Joshua Mahony MSTA
Scope Markets
Yesterday's ECB meeting represented the penultimate event of the year, with markets now turning their attention to next week's FOMC meeting.
-
FTSE gaining ground after ECB
-
Early December refuses to follow the usual pattern
-
OPEC meeting set to dominate crude considerations
The FTSE is seeking to close out the week in a positive fashion, following what has been an incredible week for equity bulls. Yesterday's ECB meeting marked the penultimate risk event of the year, with the focus now turning to Janet Yellen's appearance next week. We have waited a year for another US rate hike and with the sharp market correction coming as a result of the last one, there will be some hesitancy coming into the announcement. Markets across Europe are clinging stubbornly on to the gains made throughout the week. The first two weeks of December are meant to see small declines before the festive bounce kicks in. We are still waiting for a real selloff, but time is running out.
This weekend sees OPEC and non-OPEC members meet with a view to agreeing the second half of the output cut discussed in Vienna. With Russia seemingly on-board, this may seem like a foregone conclusion. However, even if we did get an agreement across the line, it is quite another thing getting each country to actually conform to their given quota. Ahead of the open we expect the Dow Jones to open 10 points higher, at 19,525.
This material is a marketing communication and shall not in any case be construed as an investment advice, investment recommendation or presentation of an investment strategy. The marketing communication is prepared without taking into consideration the individual investors personal circumstances, investment experience or current financial situation. Any information contained therein in regards to past performance or future forecasts does not constitute a reliable indicator of future performance, as circumstances may change over time. Scope Markets shall not accept any responsibility for any losses of investors due to the use and the content of the abovementioned information. Please note that forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.
Recommended Content
Editors’ Picks
AUD/USD: Further losses retarget the 200-day SMA
Further gains in the greenback and a bearish performance of the commodity complex bolstered the continuation of the selling pressure in AUD/USD, which this time revisited three-day lows near 0.6560.
EUR/USD: Further weakness remains on the cards
EUR/USD added to Tuesday’s pullback and retested the 1.0730 region on the back of the persistent recovery in the Greenback, always against the backdrop of the resurgence of the Fed-ECB monetary policy divergence.
Gold flirts with $2,320 as USD demand losses steam
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
Bitcoin price dips to $61K range, encourages buying spree among BTC fish, dolphins and sharks
Bitcoin (BTC) price is chopping downwards on the one-day time frame, while the outlook seen in the one-week period is a horizontal trade. In this shakeout moment, data shows that large holders are using the correction to buy up BTC.
Navigating the future of precious metals
In a recent episode of the Vancouver Resource Investment Conference podcast, hosted by Jesse Day, guests Stefan Gleason and JP Cortez shared their expert analysis on the dynamics of the gold and silver markets and discussed legislative efforts to promote these metals as sound money in the United States.