surging by 3.1 percent to a downwardly revised rate of 1.346 million in September.

Economists had expected housing starts to dip to a rate of 1.350 million from the 1.358 million originally reported for the previous month.

The Commerce Department said building permits also shot up by 1.1 percent to an annual rate of 1.487 million in October after plunging by 4.5 percent to a revised rate of 1.471 million in September.

Building permits, an indicator of future housing demand, were expected to decrease to a rate of 1.450 million from the 1.475 million originally reported for the previous month.

Selling pressure remained subdued, however, as traders remain optimism about the outlook for interest rates following recent data showing signs of easing inflation.

The data has reinforced investors' expectations that the Federal Reserve will refrain from raising interest rates over the next several months before cutting rates in mid-2024.

The Fed's next monetary policy meeting is scheduled for December 12-13, with CME Group's FedWatch Tool currently indicating a 100.0 percent chance the central bank will leave rates unchanged.

However, some economists have suggested Fed officials will maintain a somewhat hawkish tone to avoid the appearance of declaring victory over inflation too soon.

Next week's trading may remain subdued due to the Thanksgiving Day holiday on Thursday, although reports on durable goods orders, existing home sales and weekly jobless claims may still attract attention along with the minutes of the latest Fed meeting.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221547/

*New Zealand Producer Price Inputs +1.2% On Quarter In Q3; Outputs +0.8%

New Zealand Producer Price Inputs +1.2% On Quarter In Q3; Outputs +0.8%

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221488/

US Dollar Outlook Shaky as Yields Tank, Setups on EUR/USD, GBP/USD, AUD/USD

This article explores the technical outlook for EUR/USD, GBP/USD and AUD/USD, focusing on price action dynamics and key levels in play Via DailyFX - Market News https://www.dailyfx.com

Treasuries Move Back To The Upside Following Latest Data

Following the sharp pullback seen in the previous session, treasuries showed a strong move back to the upside during trading on Thursday.

Bond prices moved notably higher in early trading and remained firmly positive throughout the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 9.0 basis points to 4.445 percent.

The ten-year yield largely offset the 9.4 basis point jump seen on Wednesday, closing just above Tuesday's nearly two-month closing low.

The rebound by treasuries came as the latest batch of U.S. economic data added to recent optimism about the outlook for interest rates.

The Labor Department released a report showing U.S. import and export prices both fell by more than expected in the month of October, capping off an encouraging week of inflation data.

The report said import prices slid by 0.8 percent in October after climbing by an upwardly revised 0.4 percent in September.

Economists had expected import prices to decrease by 0.3 percent compared to the 0.1 percent uptick originally reported for the previous month.

Meanwhile, the Labor Department said export prices slumped by 1.1 percent in October after rising by a downwardly revised 0.5 percent in September.

Export prices were expected to decline by 0.5 percent compared to the 0.7 percent increase originally reported for the previous month.

A separate Labor Department report showing initial jobless claims climbed by much more than expected in the week ended November 11th.

The Labor Department said initial jobless claims rose to 231,000, an increase of 13,000 from the previous week's revised level of 218,000.

Economists had expected jobless claims to inch up to 220,000 from the 217,000 originally reported for the previous week.

With the bigger than expected, jobless claims reached their highest level since hitting 232,000 in the week ended August 19th.

"The claims data are consistent with a job market that is cooling enough to keep rate hikes off the table, but too strong to make rate cuts a consideration any time soon," said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics.

She added, "The Fed is surely encouraged by recent inflation data but needs to see a further slowdown in the labor market and wage growth to be persuaded that inflation is on a sustainable path back to 2%."

The Federal Reserve also released a report showing industrial production fell by more than expected in October due in part to the strikes at several major motor vehicle manufacturers.

The U.S. economic calendar is relatively quiet on Friday, although a report on new residential construction may attract attention along with remarks by several Fed officials.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221485/

EUR/USD Hits Snag After Breakout, Nasdaq 100 Stalls, Oil Prices at Risk of Meltdown

This article focuses on the technical outlook for EUR/USD, the Nasdaq 100 and crude oil, taking into account sentiment analysis and recent price action dynamics. Via DailyFX - Market News https://www.dailyfx.com

Gold Futures Settle Weak As Dollar Rebounds

Gold futures failed to hold early gains and settled lower on Wednesday as the dollar climbed higher, rebounding from recent losses, and bond yields moved up a bit.

The dollar index surged to 104.51 before paring some gains, but still remained firm at 104.40, up from the previous close of 104.05.

Gold futures for December ended down $2.20 at $1,964.30 an ounce, coming off the day's high of $1,979.20.

Silver futures for December ended higher by $0.406 at $23.538 an ounce, while Copper futures for December settled at $3.7360 per pound, gaining $0.0335.

Tamer-than-expected U.S. consumer price inflation data, and a sharp drop in UK inflation, and lower inflation numbers from Germany and France helped limit gold's downside.

Data released by the Labor Department this morning showed an unexpected decrease in U.S. producer prices in the month of October.

The Labor Department said its producer price index fell by 0.5% in October after rising by a revised 0.4% in September. Producer prices were expected to inch up by 0.1% compared to the 0.5% increase originally reported for the previous month.

The report also said the annual rate of producer price growth slowed to 1.3% in October from 2.2% in September. Economists had expected the pace of price growth to slow to 1.9%.

Following yesterday's tamer than expected consumer price inflation data, the latest report has reinforced expectations that the Federal Reserve is done raising interest rates.

Meanwhile, a report released by the Commerce Department showed retail sales in the U.S. edged slightly lower in the month of October, dropping by 0.1% in the month, after jumping by an upwardly revised 0.9% in September.

