FOMC meeting minutes on Wednesday were slightly more “dovish” than the October statement itself. Markets seem to be tired from the neutral Fed and seek to know exact terms of the coming rate hike. The consensus forecast for now lies in the middle of the next year.
All in all, the US economic data on the past week confirmed the ongoing recovery. Unemployment claims stay below 300K for a 10th consecutive week. Philly Fed manufacturing index unexpectedly surged to a 20-year high, while annualized CPI increased to 1.7%.
Next week on Thursday watch preliminary Q3 GDP and Conference Board consumer confidence index. Wednesday will become another crowded day on the market. On Thursday the US banks will likely be closed due to Thanksgiving Day celebration. What’s more, don’t miss the long-awaited OPEC meeting on Thursday. Will the oil-exporters decide to cut production? The decision will clearly impact the US currency.
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AUD/USD failed just ahead of the 200-day SMA
Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.
EUR/USD met some decent resistance above 1.0700
EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Bitcoin price could be primed for correction as bearish activity grows near $66K area
Bitcoin (BTC) price managed to maintain a northbound trajectory after the April 20 halving, despite bold assertions by analysts that the event would be a “sell the news” situation. However, after four days of strength, the tables could be turning as a dark cloud now hovers above BTC price.
Bank of Japan's predicament: The BOJ is trapped
In this special edition of TradeGATEHub Live Trading, we're joined by guest speaker Tavi @TaviCosta, who shares his insights on the Bank of Japan's current predicament, stating, 'The BOJ is Trapped.'