Daily market outlook on major
Update Time: 02 Dec 2021 09:30GMT.
USD/JPY - 113.20
Despite the greenback's rise to a fresh 3-year peak at 115.51 last Wednesday, subsequent selloff to 113.00 Monday and intra-day break below there on active safe-haven buying in JPY due to renewed Covid variant concerns suggests Medium Term uptrend has made a temporary top there and consolidation with downside bias remains for weakness to 112.60/70, however, oversold condition would keep price above 112.30/40.
On the upside, only above 115.03 would indicate aforesaid pullback has ended instead and risk stronger gain to 115.51 again.
Market is keenly awaiting release of key U.S. jobs report on Fri and today, the only data due out are weekly jobless claims and continued jobless claims. We also have a number of Fed officials scheduled to speak. After Fed chair J. Powell's 2 consecutive days of testimonies on Capital Hill and his official removal on Fed's perception of U.S. inflation is no longer 'transitory', traders are unlikely to react to comments by other FOMC members.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price treads water near $2,320, awaits US GDP data
Gold price recovers losses but keeps its range near $2,320 early Thursday. Renewed weakness in the US Dollar and the US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold price stays vulnerable amid Middle East de-escalation, awaiting US Q1 GDP data.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.