Market Overview - Page 71

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.

Australian inflation surprised on the upside, reigniting expectations of another rate hike as early as November. However, the Aussie could not enjoy the buying momentum for long as the US dollar strengthened. In the third quarter, CPI rose 1.2%, accelerating.

Gold is experiencing profit-taking after an impressive rally following the escalation in the Middle East. The cost of a troy ounce of gold was down to $1955 at the peak of the European session on Tuesday, after a two-week rally.

The US “Big Oil” has picked up recently, with both production growth and mergers and acquisitions. At the end of last week, the number of active drilling rigs in the US rose to 502 oil rigs and 122 gas rigs, according.

Economic activity in Europe is cooling, raising the spectre of an emerging recession in Germany and the whole eurozone. The PMI indices have proven to be a reliable indicator of the economic cycle for currency and equity market investors. The.