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analysis.hotforex.comMarket Update – November 29 – Tightening Tilt, COVID Control & Month End Flows

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Market Update - November 29 - Tightening Tilt, COVID Control & Month End Flows

  • The USDIndex rallied to 106.70 in the previous session but formed a correction in Asia session to 106.00 ahead of a COVID-19 press briefing in China that is spurring hopes of a potential easing in the country’s strict pandemic restrictions.

  • Fed Officials Signal Higher rates: Hawkish reminders from key Fed officials Williams, Bullard, and Brainard that rates will have to go higher helped weigh on the markets in Monday action. Wall Street was weaker overnight on the back of Williams’s and Bullard’s comments, and slipped further as Brainard tripled down on the rate outlook.

  • US houses prices fall like in 2008.

  • Stocks – Global stocks rise after yesterday’s dip. US100 and US500 dropped -1.58% and 1.54%, respectively, with the US30 off -1.45% amid broadbased weakness. Today however the rumours of an earlier easing of strict COVID-19 restrictions along wihth vaccinations for over 80-year olds, found buyers in the stock market with a Chinese stocks rebound. Hang Seng and CSI 300 bounced 4% and 3% respectively. ASX and Nikkei closed narrowly mixed. GER40 and UK100 futures are up 0.5% and 0.4% respectively.

  • EUR – reversed from 5-month peak. Currently at 1.0360. ECB’s Lagarde said overnight that inflation had not peaked and it risks turning out even higher than currently expected, hinting at a series of interest rate hikes ahead.

  • JPY along with Yuan, Aussie and Kiwi on bid.

  • GBP – turns again below 1.20 at 1.1987.

  • USOil – jumps to 80.00 as China refines its approach for dealing with protest and Covid control. All eyes are on weekend OPEC+ meeting. EU fails to agree on n oil price cap once again.

  • Gold – fully recovered yesterday’s losses, currently at $1754.

Today Swiss GDP, German HICP , Canadian Q3 GDP, US Consumer Confidence and BOE Governor Bailey speech.

Biggest FX Mover @ (07:30 GMT) NZDUSD (+1.10%), bounces to 0.6235. MAs aligning higher and RSI at 63 but MACD histogram & signal line remain below 0. H1 ATR 0.00147, Daily ATR 0.00962.

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Andria Pichidi

Market Analyst

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