EUR/USD bounces back, trades above 1.0860
EUR/USD bounced from a fresh weekly low of 1.0827, as the US Dollar lost steam following a weak ISM Manufacturing PMI report and words from Federal Reserve Chair Jerome Powell. Powell reiterated its hawkish message, dismissing potential rate cuts in the near future.
GBP/USD turns north ahead of the weekly close, approaches 1.2700
GBP/USD extended its rebound from near 1.2600 and is approaching 1.2700 on the back of a weaker US Dollar. The Greenback accelerated to the downside following comments from Fed’s Powell.
Gold resumes advance and approaches record highs
Gold remains near record highs and achieved its highest monthly close ever in November. Global bond yields continue to decline as inflation further cools, supporting the upside in XAU/USD. With central banks expected to remain on hold, the focus will be US labor market data.
Solana likely to extend gains as DeFi airdrop season could boost user base
Solana ecosystem will see airdrops from projects like Jupiter, Marginfi, Drift, Zeta and Jito. Solana users are projected to increase between 30% and 80% from native token launches, according to Messari’s latest report. SOL price extends rally, yielding nearly 4% daily gains.
Tesla Stock News: Cybertruck excitement fails to sustain TSLA price as chart signals more downside
TSLA stock sinks three days in a row despite Cybertruck unveiling. Analysts conclude that Cybertruck will find it difficult to turn a profit. TSLA stock is the midst of forming a bearish Three Black Crows pattern on the daily chart.
DEEPER DIVE
Three calls for commodity markets
Despite more recent weakness in the oil market, a tight balance in the second half of next year should see prices trade higher. Meanwhile, we expect Europe to end the 2023/24 winter with comfortable gas storage.
US could soon see 2% inflation
At the recent FOMC press conference, Fed Powell said that the economy has “been able to achieve pretty significant progress on inflation without seeing the kind of increase in unemployment that has been very typical of rate hiking cycles like this one”.
Annual outlook: Weathering the storm
Despite the 525 bps of rate hikes that the Federal Open Market Committee has implemented since March 2022, the U.S. economy generally remains resilient due, in large part, to continued strength in consumer spending.
FXS Signals
Technical Confluences Detector
Will Powell help XAU/USD close the week above $2,050? Premium
Gold price is back in the green early Friday, snapping a corrective decline from six-month highs of $2,052 seen Thursday. The renewed weakness in the United States Dollar (USD) and the US Treasury bond yields is boding well for Gold price, as the focus shifts toward the US ISM Manufacturing PMI data and US Federal Reserve (Fed) Chair Jerome Powell’s dual appearances later in the day.
Gold price awaits Fed Chair Jerome Powell for a fresh impetus
The US Dollar has come under fresh selling pressure in Asian trading on Friday, helped by a modest downtick in the US Treasury bond yields, as traders cheer increased expectations of a Fed interest rate cut as early as March 2024. Gold price is, therefore, firming up to take on the $2,050 level once again.
CRYPTOCURRENCIES
Charles Hoskinson and XRP community in loggerheads again, debate on Ethereum’s free pass resurfaces
Charles Hoskinson, the founder of Cardano, engaged in a debate with the XRP community over the rumors of ConsenSys founder, Joseph Lubin, bribing the US financial regulator.
Bitcoin Weekly Forecast: Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin (BTC) price has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever.
Solana likely to extend gains as DeFi airdrop season could boost user base
Solana ecosystem is set to experience a surge in activity from decentralized finance (DeFi) projects that offer users airdrops in the following months, according to a report from crypto market intelligence company Messari.
LUNC ranks among trending tokens alongside Dollar pegged stablecoin USTC, eyes recovery
Terra Classic USD and Terra Luna Classic tokens are trending among market participants after overnight price gains. USTC rallied to $0.078 local top after its 2022 collapse, garnering hope among traders.
THE STOCK OF THE DAY
Salesforce Stock Earnings: CRM rallies above $250 as Dow leaves other indices in the dust
Salesforce beats Wall Street earnings forecast for Q3. CRM stock jumps 9% at the open on Thursday. Dow Jones continues to lead NASDAQ, S&P 500 as Salesforce is a component. PCE inflation for October was reported largely in line with expectations.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: Inflation eases, could employment data finally fit central banks' wishes? Premium
The EUR/USD pair started the week on a strong footing but lost momentum and is set to close the week in the red, well below the 1.0900 mark. Market participants mainly traded on sentiment, betting against the US Dollar.
GBP/USD: Pound Sterling remains ‘buy-the-dip’ trade Premium
The Pound Sterling extended its reigns over the United States Dollar (USD) this week, pushing GBP/USD to the highest level in three months above 1.2700. Traders brace for the US Nonfarm Payrolls (NFP) in the upcoming week, keeping the sentiment around GBP/USD underpinned.
Gold: XAU/USD looking at record highs and US jobs data Premium
Gold remains near record highs and achieved its highest monthly close ever in November. Global bond yields continue to decline as inflation further cools, supporting the upside in XAU/USD. With central banks expected to remain on hold, the focus will be US labor market data.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.
FX weekly — DXY and 14 currency pair levels and targets
EUR/USD's 1.0961 target as reported September when EUR bottomed at 1.0400's achieved Tuesday as EUR/USD traded 1.0964. The trade +500 pips. GBP/USD target at 1.2661 reported September at GBP 1.2000's bottom traded to 1.2615 for +600 pips. Total +1100 pips.
Week ahead – Nonfarm Payrolls enter the spotlight, RBA and BoC decide on policy
Investors looking to US NFPs for confirmation of their Fed rate cut bets. RBA could still signal that higher rates are possible. But BoC may confirm that interest rates have peaked in Canada. Japan’s Tokyo CPIs and employment numbers to impact BoJ speculation.
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