Economists had expected retail sales to dip by 0.3% compared to the 0.7% increase originally reported for the previous month.

Excluding a decrease in sales by motor vehicle and parts dealers, retail sales inched up by 0.1% in October after climbing by 0.8% in September. Ex-auto sales were expected to come in unchanged.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221422/

Dollar Loses Ground After Tamer Than Expected Inflation Data

The U.S. dollar suffered one of its steepest slides in several months on Tuesday after data showing a bigger than expected drop in the nation's inflation raised hopes the Federal Reserve will keep interest rate unchanged in coming months.

U.S. treasury yields dropped following the inflation data, with the two-year yield falling to less than 4.85%.

Data from the Labor Department showed that inflation slowed to 3.2% in October from 3.7% in September. Economists had expected the pace of growth to decelerate to 3.3%.

Core consumer prices were up by 4% compared to the same month a year ago. The core CPI was expected to come in unchanged from 4.1% in the previous month.

On a monthly basis, the CPI was flat in October after climbing by 0.4% in September. Economists had expected consumer prices to inch up by 0.1%.

Excluding food and energy prices, core consumer prices edged up by 0.2% in October after rising by 0.3% in September. Core prices were expected to rise by another 0.3%.

With inflation cooling, markets now price in a 94.8% probability that the Fed will leave interest rates unchanged at its meeting in December.

The dollar index dropped to 103.99 and recovered slightly to 104.09, still down nearly 1.5% from the previous close.

Against the Euro, the dollar weakened to 1.0878 from 1.0698. The dollar is down sharply against Pound Sterling at 1.2499.

Against the Japanese currency, the dollar has eased to 150.38 yen a unit. The dollar is trading at 0.6507 against the Aussie, giving up more than 2%.

The dollar has dropped against Swiss franc at CHF 0.8891 from CHF 0.9017, and against the Loonie, it has declined to C$ 1.3691 from C$1.3808.

The Labor Department is scheduled to release a separate report on producer price inflation in the month of October on Wednesday.

Economists expect producer prices to inch up by 0.1% in October after climbing by 0.5% in September, while the annual rate of growth is expected to slow to 1.9% from 2.2%.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221322/

Treasuries Skyrocket Following Tamer Than Expected Inflation Data

After closing roughly flat for two consecutive sessions, treasuries showed a substantial move to the upside during trading on Tuesday.

Bond prices skyrocketed early in the trading day and remained sharply higher throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, plunged 19.1 basis points to 4.441 percent.

With the steep drop on the day, the ten-year yield tumbled to its lowest closing level in almost two months.

The surge by treasuries came following the release of the Labor Department's highly anticipated report on consumer price inflation in the month of October.

The Labor Department said its consumer price index was unchanged in October after climbing by 0.4 percent in September. Economists had expected consumer prices to inch up by 0.1 percent.

Excluding food and energy prices, core consumer prices edged up by 0.2 percent in October after rising by 0.3 percent in September. Core prices were expected to rise by another 0.3 percent.

The report also said the annual rate of consumer price growth slowed to 3.2 percent in October from 3.7 percent in September. Economists had expected the pace of growth to decelerate to 3.3 percent.

Core consumer prices were up by 4.0 percent compared to the same month a year ago, reflecting the smallest year-over-year increase since September 2021.

The annual rate of core consumer price growth was expected to come in unchanged from 4.1 percent in the previous month.

Michael Pearce, Lead U.S. Economist at Oxford Economics, said the slowdown in core price growth should "give Fed officials more confidence that inflation is on a firm downward trajectory, staying its hand for rate hikes."

Economic data is likely to remain in focus on Wednesday, with traders likely to keep a close eye on reports on retail sales, producer prices and New York manufacturing.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221321/

Oil Futures Fail To Hold Gains, Settle Flat Ahead Of Inventory Data

Crude oil futures failed to hold gains and settled flat on Tuesday, as traders reacted to a report from the International Energy Agency (IEA) that oil markets won't be as tight as expected this quarter.

Weak euro area GDP data and lingering concerns about global economic slowdown weighed on oil prices.

West Texas Intermediate Crude oil futures for December settled at $78.26 a barrel, unchanged from the previous close.

WTI crude futures climbed to $79.77 a barrel around mid morning after the dollar tumbled as soft inflation data helped ease concerns about the outlook for interest rates.

Brent crude futures were down $0.02 at $82.50 a barrel a little while ago.

The IEA said in its latest monthly report that that it anticipates a supply shortfall during the fourth quarter. But it will be roughly 30% smaller than previously projected, at about 900,000 barrels a day.

"World oil demand continues to exceed expectations. Yet world oil supply growth is also exceeding expectations as production growth in the U.S. and Brazil has been outperforming forecasts," the report said.

Traders now await weekly crude inventory data from U.S. Energy Information Administration (EIA). The agency will release data for the weeks ended November 3 and November 10, on Wednesday. The data is delayed due to a systems upgrade.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221320/

Treasuries Close Roughly Flat For Second Consecutive Session

Treasuries came under pressure in early in the session on Monday but regained ground over the course of the trading day.

Bond prices climbed well off their early lows, closing roughly flat for the second consecutive session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 4.632 percent after reaching a high of 4.696 percent..

The early weakness among treasuries came in reaction to news credit rating agency Moody's has lowered its outlook for the U.S.' credit rating to negative from stable amid concerns about a possible government shutdown.

Moody's reaffirmed the U.S. credit rating at Aaa but said it "expects that the U.S.' fiscal deficits will remain very large, significantly weakening debt affordability."

