Articles
Platinum should continue to gain and trade at $1,150 at the end of 2023 – Commerzbank
281021 December 30, 2022 23:21 FXStreet Market News
Platinum price is roughly 3% up for the year, making it the best performing of all exchange-traded precious metals this year. Economists at Commerzbank see Platinum with upside potential.
Only limited upside potential in the short term
“We see only limited upside potential in the short term.”
“Platinum should trade at $1,050 by the middle of next year. With the rising Gold price, Platinum should continue to gain in the second half of the year and trade at $1,150 at the end of the year. The price difference to gold would then be $700, which would mean that Platinum would catch up to some extent with Gold.”
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Colombia National Jobless Rate dipped from previous 9.7% to 9.5% in November
281020 December 30, 2022 23:21 FXStreet Market News
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Xi says China and Russia should explore energy cooperation
281019 December 30, 2022 22:56 Forexlive Latest News Market News
China says it will add to reserves and output of energy and other resources.
In the next few years, Russian energy will be capital starved but China will be right there waiting. Last year, China outlined several long-term aspirations and they were mostly things you would expect like semi-conductors and belt & road initiatives but one stood out: energy extraction. It’s a small industry in China and there are few domestic reserves but now you can see why they want to develop some expertise, especially with strong Chinese ties to places in Africa that have untapped oil.
In any case, crude has turned around today with brent crude oil now up $1.
Separately, the EIA reports that US October crude output was 12.381 mbpd, up from 12.312 mbpd in September. Output estimates have been continually lowered throughout the year and the US will have a hard time hitting the 12.63 mbpd estimate set in July. For next year, estimates are also being lowered to below 13 mbpd.
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US stocks open the last day of the year with declines across the board
281018 December 30, 2022 22:49 Forexlive Latest News Market News
The major US stock indices are opening the day lower. The NASDAQ index is leading the way to the downside.
The indices are looking to close out the worst year since 2008 today.
A snapshot of the market currently shows:
- Dow Industrial Average -163.46 points or 0.49% at 33057.35
- S&P index -25.86 points or -0.67% at 3823.41
- NASDAQ index -105.19 points or -1.00% at 10372.89
- Russell 2000-14.70 points or -0.83% at 1751.54
in the US debt market, yields are higher:
- 2 year 4.409%, +4.2 basis points
- 5 year 3.997% +5.4 basis points
- 10 year 3.869% +5.1 basis points
- 30 year 3.955% +5.2 basis points
United States Chicago Purchasing Managers’ Index above forecasts (41.2) in December: Actual (44.9)
281017 December 30, 2022 22:49 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.
Monetary policy is partly restrictive in the US and generally still expansionary in the Eurozone – Natixis
281016 December 30, 2022 22:49 FXStreet Market News
Is US or Eurozone monetary policy restrictive, or will it become restrictive? Analysts at Natixis look if the two conditions for monetary policy to become restrictive are met.
Conditions for monetary policy to become restrictive
“For monetary policy to be restrictive: The real interest rate (calculated with core inflation or with the GDP deflator) must be higher than potential growth; Mortgage rates must be higher than the per capita wage growth rate.”
“In the US, the real long-term interest rate is still well below potential growth, but the mortgage rate is higher than nominal wage growth. It is normal to see a significant downturn in residential investment; monetary policy is therefore partially restrictive.”
“In the Eurozone, the real long-term interest rate is well below potential growth, and the mortgage rate is lower than nominal wage growth; monetary policy is therefore completely expansionary.”
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ADA Price Analysis: Cardano price set to print new yearly low before New Year
281014 December 30, 2022 22:17 FXStreet Market News
- Cardano price slides further even with equities closing in the green on Thursday.
- ADA rips lower, falling another 1% in the ASIA PAC and European session.
- New yearly lows look granted as the decline continues towards $0.194
Cardano (ADA) price is officially on a losing streak as price action is tanking for a third day in a row. The decline comes as liquidity wears thin, and traders are fleeing further into safe havens as markets gear up for a recession in 2023. Although equities rallied on Thursday, only a fraction of the losses got paired back, as a negative close was unavoidable;
Cardano price needs to turn the page soon
Cardano price should be scaring traders away by now, or at least have them stay out of it for a moment and do the much-needed homework for 2023 to time the right entry and take-profit levels. There is no point in engaging in this decline, as the risk of starting 2023 with a too-negative balance is too big. Rather wait, step aside, and let the mayhem occur, and only after then engage in the price action to start building up long positions.
