Articles
US Sept Case-Shiller 20-city house price index +19.1% y/y vs +19.3% expected
187305 November 30, 2021 22:02 Forexlive Latest News Market News
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United States S&P/Case-Shiller Home Price Indices (YoY) came in at 19.1% below forecasts (19.3%) in September
187304 November 30, 2021 22:02 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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EUR/USD Price Analysis: Interim hurdle comes at 1.1374/89
187303 November 30, 2021 22:02 FXStreet Market News
- EUR/USD resumes the upside and revisits the 1.1370 zone.
- Further upside is seen initially challenging the 1.1374/89 band.
EUR/USD gathers extra pace and surpasses the 1.1300 barrier on quite a convincing fashion on Tuesday.
In case the recovery picks up further impulse, then the pair is forecast to test 1.1374 (November 18) ahead of the minor hurdle at the 20-day SMA at 1.1389.
The probability of further losses remains unchanged as long as EUR/USD trades below the 2-month resistance line (off September’s peak) near 1.1560. In the longer run, the offered stance in spot is expected to persist while below the 200-day SMA at 1.1828.
EUR/USD daily chart
WTI drops towards $67.00 as broader market sentiment deteriorates amid vaccine efficacy concerns
187302 November 30, 2021 21:45 FXStreet Market News
- WTI is at multi-month lows close to $67.00 on Tuesday as risk-off returns to dominate global markets.
- The deterioration in sentiment has been attributed to pessimistic comments from the Moderna CEO on vaccine efficacy versus Omicron.
Oil markets slumped back to print fresh multi-month lows close to $67.00 level on Tuesday as Omicron Covid-19 variant-related fears returned to the market. At present, WTI is trading down close to $3.00 on the day. Traders and market commentators cited comments from the CEO of Moderna as triggering the renewed bout of risk-off related selling of risk assets such as crude oil.
In an interview with the Financial Times, Moderna Chief Executive Stéphane Bancel said that the effectiveness of existing Covid-19 vaccines will likely drop against the new Omicron variant. “I think it’s going to be a material drop (in efficacy)” he said, adding “I just don’t know how much because we need to wait for the data… but all the scientists I’ve talked to . . . are like ‘this is not going to be good’.”
The negative broad market reaction to these remarks demonstrates how sensitive markets are right now to headlines regarding Omicron. Depending on how vaccine-resistant the new variant is, its transmissibility and the severity of symptoms associated with infection, the outlook for the global economy is drastically different.
As far as crude oil markets are concerned, the best-case scenario would be that vaccines are still highly effective (which the Moderna CEO’s comments call into question) and that the severity of illness isn’t too bad. That would likely mean that international travel restrictions, as well as internal domestic travel restrictions, wouldn’t last long and the global oil demand recovery could rumble on. As things stand, it looks as though vaccines are going to be less effective against the new variant, meaning, at a minimum, tougher international travel restrictions will stay for a while, meaning a dampened outlook for jet fuel demand.
In terms of other crude oil relevant themes to think about; OPEC+ meets this week amid speculation the group will halt oil output hikes amid recent Omicron-related developments. Meanwhile, talks between signatories of the 2015 Iranian nuclear pact have restarted. While the tone from the Iranians has been initially positive, most strategists don’t have high hopes that a deal to remove US sanctions on Iranian crude oil exports will come any time soon, amid maximalist Iranian demands. Crude oil traders would also do well to keep an eye on US inventory numbers, with the private weekly API report out at 2130GMT on Tuesday ahead of Wednesday’s official EIA report.
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BoE’s Mann: Omicron raises particular question marks over consumer confidence
187301 November 30, 2021 21:45 FXStreet Market News
Canada: Real GDP expands by 0.1% in September vs. 0.1% expected
187300 November 30, 2021 21:40 FXStreet Market News
Canada’s Real Gross Domestic Product (GDP) expanded at a monthly rate of 0.1% in September, data published by Statistics Canada showed on Tuesday. This reading was in line with the market expectation for a growth rate of 0.1% MoM.
The annualised pace of GDP growth in Q3 was also released and came in at 5.4%, significantly above expectations for a growth rate of 3.0%. This in part owes to a positive revision to the MoM pace of GDP growth in August to 0.6% from 0.4%.
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Canada Gross Domestic Product Annualized (QoQ) came in at 5.4%, above expectations (3%) in 3Q
187299 November 30, 2021 21:40 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Canada Q3 GDP +5.4% vs +2.5% expected
187298 November 30, 2021 21:33 Forexlive Latest News Market News
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.
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Chile Unemployment rate meets expectations (8.1%) in October
187297 November 30, 2021 21:26 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
AUD/USD recovers early lost ground to YTD low, US data/Powell’s testimony eyed
187296 November 30, 2021 21:21 FXStreet Market News
- AUD/USD staged a goodish intraday rebound from sub-0.7100 levels amid weaker USD.
- The risk-off impulse, a more dovish RBA could cap gains for the perceived riskier aussie.