The selling pressure was partly offset by a report from the New York Federal Reserve showing a modest decrease in consumer inflation expectations.

The New York Fed said inflation expectations declined at the one-year and five-year ahead horizons in October, falling to 3.6 percent from 3.7 percent and to 2.7 percent from 2.8 percent, respectively.

Overall trading activity remained somewhat subdued, however, as traders looked ahead to the release of key inflation data in the coming days.

The inflation data could have a significant impact on the outlook for interest rates, with traders recently expressing optimism the Federal Reserve is done raising rates.

Trading on Tuesday is likely to be driven by reaction to the Labor Department's report on consumer price inflation in the month of October.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221246/

*Japan Producer Prices -0.4% On Month, +0.8% On Year In October

Japan Producer Prices -0.4% On Month, +0.8% On Year In October

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221186/

Japan Producer Price Data Due On Monday

Japan will on Monday release October figures for producer prices, highlighting a light day for Asia-Pacific economic activity.

In September, producer prices were down 0.3 percent on month and up 2.0 percent on year.

Japan also will see September figures for machine tool orders; in August, orders were down 11.2 percent on year.

Finally, the markets in Malaysia and Singapore are closed on Monday for Deepavali and will re-open on Tuesday.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221185/

*New Zealand Performance Of Services Index 48.9 In October - BusinessNZ

New Zealand Performance Of Services Index 48.9 In October - BusinessNZ

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221183/

Market Week Ahead: Gold Slides, Markets Turn Risk-On, GBP/USD, EUR/USD, Cryptos Jump

A strong end to the week with risk markets popping higher going into the weekend. The VIX ‘fear gauge’ fell by over 7% on Friday and is back testing lows last see in mid-September. Via DailyFX - Market News https://www.dailyfx.com

EUR/USD Weekly Forecast: Stern Powell Keeps Pressure on Euro

EUR/USD prices enter the week facing multiple economic data reports including US and euro area CPI. Via DailyFX - Market News https://www.dailyfx.com

Oil Futures End Session On Firm Note, But Shed More Than 4% In Week

Crude oil prices rose sharply on Friday, but the most active oil futures contract still suffered a third weekly loss as disruptions threat continued to fade.

Worries about the impact of higher borrowing costs on economic growth and uncertainty about the outlook for energy demand contributed to oil's downside in recent sessions.

West Texas Intermediate Crude oil futures for December ended up $1.43 or about 1.9% at $77.17 a barrel. WTI crude futures shed more than 4% in the week.

Brent crude futures were up $1.52 or about 1.9% at $81.53 a barrel a little while ago.

Brent crude futures posted a weekly loss of 3.8%, recording a third weekly decline.

Israeli Prime Minister Benjamin Netanyahu said on Thursday his country does not seek to conquer, occupy or govern Gaza after its war against Hamas but a civilian government would need to take shape in Gaza and Israel would make sure an attack like Oct. 7 does not happen again.

Meanwhile, Saudi Arabia's minister of investment, Khalid al-Falih, reassured that the Gulf country has no plans to use oil production as leverage in the Gaza conflict.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221182/

Treasuries Close Roughly Flat After Seeing Early Strength

After failing to sustain an early move to the upside, treasuries gave back ground over the course of the trading session on Friday.

Bond prices pulled back well off their early highs, ending the day roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 4.628 percent.

The early strength among treasuries came on the heels of the steep drop seen in afternoon trading on Thursday, which followed a disappointing thirty-year bond auction and hawkish remarks by Federal Reserve Chair Jerome Powell.

Powell said the Fed is not yet confident rates are at a sufficiently restrictive level to bring inflation down to 2 percent and warned the central bank would not hesitate to resume raising rates.

Despite Powell's comments, CME Group's FedWatch Tool currently still suggests the Fed is likely to leave interest rates over the next several months before cutting rates in mid-2024.

However, treasuries gave back ground after the University of Michigan released a report showing a bigger than expected drop in consumer sentiment and an increase in inflation expectations.

The University of Michigan said its consumer sentiment index slid to 60.4 in November from 63.8 in October. Economists had expected the index to edge down to 63.7.

The consumer sentiment index decreased for the fourth consecutive month, falling to its lowest level since hitting 59.0 in May.

The report also said year-ahead inflation expectations rose to 4.4 percent in November from 4.2 percent in October, reaching the highest level since hitting 4.7 percent in April.

Long-run inflation expectations also increased from 3.0 percent in October to 3.2 percent in November, marking the highest reading since 2011.

Inflation data will be in the spotlight next week, with reports on consumer and producer prices likely to be in focus as traders look for additional clues about the outlook for interest rates.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221181/

*Powell Appears On Policy Panel At 24th Jacques Polak Annual Research Conference

Powell Appears On Policy Panel At 24th Jacques Polak Annual Research Conference

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221104/

Oil Futures Settle Sharply Lower For 2nd Straight Day

Crude oil prices fell sharply on Wednesday, sliding for a second straight session, amid rising concerns about the outlook for energy demand. Data showing a sharp jump in crude oil stocks in the U.S. weighed as well on oil prices.

Oil prices were also hurt by a firm dollar. The dollar rose against several major currencies today amid uncertainty about the outlook for Federal Reserve's interest-rate path. The greenback's subsequent retreat from the day's highs helped limit oil's downside.

A report from the American Petroleum Institute late Tuesday showed crude oil stockpiles increased by nearly 12 million barrels in the week ended November 3rd.

Oil inventory data from Energy Information Administration (EIA) will be out only next week, the Agency announced on Tuesday. EIA said the data will be delayed to enable completion of a planned systems upgrade.