ADA price thus needs to see this pain trade through, as Socrates had to empty the poison cup to the bottom. Let the avalanche run through, possibly towards $0.200, with the pivotal support level at $0.194 providing the most secure support level nearby. To add everything up, traders must remember that another 20% decline is still possible.
ADA/USD daily chart
Upside potential, although unlikely at the moment, must be traded with big precautions. The first level to the upside would be, of course, $0.265, a pivotal level that got broken and falls in line with the monthly S1 for December. Once price action can break and close above there, expect a massive influx from bulls and see price action rally up towards $0.297 or $0.300.
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Gold and Silver unlikely to outperform in the coming months – HSBC
281013 December 30, 2022 22:12 FXStreet Market News
Strategists at HSBC remain neutral on Gold and Silver as they see muted momentum.
Higher rates and real bond yields create a competitive disadvantage for Gold
“Despite the recent bounce in commodity prices, we do not expect Gold and Silver to outperform in the coming months.”
“USD’s recent strength has weighed on metals, while higher rates and real bond yields create a competitive disadvantage for Gold compared to cash and bonds.”
See – Gold Price Forecast: XAU/USD to rebound slightly next year as Fed easing starts – ING
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EUR/GBP reaches fresh three-month highs above 0.6860 as the pound loses ground
281012 December 30, 2022 22:12 FXStreet Market News
- The Euro appreciates for the second consecutive day to reach fresh three-month highs at 0.8875.
- The Pound losses ground weighed by grim UK economic perspectives and hopes of a slower BoE tightening.
- EUR/GBP appreciates about 5.5% in 2022 with the Sterling hit by the UK’s political drama.
The Euro finally managed to pierce the 0.6860 resistance area on Friday, extending its rebound from session lows at 0.6820 to fresh three-month highs at 0.6870 so far. The common currency is taking advantage of a moderately weak Sterling on a sluggish pre-holiday session.
The pair has shrugged off the mild risk aversion on the back of concerns about the consequences of the strong COVID-19 outbreak in China and the escalating tensions in Ukraine, to appreciate for the second consecutive day.
On the other hand, the Pound remains offered across the board, weighed by the grim economic perspectives in the UK and hopes that the Bank of England will slow down its monetary tightening path over the coming months.
The Sterling is about to close its worst year since 2016
The EUR/GBP is set to end the year with a 5.5% appreciation, favored by the broad-based pound weakness in 2022. The Sterling was hit hard by the political uncertainty during the last months of Boris Johnson’s mandate and Liz Truss’ tax reform fiasco.
Johnson’s successor as in Downing Street tax cuts plan caused a historical Pound crash in October and prompted an intervention by the Bank of England to avert a credit crunch.
The pound has firmed up somewhat in the fourth quarter, as the election of Rishi Sunak calmed the markets although the negative economic outlook coupled with soaring inflation is keeping GBP buyers at bay.
Technical levels to watch
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Weak economic momentum is expected to continue into early 2023 – Deutsche Bank
281011 December 30, 2022 21:49 FXStreet Market News
Economists at Deutsche Bank expect mild US and European recessions in the first half of 2023 with growth then picking up.
China to register significantly more dynamic growth in the year ahead
“We are expecting a mild recession overall in the Eurozone at the turn of the year. With recovery starting in the second quarter, economic growth for the full year 2023 is likely to be 0.3%. The main risk factor remains energy, coupled with a possible shortage of gas in winter 2023/2024.”
“If inflation rates continue to decline and there is no need for robust Fed intervention, the US economy could return to growth in the second half of 2023, finishing the year overall at +0.4%.”
“Economic momentum in China is likely to be much stronger next year. We are expecting growth of around 5% in 2023 after an estimated 3.3% this year.”
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India Bank Loan Growth declined to 17.4% in December 12 from previous 17.5%
281010 December 30, 2022 21:35 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.
South Africa Trade Balance (in Rands) increased to 7.98B in November from previous -4.31B
281009 December 30, 2022 21:33 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.