Gold on a sec… gold just posted its highest monthly close on record
Gold just posted its highest monthly close on record, and now trades less than $40 from its record high set in May. With seasonality on its side, I suspect another crack at the record high could be in order. Although it does run the risk of a shakeout around the milestone level.
EUR/USD hits major resistance ahead of US inflation: European open
With inflation data for Europe and the US in today's European session, we take a look at EUR/USD to identify key levels and a directional bias.
AUD/USD, gold stall around key levels ahead of US inflation: Asian Open
The US PCE inflation report is arguably the event of the week, and with traders having vigorously sold the US dollar ahead of it I am left wondering if it is a case of ‘sell the rumour, buy the fact’ – especially if it comes on hot. And with AUD/USD and gold stalling around key levels on Wednesday, the potential for mean reversion seems apparent.
EUR/USD, USD/JPY implied vols rise ahead CPI and GDP data: European Open
With a host of inflation data from Europe and GDP data for the US, implied volatility has picked up to wake markets up from their post-Thanksgiving lull. Today we take a look at USD/JPY and EUR/USD for a potential setup.
NZ dollar takes flight as RBNZ strike a hawkish tone (NZD/USD, AUD/NZD)
Whilst the RBNZ were expected to hold, their statement struck a hawkish tone by stating that “inflation remains too high”. And with traders front-loading a weak CPI print for the US later this week it has catapulted the New Zealand dollar higher.
AUD/USD hits resistance pre-CPI as USD/JPY, USD/CNH probe support: Asian Open
With USD/CNH and USD/JPY probing key support levels, we may require a break of them for AUD/USD to stand a chance of continuing its strong rally (which met strong resistance on Tuesday). Unless of course Australia is treated to an uncomfortably hot inflation report today, which could fan fears of another RBA hike.
Yen bulls return, EUR/USD benefits from soft dollar bets: COT report
When yen bulls increase their long exposure by 40% in a week, it is probably worth noting. Especially when large speculators had pushed net-short exposure to a 6-year high the week prior. Every turning point must start somewhere, and I continue to suspect this turning point already has.
AUD/USD, ASX 200 continue to go their separate ways: Asian Open
Two milestones were set on Monday for two key Australian markets, which saw AUD/USD close above its 200-day average for the first time in four months and the ASX 200 close below 7,000.
GBP/USD bulls eye move to 1.27: European open – Nov 27, 2023
GBP/USD has continued to take advantage of a weaker US dollar and rise to an 11-week high. And with a high level of volume activity overhead, we see the potential for a move to 1.27.
USD/JPY bulls eye break of 150, Crude oil is flat for the year: Asian Open
A sharp reversal on USD/JPY last week brings a potential break above 150 in to focus, assuming the US dollar can find a bid and USD/CNH continues to hold above its 200-day MA. Meanwhile, crude oil has handed back all of its 2023 gains and it is a very fine line before the bias for a move to $80 becomes invalidated.
Crude oil steadies ahead of OPEC, US inflation in focus: The Week Ahead
Thanksgiving in the US has made for a very quiet second half to the week for traders, but with a key US inflation report and an OPEC meeting on tap then volatility is expected to return next week. Also note that Australia releases inflation figures which could be the deciding factor as to whether the RBA hold or hike at their final meeting of the year.