The EIA said crude production in the U.S. will rise this year by slightly less than previously expected but petroleum consumption will fall by 300,000 barrels per day. The agency had earlier forecast an increase of 100,000 barrels per day.

West Texas Intermediate Crude oil futures for December ended down $2.04 or about 2.6% at $75.33 a barrel, the lowest settlement since mid-July.

Brent crude futures settled at $79.54 a barrel, down $2.07 or about 2.54%.

"Oil prices have hit their lowest levels since July today as weaker economic expectations continue to weigh. Trade data from China on Tuesday further soured the mood and contributed to yesterday's sharp falls. The focus is clearly shifting from undersupply to weak demand and central banks insisting that rates must remain high could further exacerbate that," says Craig Erlam, Senior Market Analyst at OANDA, UK & EMEA.

Fed Governor Christopher Waller said in a speech on Tuesday that Q3 U.S. GDP growth was a "blowout" performance that warrants a very close eye when thinking about policy going forward.

Fellow Governor Michelle Bowman said that the economy is gaining speed and requires a higher Fed policy rate.

Both Federal Reserve Bank of Minneapolis President Neel Kashkari and Chicago Fed President Austan Goolsbee also refused to rule out rate cuts, citing sticky inflation and resilience in the U.S. economy.

The dollar pared gains as Federal Reserve's Chair Jerome Powell's much awaited speech did not provide any clues about the central bank's interest-rate path.

Powell refrained from specifically addressing monetary policy and focused his remarks on praise for the work done by the Fed's Division of Research and Statistics.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221042/

Treasuries See Further Upside Following Ten-Year Note Auction

After ending the previous session sharply higher, treasuries saw further upside over the course of the trading day on Wednesday.

Bond prices showed a lack of direction early in the session but managed to finish the day firmly positive. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell 4.8 basis points to 4.523 percent.

With the continued decrease on the day, the ten-year yield ended the session at its lowest closing level in well over a month.

Treasuries reached new highs for the session after the Treasury Department revealed this month's auction of $40 billion worth of ten-year notes attracted average demand.

The ten-year note auction drew a high yield of 4.519 percent and a bid-to-cover ratio of 2.45, while the ten previous ten-year note auctions had an average bid-to-cover ratio of 2.48.

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 $48 billion worth of three-year notes attracted modestly below average demand.

The Treasury is due to announce the results of this month's auction of $24 billion worth of thirty-year bonds on Thursday.

Treasuries continued to benefit from optimism about the outlook for interest rates even though Federal Reserve Chair Jerome Powell refrained from specifically addressing monetary policy during a speech this morning.

Powell is also scheduled to participate in a policy panel discussion before the 24th Jacques Polak Annual Research Conference on Thursday.

The Fed chief's remarks on Thursday may attract more attention, while traders are also likely to keep an eye on a report on weekly jobless claims.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221041/

Gold Futures Settle Lower On Higher Bond Yields, Steady Dollar

Higher bond yields and a fairly solid dollar weighed on the yellow metal's safe-haven appeal on Wednesday. Uncertainty about the outlook for Federal Reserve's interest-rate path weighed as well on gold.

The dollar climbed higher in the Asian session, lifted by somewhat hawkish comments from a few Fed officials. Fed Governor Christopher Waller said in a speech on Tuesday that Q3 U.S. GDP growth was a "blowout" performance that warrants a very close eye when thinking about policy going forward.

Fellow Governor Michelle Bowman said that the economy is gaining speed and requires a higher Fed policy rate.

Both Federal Reserve Bank of Minneapolis President Neel Kashkari and Chicago Fed President Austan Goolsbee also refused to rule out rate cuts, citing sticky inflation and resilience in the U.S. economy.

However, the dollar pared gains later on as Federal Reserve's Chair Jerome Powell's much awaited speech did not provide any clues about the central bank's interest-rate path. Powell refrained from specifically addressing monetary policy and focused his remarks on praise for the work by the Fed's Division of Research and Statistics.

The dollar index, which surged to 105.87 in early New York session, dropped to 105.45 around noon, recording a marginal loss.

Gold futures for December ended lower by $15.70 at $1,957.80 an ounce.

Silver futures for December ended up $0.139 at $22.728 an ounce, while Copper futures for December settled at $3.6380 per pound, down $0.0410 from the previous close.

"The yellow metal is struggling against a rebound in shorter-term US yields following sharp falls last week. In the absence of new data, we may simply be seeing a correction as policymakers continue to push back," says Craig Erlam, Senior Market Analyst at OANDA, UK & EMEA.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221040/

Canadian Dollar Falls As Oil Prices Drop

The Canadian dollar dropped against its most major counterparts in the New York session on Wednesday, amid weak commodity prices.

WTI crude oil fell below $76 a barrel on concerns over receding demand in the United States and China.

The U.S. Energy Information Administration revised down its petroleum consumption forecast for this year.

The EIA now expects total U.S. petroleum consumption to drop by 300,000 barrels per day, instead of its previous forecast of a 100,000 bpd increase.

On the economic front, data from Statistics Canada showed the total value of building permits in Canada fell sharply by 6.1% from a month earlier to $11.2 billion in September, reversing an upwardly revised 4.3% growth in the prior month.

The loonie touched 1.4790 against the euro, its lowest level since August 31. The currency may find support around the 1.50 level.

The loonie fell to 1.3814 against the greenback, hitting a 6-day low. If the loonie drops further, it may find support around the 1.41 area.

The loonie retraced its early gains against the yen and was trading at 109.32. This may be compared to its previous 5-day low of 109.14. The next possible support for the loonie is seen around the 106.00 level.

