Home Forex Market Update – November 24 – FOMC Min. & Data conspire to sink the USD

Market Update – November 24 – FOMC Min. & Data conspire to sink the USD

by SuperiorInvest
  • The USD index collapsed from over 107.80 on Monday until 105.50 today.

FOMC Min. – Confirmed that “substantial majority” he believed that a slowdown in the rate of growth was likely to be appropriate soon. This largely confirms what has been priced in, with a full 50 basis point increase for December.“significant uncertainty” about the final amount of the funds rate. “Different Participants” (Bulard, Mester, etc. no doubt) noted that with few signs that inflation was falling and supply and demand still unbalanced, they assumed that the final level of the funds rate would have to be “a little higher” than seen before. Powell He appeared to confirm this at a press conference.

Previously Weekly claims jumped into a 240 thousand and Continuation Claims it hit a high not seen since March. While Durable goods were stronger than expected PMI data was missing. Mixed reports encouraged this stocks, weighed on dollar and saw revenues fall too. US10-yr closed in 3.69%, with an inversion of 2/10 of a year at -79 bps.

  • euros – gathered 1.0400 for a maximum of 8 days 1.0448 previously.
  • JPY – softened all the way down 138.50 zone from the end 141.60 yesterday. JPY PMI missed and went back to contraction at 49.4 of 50.7.
  • GBP – Sterling rallied on a weaker USD breakout and key breach 1.2000 level and testing 1.2080.
  • Stocks – Wall Street closed in green (NASDAQ +0.99%) TSLA +7.82% (upgrade from CITI to Neutral from Sell). In the United Kingdom Manchester United stocks rallied +26.8% in the news, the Glazier family might be willing to sell some or all of their holdings). 500 USD +23.68 (+0.59%) 4027, FUTS trades on 4042 Now.Like https://themarketear.com/ points out that:-

  • USOil – He sank from $81.50 and trades on $77.50 Now. G7 proposed price cap higher than expected. Inventories fell by 3.7 million barrels this week, more than the 2.6 million barrels expected, but much less than last week’s excessive 5.4 million barrel drop.
  • Honey – Tested up to 1725 dollars before recovery 1750 dollars trade on 1755 dollars Now.
  • BTC WITHthe entiment’s woes continue, but they hold 16.6 thousand dollars today limited to 16.8 thousand dollars

Today German Ifo, ECB Minutes, (Riksbank, CBRT & SARB Policy Announcements), BoE’s Pill Speeches, Ramsden, Mann, ECB Schnabel & de Guindos.

The biggest FX Mover @ (07:30 GMT) USDJPY (-0.60%) continued to decline from the test 142.00 earlier this week. Trades on 138.50. MA alignment below, MACD histogram and signal line negative and bearish, RSI 24.75 & OS, H1 ATR 0.293, Daily ATR 2.230.

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Stuart Cowell

Chief Market Analyst

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