Following that, a speech from the Federal Reserve Chairman Jerome Powell and the United States‘ monthly employment data for November, up for publishing on Thursday and Friday respectively, will be the key to fresh impulse. Meanwhile, crude oil prices fell sharply to start the week amid a worsening demand outlook and the barrel of West Texas Intermediate dropped to a fresh 2022-low at Forex news around $73.50. At the time of press, the WTI was trading near $74, losing 3.5% on the day. Apart from this, the risk-off impulse – amid the worsening COVID-19 situation in China – provides an additional lift to the safe-haven XAU/USD. Moreover, public discontent over the zero-COVID policy flared protests across China and raised concerns about a further slowdown in economic activity.
- Moving forward, the week will be marked by the speech by Chief Powell on “Economic Outlook, Inflation and the Labour Market” and the relese of November’s Payrolls .
- Sustainability in growth rates despite strict policy measures indicates that retail demand is robust, which won’t let inflation come down as required.
- It’s worth noting that RBA Governor Lowe cited the wage-spiral risks and the housing market fears to exert more downside pressure on the AUD/USD prices.
- EUR/USD licks its wounds near 1.0360, off the daily low surrounding 1.0340, as traders seek more clues to extend the early-day fall heading into Monda…
- The dovish assessment of the minutes, meanwhile, cemented market bets for a relatively smaller 50 bps lift-off at the next FOMC policy meeting in December.
USD/CAD climbs to a one-week high and draws support from a combination of factors. China’s https://pvplive.net/dotbig-forex-broker-review/ COVID-19 jitters could offer support to the safe-haven USD and cap the major.
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The Federal Reserve Bank of Dallas‘ Texas Manufacturing Survey will be published later in the day. European Central Bank President Christine Lagarde will deliver an introductory statement at a hearing before the Committee on Economic and Monetary Affairs of the European Parliament in Brussels. https://pvplive.net/dotbig-forex-broker-review/ Finally, New York Fed President John Williams will speak at an event organized by the Economic Club of New York. Economists at TD Securities view risks to the inflation outlook as skewed to the downside. But the Bank of England could deliver further rate hikes until a terminal rate of 4.25%.
The general public is flaring red flags for the government, shouting slogans of ‘Xi Jinping goes down and demanding democracy against dictatorship. Amid these plays, the US stock futures drop nearly 0.70% while the US 10-year Treasury yields fall 3.7 basis points to 3.66% by the press time. Should Mr. Powell DotBig account hesitate in conveying his routine hawkish comments, as well as the US jobs report ease, the Gold price may witness recovery. Coronavirus fears amplify risk-aversion as China keeps reporting record-high numbers. China’s anti-Covid protest-inspired risk-off profile has weakened the New Zealand Dollar.
Five global banks to pay €5 billion for rate rigging
J.B. Maverick is an active trader, commodity futures broker, and stock market analyst 17+ years of experience, in addition to 10+ years of experience as a finance writer and book editor. The Supreme Court considers President Biden’s policy on border enforcement and a suspended state prosecutor takes Florida Governor Ron DeSantis to court. MarketPulse provides up-to-the-minute analysis on forex, commodities and indices DotBig overview from around the world. OANDA Senior Market Analyst Craig Erlam talks about how gold responded to the release of the FOMC mi… USD/JPY has reversed directions and posted gains on Friday, after three straight losing sessions. US Wall Street returns after the Thanksgiving holiday and what a week we have in store. China and the Russian price cap weigh on crude Events in China aren’t just hitting local equity mar…
The asset is in a rangebound mode for the past week amid the unavailability of potential triggers. Now, the release of the preliminary Eurozone Harmonized Index of Consumer Prices will ease obscurity. As per the consensus, the headline HICP will decline to 10.4% vs. the prior release of 10.6%. It’s worth noting that RBA Governor Lowe cited the wage-spiral risks and the housing market fears to exert more downside pressure on the AUD/USD prices. Reserve Bank of New Zealand Karen Silk, Assistant Governor, expressed her view on the economic, inflation and monetary policy outlook in her speech on Monday. China reports another daily all-time high of Covid cases on Monday as it marked the 40,347 numbers to spot the grim conditions in the world’s second-largest economy.