In contrast, the loonie was higher against the aussie, at 0.8848. On the upside, 0.86 is likely seen as the next resistance level.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2221039/

Dollar Rises Again As Traders Await Powell's Speech

The U.S. dollar firmed against its major counterparts on Tuesday, extending gains from the previous session, with investors awaiting Fed Chair Jerome Powell's speech later in the week for more clarity on interest rate outlook.

Dollar found support from Minneapolis Federal Reserve Bank President Neel Kashkari's comments that he's not convinced rate hikes are over.

Weak U.K., eurozone and Chinese data pushed up the demand for the safe-haven U.S. currency.

Fed Chair Powell is due to deliver opening remarks at the Division of Research and Statistics Centennial Conference on Wednesday and participate in a policy panel discussion before the 24th Jacques Polak Annual Research Conference on Thursday.

Traders are likely to pay close attention to Powell's remarks, looking for additional confirmation the Fed will leave interest rates unchanged for the foreseeable future.

In U.S. economic news today, a report released by the Commerce Department showed the U.S. trade deficit widened by more than expected in the month of September.

The report said the trade deficit increased to $61.5 billion in September from a revised $58.7 billion in August. Economists had expected the trade deficit to climb to $60.2 billion from the $58.3 billion originally reported for the previous month.

The dollar index surged to 105.78 around mid morning, and despite easing to 105.52, remains firm with a gain of about 0.3%.

Against the Euro, the dollar strengthened to 1.0700, and against Pound Sterling, it firmed to 1.2298, gaining from 1.2342.

The dollar climbed higher against the Japanese currency, fetching 150.42 yen a unit. Against the Aussie, the dollar strengthened to 0.6435. The dollar moved up marginally against Swiss franc to CHF 0.9000. Against the Loonie, the dollar rallied to C$1.3768 as oil prices fell sharply on worries about the outlook for energy demand.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220984/

Oil Futures Settle Sharply Lower As Demand Concerns Continue To Weigh

Crude oil prices tumbled on Tuesday as concerns about the outlook for fuel demand offset recent decisions by Russia and Saudi Arabia to extend their production cuts till the end of the year, and prospects of the two countries extending the cuts into 2024.

Data showing a bigger than expected drop in Chinese exports contributed to concerns about the outlook for energy demand from the world's second largest economy.

Weak economic data from U.K. and the eurozone weighed as well on oil prices. The dollar's surge hurt as well.

West Texas Intermediate Crude oil futures for December ended lower by $3.45 or about 4.3% at $77.37 a barrel, the lowest close in about three and a half months.

Brent crude futures dropped to $82.18 a barrel, giving up about $3.00 or 3.52%.

"Oil prices declined again on Tuesday, with Brent now erasing the moves that followed the Hamas attack on Israel. Traders will remain on high alert for signs of a wider conflict emerging in the region that could disrupt supplies but it seems those fears are subsiding," says Craig Erlam, Senior Market Analyst at OANDA, UK & EMEA.

"That we're seeing data that confirms economies are struggling under the pressure of high interest rates which are not expected to decline soon may also have contributed to oil reversing its gains," adds Erlam. "It's no surprise then that Saudi Arabia and Russia remain committed to their end-of-year cuts, it's just a question of whether they will be extended. That they haven't already perhaps suggests there's some reluctance too, which may also be weighing on prices a little."

Meanwhile, the U.S. Energy Information Administration (EIA) said that it will delay its scheduled data releases for November 8-10, 2023, to complete a planned systems upgrade. EIA will resume its regular publishing schedule on November 13.

EIA said it will publish two weeks of official statistics for the Weekly Petroleum Status Report (WPSR) on November 15 and the Weekly Natural Gas Storage Report (WNGSR) on November 16.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220983/

Treasuries Show Strong Move Back To The Upside

Following the sharp pullback seen in the previous session, treasuries showed a strong move back to the upside during trading on Tuesday.

Bond prices moved higher at the start of 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 9.1 basis points to 4.571 percent.

The ten-year yield largely offset the 10.4 basis point jump seen on Monday but remains above the one-month closing low set last Friday.

The rebound by treasuries came as traders remain optimistic about the outlook for interest rates ahead of speeches by Federal Reserve Chair Jerome Powell on Wednesday and Thursday.

Powell is due to deliver opening remarks at the Division of Research and Statistics Centennial Conference on Wednesday and participate in a policy panel discussion before the 24th Jacques Polak Annual Research Conference on Thursday.

Traders are likely to pay close attention to Powell's remarks, looking for additional confirmation the Fed will leave interest rates unchanged for the foreseeable future.

Treasuries saw further upside after the Treasury Department announced the results of this month's auction of $48 billion worth of three-year notes even though the sale attracted modestly below average demand.

The three-year note auction drew a high yield of 4.701 percent and a bid-to-cover ratio of 2.67, while the ten previous three-year note auctions had an average bid-to-cover ratio of 2.72.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

In U.S. economic news, a report released by the Commerce Department showed the U.S. trade deficit widened by more than expected in the month of September.

The Commerce Department said the trade deficit increased to $61.5 billion in September from a revised $58.7 billion in August.

Economists had expected the trade deficit to climb to $60.2 billion from the $58.3 billion originally reported for the previous month.

The wider than expected deficit came as the value of imports surged by 2.7 percent to $322.7 billion, while the value of exports jumped by 2.2 percent to $261.1 billion.

