Home Forex Market Update – Nov 25 – China’s record of daily Covid cases punctures sentiment

Market Update – Nov 25 – China’s record of daily Covid cases punctures sentiment

by SuperiorInvest

  • The USD index is holding at 9-day lows above the key 105.50 in 105.67 today after Wednesday’s Fed minutes. 10-year US earnings lower (-1.39% in 3.66%) Asian stocks also fell (Nikkei -0.35%, Hang Seng -0.30%)
    • JPY Tokyo CPI jumps into 3.8% of 3.5%
    • NZD Retail salesis much better 0.4% vs -2.3%
    • Germany – final reading of the 3rd quarter GDP also beats on 0.4% vs 0.3% but GfK passed in -40.2 with anticipation -39.6.
  • China’s Covid cases hit new record daily high of 32,695 local infection on Thursday. Reported cases are widespread throughout the country and in major industrial, commercial, and manufacturing centers.
  • euros – fell from an 8-day high to 1.0448, back under 1.0400, but has since recovered 1.0420.
  • JPY – softened all the way down 138.00 zone and 7-day minimum, from the end 142.20 on Monday. Today’s meeting has been concluded 139.00 and the pair now trades for 138.60.
  • GBP – Sterling continued to rally on a weaker breakout and breakout of the USD 121.00 to begin with 121.50 yesterday. They hold 121.00 today’s level.
  • Stocks – Wall Street closed on Thanksgiving Day – Open later on Friday for half day trading – 500 USD +23.68 (+0.59%) 4027 on Wednesday FUTS trades on 4042 Now.

  • USOil – Raised from 2-month lows at $77.50 on $78.40 now, following reports that Saudi Arabia and Iraq are “promising market stability” and the proposed G7 price cap is higher than expected.
  • Honey – Tried up to 1760 dollars before sliding to 1753 dollars and holding the key 1750 dollars level.
  • BTC WITHthe entiment’s woes continue, but they rallied 16.8 thousand dollars yesterday before cooling 16.4 thousand dollars Now.

Today all done except for the ECB De Guidos speech.

The biggest FX Mover @ (07:30 GMT) AUDCHF (+0.27%) continued to recover from the test 0.6300 earlier this week. Trades on 0.6395 now, testing 0.6400. MAs are leveling higher, MACD histogram and signal line positive but bearish, RSI 64.70 and rising, H1 ATR 0.00078, daily ATR 0.00668.

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Stuart Cowell

Chief Market Analyst

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With over 25 years’ experience working for a number of globally recognized organizations in the City of London, Stuart Cowell is a passionate advocate of keeping things simple, doing what’s likely and understands how news, charts and sentiment work together to deliver trading opportunities across all asset classes and all time frames.

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