Market Overview - Page 66

US indices turned sharply higher at the start of last week and are still on the offensive, with the Nasdaq100 leading the rally. The pace of growth has slowed considerably, but it would be foolhardy to bet on a corrective.

The Australian dollar has lost over 1% since the start of the day on Tuesday as traders appeared unimpressed with the monetary authorities’ actions. The selling momentum hit AUDUSD following the decision to raise the key rate by 25 basis.

Gold came under pressure this week, losing around 1.4% and retreating to $1966. This drops below previous local lows, forming a short-term downtrend and fitting into a pattern of declines following local overbought conditions. Gold has been in strong demand.

Oil is trying to find a bottom. At the same time, political commentary and market sentiment are moving in the same direction, increasing the chances of a rebound. The price of a barrel of WTI has been falling in a.

Finally, US data came out so weak that the market could celebrate. The US labour market added 150k jobs in October after 297k (revised from 336k) and expected 180k. The unemployment rate unexpectedly rose from 3.8% to 3.9% despite the.

ADP estimates of the US labour market two days before the official release painted a relatively bleak picture. The private sector reportedly created 113K new jobs in October after 89K a month earlier. Analysts, on average, had forecast growth of.

The rate decision and the Fed’s comments promise to be the highlight in a week full of releases. The market is in no doubt that the pause in policy tightening is here to stay, with interest rate futures pricing in.

Gold broke through the $2000 mark in a decisive move at the end of last week. Corrective sentiment has intensified near this psychologically important level as some speculators rush to take profits from the roughly $200 rally from the $1810.

German inflation is cooling more than expected. According to preliminary estimates for October, price growth slowed to 3.8% y/y – the lowest in more than two years – and well below the expected 4.0%. Harmonised (adjusted for tax difference), prices.

Futures on the S&P500 are rising early Monday after a correction last week. Markets are gearing up for a week of important events, from releasing the US Treasury’s borrowing plans to the FOMC’s comments on interest rates and the monthly.

A strengthening US dollar pushed the USDJPY to 150.77 early Thursday. Except for just over 20 hours on 21 October 2022, the pair hasn’t traded higher since 1990. Almost a year ago, a breach of the round 150 level triggered.

After starting the week in retreat, the US dollar reversed sharply higher in the European session on Tuesday and is on the offensive on Wednesday. Dollar bulls have returned to active buying after a long but shallow correction from earlier.