EUR/USD clings to recovery gains above 1.1350 after EU inflation data

EUR/USD gained traction and climbed to its highest level in more than 10 days above 1.1360 amid the broad-based selling pressure surrounding the greenback. The data from the euro area showed that the annual CPI jumped to 4.9% in November from 4.1% in October, helping the shared currency preserve its strength.

EUR/USD News

GBP/USD advances to mid-1.3300s on renewed dollar weakness

GBP/USD gathered bullish momentum during the European trading hours and climbed to 1.3350 area as the greenback remains under selling pressure amid slumping US Treasury bond yields. Investors await FOMC Chairman Powell's testimony.

GBP/USD News

Gold eyes $1,800 and $1,806 on road to recovery

The precious metal has staged a decent comeback, as bulls look to recapture the $1,800 mark amid a revival of the Omicron covid variant fears. A flight to safety theme remains in vogue killing the demand for the yields.

Gold News

XRP price on edge of cliff as Ripple faces imminent collapse

XRP price followed the rest of the cryptocurrency market lower over the weekend. The US Thanksgiving holiday gave cryptocurrency traders and investors some early Black Friday deals, but downside risks remain.

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CB Consumer Confidence November Preview: Spending immunity Premium

Consumer Confidence forecast to slip to 110.9 in October from 113.8. Consumer spending has held up despite rising prices and pandemic fears. Treasury yields and the dollar will gain from rising consumer confidence.

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DEEPER DIVE

When is a taper not a rate hike? Whenever the Fed says so Premium

The questions around the primary topic in world markets continue to grow. Will the Fed announce the long-awaited taper of its bond program at its September meeting? How much depends on the August payrolls report in early September, on equity levels, on the pandemic, on global political tension? 

The Homeworking Revolution: Change accelerates for businesses, real estate and stock markets Premium

The pandemic-fostered explosion of working-from-home will be a permanent change. COVID-19 has reinforced trends that were remaking the business office before the pandemic. Property valuation and tax revenue will flow from cities to suburbs and high-cost to low-cost states.

Top commodities to trade amid global reflation: Silver and copper to outshine gold price Premium

Commodities witnessed an interesting end to a decade in 2020. Traders were caught off-guard by the unprecedented coronavirus crisis last year. Likewise, a strong recovery across the commodities board came as a surprise, bringing them in vogue and kick-starting a super cycle.

FXS Signals

Technical Confluences Detector

Dhwani Mehta

Gold has staged a decent comeback, as bulls look to recapture the $1,800 mark amid a revival of the Omicron covid variant fears. A flight to safety theme remains in vogue, as investors scurry to the US Treasuries, killing the demand for the yields. The sell-off in the US rates have heavily weighed on the dollar, boosting gold’s appeal. However, should risk-aversion intensify the greenback could regain its safe-haven status, capping the gold price recovery.

Gold Price: Key levels to watch

The Technical Confluences Detector shows that the gold price is extending its recovery towards $1,799-$1,800, which is the convergence of the previous day’s high and Fibonacci 23.6% one-month.

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CRYPTOCURRENCIES

Uniswap price eyes 20% upswing if UNI can clear this crucial barrier

Uniswap price is on a journey to retest $25 after the recent downswing. On-chain metrics hint at smooth sailing ride apart from the massive resistance at $20.84. A daily close below $17.75 will invalidate the bullish thesis.

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Three major overlooked factors why Ethereum price is about to skyrocket

ETH price has been consolidating after the cryptocurrency registered a new all-time high on November 10. A few factors suggest that the token may be preparing for a massive take-off. 

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Solana price to trigger a 15% upswing as SOL retests crucial support level

Solana price appears to be making a comeback after it slipped into a steep correction since its all-time high on November 7. This downswing has stopped after retesting a crucial support level and is on a journey to head higher.

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Crypto exchange Kraken lists Shiba Inu, kickstarting SHIB price recovery

Leading cryptocurrency exchange Kraken announced that it will support the popular meme-based token Shiba Inu starting November 30. The digital asset trading platform has already begun accepting deposits of SHIB.

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WEEKLY FORECAST

EUR/USD: Central banks in denial about inflation and a new coronavirus variant shaking the FX board Premium

US inflation surged to its highest in three decades, Fed officials becoming concerned. A new coronavirus variant that may evade immune response spurred risk-aversion. EUR/USD is correcting oversold conditions, additional gains are still unclear.

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GBP/USD: Pound recovery at the mercy of BoE rate hike bets Premium

GBP/USD closed the week in the negative territory following Friday's modest rebound. Markets are reassessing BoE's and Fed's rate hike prospects on renewed coronavirus fears. GBP/USD needs to overcome 1.3460 to attract additional buyers.

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USD/JPY: COVID scrambles Friday markets Premium

USD/JPY reaches 115.52 on Wednesday, highest since January 2017. US CPI and Personal Spending data drives USD/JPY. USD/JPY plummets on Friday as new COVID variant surfaces. Treasury yields plunge undermining US dollar, US equities sink.

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AUD/USD: Bears eye a test of the 0.7000 critical support level Premium

Softening gold prices put additional pressure on the AUD/USD pair. Australia will not change its reopening plans, despite the menace of a new coronavirus variant. AUD/USD is at risk of falling further, despite extremely oversold conditions in the daily chart.

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BTC price at key support screams ‘buy the dip’

Bitcoin price looks to be facing a momentary downturn on a short-term time frame while the higher time frame looks indecisive as it consolidates. On-chain metrics show an ambiguous outlook, suggesting the start of accumulation and the potential for an extended drop. Regardless of the technical perspective, BTC adoption seems to be holding up well.

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XAU/USD looks to extend rebound amid renewed coronavirus fears Premium

Gold's inverse correlation with US Treasury bond yields stays intact. Risk aversion ahead of the weekend helped the precious metal find demand. Buyers managed to hold XAU/USD above several key SMAs. 

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THE STOCK OF THE DAY

Nio Inc rebounds 1% on risk recovery, encouraging fundamentals

NYSE: NIO rebounded 1.18% from multi-day lows to recapture the $40 mark on Monday, tracking the renewed upturn in the broader Wall Street indices. The improving market mood, amid easing fears over the impact of the new Omicron covid variant on the global economic recovery, aided the relief rally in the stock price. US President Biden also added to the optimism, citing new lockdowns are not necessary. 

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