Powell's speech is likely to be in focus on Wednesday, while results of the Treasury Department's ten-year note auction may also attract attention.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220982/

*U.S. Consumer Credit Rose By $9.0 Billion In September

U.S. Consumer Credit Rose By $9.0 Billion In September

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220981/

Dollar Gains Against Major Counterparts

The U.S. dollar, which saw some weak spells last week, and dropped to a near 8-week low Monday morning, recovered some lost ground as the session progressed with traders looking ahead to speeches from Fed officials including Chair Jerome Powell.

Top officials from the Bank of England and the European Central Bank are also scheduled to speak at various forums during the week.

It is widely believed that the Fed may not hike interest rates any further. Futures markets currently imply an 86% chance the first policy easing would come as soon as June.

The dollar index, which dropped to 104.85 in the Asian session, rallied to 105.29 later on in the session, gaining about 0.26%.

Against the Euro, the dollar firmed to 1.0719 after having weakened to 1.0759 a unit of the European currency in the Asian session.

The dollar is up against Pound Sterling at 1.2344, strengthening from 1.2430. Against the Japanese currency, the dollar climbed to 150.05 yen, rising nearly 0.5%.

The dollar gained against the Aussie, strengthening to 0.6489, and against Swiss franc, was up marginally at CHF 0.8993. The loonie weakened to 1.3702 a dollar as oil prices dropped.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220887/

Gold Futures Settle Lower As Dollar, Bond Yields Rebound

Gold prices dropped on Monday as bond yields climbed up with traders tracking the developments in the Middle East, and awaiting the Federal Reserve Chair Jerome Powell's speech later this week for some more clarity on the interest rate front.

The dollar's recovery from lower levels weighed as well on the bullion. The dollar index, which slid to 104.85 in the Asian session and stayed weak till early New York session, climbed to 105.16 later on, recording a marginal gain.

Gold futures for December ended down $10.60 at $1,988.60 an ounce.

Silver futures for December ended lower by $0.051 at $23.234 an ounce, while Copper futures for December settled at $3.7190 per pound, gaining $0.0375.

Fed Chair Powell, top officials from the Bank of England and the European Central Bank are scheduled to make speeches during the course of this week at various forums.

The Fed is widely expected to hold interest rates at current levels, and a section of analysts expect the central bank to ease its policy stance sometime in the middle of 2024.

The ECB and the BoE are expected to announce reductions in interest rates in the middle of next year.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220884/

*Japan Oct Final Services PMI 51.6 Vs. 53.8 In Sep, Consensus 51.1 - Au Jibun Bank/S&P Global

Japan Oct Final Services PMI 51.6 Vs. 53.8 In Sep, Consensus 51.1 - Au Jibun Bank/S&P Global

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220821/

BoJ Minutes Due On Monday

The Bank of Japan will on Monday release the minutes from its Sept. 21 monetary policy meeting, highlighting a modest day for Asia-Pacific economic activity.

At the meeting, the BoJ maintained its ultra-loose monetary policy with a negative interest rate of 0.1 percent on current accounts that financial institutions maintain at the central bank. The bank also voted to keep the cap on the 10-year Japanese government bonds yield at around zero percent.

Japan also will see October results for its services PMI from Jibun Bank; in September, the index score was 53.8.

Australia will see September results for the indexes of commodity prices and job advertisements from ANZ Bank; in the previous month, they were up 1.3 percent and down 0.1 percent, respectively.

Indonesia will provide Q3 figures for gross domestic product, with forecasts suggesting an increase of 1.71 percent on quarter and 5.05 percent on year - easing from 3.86 percent on quarter and 5.17 percent on year in the three months prior.

Thailand will release October figures for consumer prices, with overall inflation called flat on an annual basis after rising 0.3 percent in September. Core CPI is expected to rise 0.59 percent on year, easing from 0.63 percent in the previous month.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220820/

Markets Week Ahead: Gold Muted, Nasdaq 100, EUR/USD, GBP/USD Rip as US Yields Sink

Several Fed officials will deliver speeches in the coming days, including Chairman Powell. Traders should pay attention to their comments for clues on the outlook for monetary policy and impact on markets. Via DailyFX - Market News https://www.dailyfx.com

Gold/Silver Weekly Forecast: Investors Capitalize on Weak NFPs

Gold & silver prices rallied last week leaving technical signal in favor of additional upside as markets prepare for several Fed speakers throughout the week. Via DailyFX - Market News https://www.dailyfx.com

U.S. Dollar Moves Sharply Lower Following Jobs Data

The value of the U.S. dollar has shown a significant move to the downside during trading on Friday, extending the sharp pullback seen on Thursday.

The U.S. dollar index has tumbled 1.03 points or 1.0 percent or 105.09, falling to its lowest levels in well over a month.

Currently, the greenback is trading at 149.39 yen versus the 150.45 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0728 compared to yesterday's $1.0622.

The steep drop by the value of the U.S. comes following the release of a Labor Department report showing U.S. employment rose by less than expected in the month of October.

The closely watched report said employment climbed by 150,000 jobs in October after jumping by a downwardly revised 297,000 jobs in September.

Economists had expected employment to increase by 180,000 jobs compared to the surge of 336,000 jobs originally reported for the previous month.

The Labor Department also said the unemployment rate crept up to 3.9 percent in October from 3.8 percent in September. The unemployment rate was expected to remain unchanged.

The data has added to optimism the Federal Reserve is done raising interest rates after the central bank left rates unchanged for the third time in four meetings earlier this week.

A separate report released by the Institute for Supply Management showed a bigger than expected slowdown in the pace of growth in U.S. service sector activity in the month of October.

The ISM said its services PMI fell to 51.8 in October from 53.6 in September, although a reading above 50 still indicates growth. Economists had expected the index to edge down to 53.0.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220819/

Weaker Than Expected Jobs Data Leads To Extended Rally By Treasuries

Treasuries moved sharply higher during trading on Friday, extending the strong upward move seen over the two previous sessions.