- Investors now look forward to the US data/Powell’s testimony for some trading impetus.
The AUD/USD pair built on its intraday recovery from YTD low and climbed to the top end of its daily trading range, closer to mid-0.7100s heading into the North American session.
Having shown some resilience below the 0.7100 mark, the AUD/USD pair witnessed a turnaround from the lowest level since November 2020 amid a broad-based US dollar weakness. The developments surrounding the coronavirus saga forced investors to push back their expectations about the likely timing when the Fed would begin tightening its monetary policy. This, in turn, undermined the greenback and prompted some short-covering move around the major.
In fact, the money markets now indicate a 25 bps rate hike in September 2022 as against July 2022 already priced in. This, along with the global flight to safety, triggered a steep decline in the US bond yields, which was seen as another factor that weighed heavily on the greenback. That said, the risk-off impulse – as depicted by a sharp fall in the equity markets – might keep a lid on any further gains for the perceived riskier Australian dollar.
Growing market worries about the potential economic fallout from the spread of the new coronavirus variant took its toll on the global risk sentiment. The mood deteriorated further after The chief executive of drugmaker Moderna warned that existing vaccines will be much less effective at tackling Omicron than earlier strains of Covid-19. This, along with a more dovish stance by the Reserve Bank of Australia, could act as a headwind for the AUD/USD pair.
The fundamental backdrop still seems tilted in favour of bearish traders, warranting some caution for bullish traders. Hence, it will be prudent to wait for a strong follow-through buying beyond the 0.7155-60 immediate hurdle before confirming that the AUD/USD pair might have formed a near-term bottom. Next on tap will be the US economic docket, featuring the release of Chicago PMI and the Conference Board’s Consumer Confidence Index.
The key focus, however, will be on Fed Chair Jerome Powell’s testimony before the Senate Banking Committee. Powell’s remarks will influence market expectations about the Fed’s near-term policy outlook and drive the USD demand. Apart from this, traders will take cues from the broader market risk sentiment to grab some short-term opportunities around the AUD/USD pair.
Technical levels to watch
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XRP Price Prediction: Ripple under pressure, struggling to crack $1
187294 November 30, 2021 21:21 FXStreet Market News
- Ripple price hits a curb at the European open after negative comments from Moderna CEO.
- XRP price still respects the uptrend, but an increase in headwinds could see a short-term break to the downside.
- Expect bulls to defend $0.93 with the target at $1.05-$1.10 as the uptrend continues.
Ripple (XRP) price was on the back foot today as markets found themselves rattled by comments from the CEO of Moderna questioning the effectiveness of current vaccinations against Omicron. XPR price is currently finding support between the monthly pivot and the 55-day Simple Moving Average. Expect bulls to defend the uptrend and still target $1.05-$1.10 as the first profit target to the upside.
XRP bulls defending price from nosedive caused by global market concerns
XRP price saw bulls attempting to break above a red descending trend line that has not, in truth, been very well respected in the past with quite a few false breakouts but, nevertheless, does still hold some importance. There is the possibility a bull trap has formed, with buyers stepping in following the trend line break now getting trapped in a downside move, as bears use current headwinds as a catalyst to short XRP price.
Yet for now, at least, XRP price is still supported, with bulls putting up a defence between the monthly pivot at $0.93 and the 55-day Simple Moving Average (SMA) at $0.97. Also, the uptrend is still very much intact, and investors are using the current turn of events to further buy into Ripple coins. This is proven by the Relative Strength Index (RSI), which is not showing any signs of a bearish knee-jerk reaction and still broadly supported by buy-side action counterbalancing the selling pressure.
XRP/USD daily chart
Expect XRP price to remain under pressure today, and until investors can reassess the situation and see that the global economy can remain open without any significant hurdles. Risk on sentiment should come back in play late afternoon or tomorrow once the dust settles and see XRP running up again towards $1.05-$1.10, as the first port of call. Should more tailwinds start to emerge expect a further run-up to $1.25 even.
Canadian GDP and Fedspeak headline the economic calendar
187292 November 30, 2021 21:12 Forexlive Latest News Market News
What’s coming up
“I think it’s going to be a
material drop. I just don’t know how much because we need to wait for the data.
But all the scientists I’ve talked to… are like, ‘This is not going to be
good’.”
To be fair, he said much of the same thing on Monday and other officials aren’t so pessimistic.
In any case, the economic calendar today kicks off with Canadian GDP at 8:30 am ET (1330 GMT) and is expected to show a 2.5% annualized rise. Yesterday’s Canadian current account data had some holes in it so risks are to the downside.
The US calendar is about housing and Fedspeak.
At 9:00 am the US monthly house price data from the FHFA and the Case-Shiller house price index are due.
cases, omicron variant pose downside risks to employment, increased
uncertainty for inflation. He will also take questions.
This is likely the last chance the Fed will have to shape expectations ahead of the Dec 15 meeting. At this point, it’s looking like a placeholder as we watch omicron.
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