- S&P and NASDAQ close lower.
- US October consumer credit outstanding +27.1B vs +28.3B expected
- Crude oil falls below $72 now. Where are the next downside targets?
- Gold gain hits 1% today with the China news as a potential game-changer
- Short DXY into year-end and beyond targeting 95- SocGen
- US 10 year yield cracks below its 100 day moving average
- European equity close: The grind lower continues
- Interview: Have we seen the top in the US dollar? What's coming in 2023?
- EIA weekly crude oil inventories -5187K vs -3305K expected
- A comparison of the December to the October 26 statements from the BOC
- Bank of Canada interest rate statement for December 2022 meeting.
- Bank of Canada hikes rates 50 bps vs 50 bps expected
- ECB's Kazimir: One inflation figures not sufficient to slow rate hikes
- What technical levels are in play and why for December 7, 2022
- Preview: Bank of Canada set to hike rates but will it be 25 bps or 50 bps?
- US Q3 unit labor csts +2.4% vs +3.1% expected
- The EUR is the strongest and the JPY is the weakest as the NA session begins
- ForexLive European FX news wrap: Big China pivot away from zero-Covid, markets mixed
- US MBA mortgage applications w.e. 2 December -1.9% vs -0.8% prior
- Gold up $12.85 or 0.72% at $17,085.60
- US 10-year yields tumbles 9.2 basis points to 3.42%. The yield reached the lowest level since mid-September
- WTI crude down $-1.95 at $72.47. The low price reached $71.77. That was a lowest level since December 22
- S&P 500 fell for the 5th consecutive day. The Index was down 0.19%. The NASDAQ fell for the it's 11/4 consecutive day. It fell -0.53%
The strongest to the weakest of the major currencies shows a GBP was a strongest while the CAD was the weakest:
The US yields moved lower today and that helped to weaken the USD and send gold higher. The USD is ending the day just behind the CAD as the weakest of the major currencies. The CAD was the weakest despite the Bank of Canada hiking by 50 basis points (there was a debate between 25 and 50). However, the hike was a dovish one as the central bank will now 'consider' rates, which is another word for pausing. The USDCAD was nearly unchanged but the CAD lost ground vs the GBP, AUD and NZD.
For the USD, the pair fell the most vs the GBP (down -0.62%). After falling below the 200 hour and 200 day MA in the Asian session near 1.2138 - and failing on the break - the Asian sellers turned to European buyers pushing the price to the 100 hour MA at the 1.2219 level in the early NY session. Sellers did a good job of stalling the market near that risk and bias defining level, but the NY session dip was bought near 1.2171 and the price returned back toward the MA level (at 1.2219) going into the closed.
The EURUSD also moved higher today, but after it broke above its 100 hour MA near 1.05108, and reaching an early NY session high at 1.0549, the price rotated back to the 100 hour MA and spent the next 6 or so hour trading above and below the MA level at 1.05108. The price is closing just below that MA near 1.0508.
The USDJPY moved higher in the Asian session and also above its 200 hour MA at 137.07. However, with the dollar selling in the NY session, it fell back below that MA and move to a low at 136.21. The 100 hour MA sits below near the 136.00. It will take a move below the MA to increase the bearish bias into the new trading day.
The AUDUSD skimmed the 100 day MA on Monday and Tuesday, and fell below that MA level in the late European/early US session at 0.6682. However, the selling could not be sustained below those MAs, and the price moved higher until it reached the 200 hour MA at 0.6739. Sellers leaned against the MA and the price wandered lower into the day's close. IN the new day, staying below that 200 hour MA will keep the sellers in control in the AUDUSD pair. The price is closing the day near 0.6724.
Good fortune with your trading.