Bond prices gave back ground after an early rally but remained firmly in positive territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 11.1 basis points to 4.558 percent.

The ten-year yield extended the steep drop seen on Wednesday and Thursday, ending the session at its lowest closing level in over a month.

Treasuries continued to benefit from optimism the Federal Reserve is done raising interest rates after the Labor Department released a report showing U.S. employment rose by less than expected in the month of October.

The closely watched report said employment climbed by 150,000 jobs in October after jumping by a downwardly revised 297,000 jobs in September.

Economists had expected employment to increase by 180,000 jobs compared to the surge of 336,000 jobs originally reported for the previous month.

The Labor Department also said the unemployment rate crept up to 3.9 percent in October from 3.8 percent in September. The unemployment rate was expected to remain unchanged.

"Given that jobs growth is slowing and the unemployment rate is ticking up slightly, that is the kind of data that will keep the Fed on hold and both stock and bond prices should move higher (bond yields lower) in the absence of a more aggressive Fed," said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance.

A separate report released by the Institute for Supply Management showed a bigger than expected slowdown in the pace of growth in U.S. service sector activity in the month of October.

The ISM said its services PMI fell to 51.8 in October from 53.6 in September, although a reading above 50 still indicates growth. Economists had expected the index to edge down to 53.0.

The economic calendar is relatively quiet next week, although traders are likely to keep an eye on reports on initial jobless claims, the U.S. trade deficit and consumer sentiment along with remarks by Fed Chair Jerome Powell.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220818/

Crude Oil Pulls Back Sharply Amid Worries About Demand

The price of crude oil moved sharply lower over the course of the trading day on Friday, largely offsetting the surge seen in the previous session.

After jumping $2.02 or 2.5 percent to $82.46 a barrel on Thursday, crude for December delivery tumbled $1.95 or 2.4 percent to $80.51 a barrel.

The sharp pullback by the oil prices came following the release of a closely watched Labor Department report showing weaker than expected job growth in the month of October.

While the data added to optimism the Federal Reserve will refrain from future interest rate hikes, it also led to worries about the outlook for energy demand.

"WTI is now trading back at the level it was before Hamas attacked Israel, while Brent still has a little way to go," said Craig Erlam, senior market analyst at OANDA.

He added, "That will, to some extent, be due to the fact that it hasn't yet led to a more significant conflict in the Middle East - a hugely important region for oil output - as well as weaker economic prospects, as we've seen today."

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220817/

Australia Retail Sales Data Due On Friday

Australia will on Friday release September figures for retail sales, highlighting a modest day for Asia-Pacific economic activity.

Retail sales are expected to slip 0.3 percent on month after rising 0.2 percent in August. For the third quarter of 2023, sales are expected to slip 0.1 percent on quarter after falling 0.5 percent in the three months prior.

Singapore will provide September data for retail sales; in August, sales were up 1.7 percent on month and 4.0 percent on year.

China will see October results for the services PMI from Caixin; in September, the index score was 50.2. Australia (51.8) and Hong Kong (49.6) also will see PMI results.

Finally, the markets in Japan are closed on Friday for Culture Day and will reopen on Monday.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220748/

Dollar Loses Ground Against Major Rivals

The U.S. dollar lost ground against its major counterparts on Thursday as risk appetite increased on hopes the Federal Reserve is down with its rate hiking cycle.

Fed Chair Jerome Powell acknowledged on Wednesday that financial conditions faced by businesses and households had tightened substantially in recent months - raising hopes that the U.S. central bank may now be finished with the most aggressive tightening cycle in four decades.

The latest data too added to the optimism about rates. The Labor Department's report showed initial jobless claims in the U.S. crept up to 217,000 in the week ended October 28th, an increase of 5,000 from the previous week's revised level of 212,000.

A separate report from the Labor Department also showed an unexpected decrease in unit labor costs in the third quarter.

The Labor Department said unit labor costs fell by 0.8% in the third quarter after shooting up by a revised 3.2% in the second quarter.

Unit labor costs were expected to climb by 0.7% compared to the 2.2% increase that had been reported for the previous quarter.

Markets now await the Labor Department's data on employment in the month of October. Economists currently expected employment to increase by 180,000 jobs in October after surging by 336,000 jobs in September. The unemployment rate is expected to remain at 3.8%.

The dollar index, which dropped to 105.81 earlier in the session, is currently at 106.17, down 0.67% from the previous close.

Against the Euro, the dollar is weak at 1.0619, easing from 1.057-. Against the Japanese currency, the dollar is trading at 150.51 yen, down from 150.96 yen.

The dollar is down at 1.2203 against Pound Sterling after the Bank of England kept rates on hold but signaled it is too early to think about rate cuts.

Against the Aussie, the dollar is weak at 0.6428, after having settled at 0.6393 on Wednesday.

The Swiss franc is up at 0.9063 a dollar, while the Loonie is stronger at C$1.3746 a dollar, firming from C$1.3858 a dollar, as oil prices rose sharply.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220747/

Crude Oil Futures Snap 3-day Losing Streak, Settle Sharply Higher

After posting losses in the previous three session, crude oil futures climbed higher on Thursday as the dollar weakened on bets the Federal Reserve is done with its rate hiking cycle.

The dollar shed ground against most major currencies today. The dollar index, which dropped to 105.81, recovered to 106.13 later on in the session, but still remained well below the flat line, losing about 0.72%.

West Texas Intermediate Crude oil futures for December ended higher by $2.02 or about 2.5% at $82.46 a barrel.

Brent crude futures settled at $86.85 a barrel, gaining about 2.6%.

Oil was also supported by recent data showing just a small increase in crude stockpiles in the U.S. in the week ended October 27th.

"Crude prices are having a nice rally and it has nothing to do with the supply or demand outlook. Oil is benefiting from a weakening dollar that emerged after another soft round of labor data," says Edward Moya, Senior Market Analyst at OANDA.

"With geopolitical risks failing to trigger a significant escalation, the primary driver for crude is slowly shifting back to the demand outlook. Today's US labor data and BOE's growth outlook are hardly inspiring. WTI is looking vulnerable on a break below the $80 level given all the oil mergers that will ultimately lead to more production," Moya adds.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220746/

Treasuries Move Sharply Higher Amid Optimism About Interest Rates

Treasuries moved sharply higher during trading on Thursday, extending the strong upward move seen over the course of the previous session.

Bond prices gave back some ground after an early surge but remained firmly positive. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 12.0 basis points to 4.669 percent.

The ten-year yield added to the 8.6 basis point drop seen on Wednesday, falling to its lowest closing level in almost three weeks.

The extended rally by treasuries came as the latest economic data added to the optimism the Federal Reserve is done raising interest rates.

The Labor Department released a report showing an unexpected uptick in first-time claims for U.S. unemployment benefits in the week ended October 28th.

The report said initial jobless claims crept up to 217,000, an increase of 5,000 from the previous week's revised level of 212,000.

Economists had expected jobless claims to come in unchanged compared to the 210,000 originally reported for the previous week.

A separate report from the Labor Department also showed an unexpected decrease in unit labor costs in the third quarter.

The Labor Department said unit labor costs fell by 0.8 percent in the third quarter after shooting up by a revised 3.2 percent in the second quarter.

Unit labor costs were expected to climb by 0.7 percent compared to the 2.2 percent increase that had been reported for the previous quarter.

On Friday, the Labor Department is scheduled to release its closely watched report on employment in the month of October.

Economists currently expected employment to increase by 180,000 jobs in October after surging by 336,000 jobs in September. The unemployment rate is expected to remain at 3.8 percent.

The monthly jobs report is likely to be in the spotlight on Friday, as traders look for additional clues about the outlook for interest rates.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220745/

Dollar Fails To Hold Gains, Turns Mixed Against Major Counterparts

The U.S. dollar gained against its major counterparts on Wednesday after the Federal Reserve decided to keep interest rates unchanged, and the central bank's accompanying statement suggested additional rate hikes in an effort to return inflation to its 2% objective.

However, the currency shed gains and even turned weak against some of its rivals later on in the session as traders seem optimistic the recent cycle of rate increase is over.

"The Fed tried to deliver a hawkish hold but Wall Street is not believing additional tightening will happen this cycle," said Edward Moya, Senior Market Analyst at OANDA.

In economic releases, payroll processor ADP said private sector employment in the U.S. increased by less than expected in the month of October.

The report said private sector employment climbed by 113,000 jobs in October after rising by 89,000 jobs in September. Economists had expected employment to jump by 150,000 jobs.

A separate report released by the Institute for Supply Management showed manufacturing activity in the U.S. unexpectedly contracted at a faster rate in the month of October.

The ISM said its manufacturing PMI fell to 46.7 in October from 49.0 in September, with a reading below 50 indicating a contraction. Economists had expected the index to come in unchanged compared to the previous month.

The dollar index, which rose to 107.11, pared gains in the last one hour, and was at 106.68, up just marginally from the previous close. Against the Euro, the dollar firmed to around 1.0525 before paring gains. It is currently at 1.0572, up marginally from Tuesday's close. The dollar is up slightly against Pound Sterling at 1.2150, after having firmed to 1.2095 earlier in the session.

Against the Japanese currency, the dollar is weak at 150.89 yen. The dollar is up against the Aussie at 0.6391, and against Swiss franc, it is trading lower at CHF 0.9078. The Loonie is up marginally at 1.3862 a dollar.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220667/

Oil Futures Fail To Hold Gains, Settle Moderately Lower

Oil futures failed to hold early gains and settled lower on Wednesday, weighed down by concerns that higher borrowing costs will likely hurt growth and the outlook for fuel demand.

The Federal Reserve today decided to leave interest rates unchanged at 5.25 to 5.5%, in an effort to support its dual goals of maximum employment and inflation at a rate of 2% over the longer run.

West Texas Intermediate Crude oil futures for December ended down $$0.58 or about 0.7% at $80.44 a barrel.

Brent crude futures were down $0.19 or about 0.22% at $84.83 a barrel a little while ago.

Data from U.S. Energy Information Administration (EIA) showed crude inventory in the U.S. rose by 0.774 million barrels in the week ended October 27, less than an expected increase of 1.3 million barrels.

Gasoline stockpiles increased by 0.1 million barrels last week, as against forecasts for a drop of about 0.8 million barrels, while distillate stockpiles fell by 0.8 million barrels in the week, against expectations for a 1.5 million-barrel drop, the EIA data showed.

The Fed's accompanying statement was little changed from September, although the Fed did upgrade its assessment of U.S. economic activity.

The Fed said recent indicators suggest economic activity expanded at a "strong pace" in the third quarter after previously saying activity has been expanding at a "solid pace."

The latest statement also said, "Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation."

With regard to the outlook for rates, the statement suggests the Fed is still considering additional rate hikes in an effort to return inflation to its 2% objective.

The central bank said it will consider the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments in determining whether further increases may be appropriate.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2220666/