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Dovish comments from Fed’s Waller (auditioning for the Fed Chair?)
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Oracle news hit on the headline
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Newsquawk Daily US Opening News
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GBPUSD UPDATE
- Reversing gears and now dependent on 1,3287-1,3301 holding to prevent opening a void on the downside.
- Back above 1.3350-55 needed to cool the risk.
- Watch EURGBP where flows continue to help drive the price action in respective GBPUSD and EURUSD pairs. In this regard, 8800 is pivotal (so far pausing below it).
GBPUSD 4 HOUR CHART
Sterling drops as inflation cements BoE cut expectations, dollar up before US inflation
· ECB expected to hold rates on Thursday, BOE cut fully priced· BOJ expected to raise rates on Friday
· Dollar wobbles as policy path for 2026 remain murky
· Sterling GBPUSD was set for its biggest one-day drop since early November as investors added to bets that the BoE will cut rates on Thursday after data showed British inflation unexpectedly fell sharply in November.
British consumer price inflation fell to 3.2% in November, its lowest since March, from 3.6% in October, official figures showed.
UK Stocks on Strong Note – FTSE UP
London’s FTSE 100 rose 0.9% to cross 9,770 on Wednesday, outperforming its regional peers, after softer-than-expected inflation data cemented expectations of a rate cut from the Bank of England on Thursday.
Financials, especially those with a China focus, along with housebuilders, miners, and oil producers, lead the early gains.
Leading the pack are Phoenix Group, HSBC, and Standard Chartered, followed by Barratt Redrow, Persimmon, and Land Securities.
XAUUSD (GOLD) UPDATE
- Consolidating within a 4271-4342 range (broader range 4257-4353)..
- In a week where position adjustments dominate, for book squaring pressure to build, 4223 would need to become resistance followed by breaks of 4300-4291 and 4271,
- Otherwise, expect more choppy consolidation trading with a bid while above 4300..
XAUUSD 1 HOUR CHART
DAX Index
Frankfurt’s DAX edged up to trade above 24,185 on Wednesday
Traders gear up for a busy Thursday of central bank decisions across Europe while watching for updates on the Ukraine peace negotiations.
Defense stocks, which have recently come under renewed pressure, are heading for a recovery, with Rheinmetall rising 2.3%.
Resistance line of the Correction channel was broken, and if DAX manages today to stay above it and preferably close above 24.300 we will have a Bullish formation that can lead to test of High at 24.770
Forex Market Snapshot
- The dollar is trading firmer as last full week of the year position adjustments dominate. US stocks are up, setting a cautious risk on mood.
- EURUSD, printed 1.1750 for the fifth day in a row, trading weaker while. below it although lagging the GBP. Low at 1.1702 vs. still somewhat distant 1.1682 support.
- GBP has more than reversed yesterday’s overperformance and is underperforming after the UK inflation report solidified expectations of a BoE rats cut on Thursday. Low at 1.3311 vs. 1.3287-1.3301 supports.
- EURGBP has reversed out yesterday’s selloff, adding pressure on GBPUSD while EURUSD lags. High at 8797 vs 8796-8800 (and 8818) resistance
- USDJPY (2nd underperformer) has rebounded back above 155 to cool off its downside risk. High 155.59 vs. still distant 155.98-156.16 resistance
EURUSD 4h
EUR breached briefly 1.17800 yesterday, just to lose it all afterwards…
Now two levels can support the Bullish bias in this moment : 1.17050 & 1.16750
Later one separates EURUSD from retesting Channel Support at 1.15050
Resistances: 1.17350, 1.17500 & 1.17700
Intraday Pressure right now Up with the Cap at 1.17350/400
In our blog
Still a must read if you are trading this week
Why the Final Full Trading Week of the Year Is Anything but “Normal”
Newsquawk US Stock Market Wrap
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Newsquawk US Stock Market Wrap
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Newsquawk US Market Wrap
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US500 (SP500) UPDATE
- Price action consistent with last full week of the year trading as position adjustments dominate while there is a reluctant to add to risk.
- This has left the downside exposed to a squeeze on longs and needing 6760 to hold as support, 6800+ and then 6831 broken to negate the risk.
US500 4 HOUR CHART
US500 (SP500) UPDATE
- Price action consistent with last full week of the year trading as position adjustments dominate while there is a reluctant to add to risk.
- This has left the downside exposed to a squeeze on longs and needing 6760 to hold as support, 6800+ and then 6831 broken to negate the risk.
US500 4 HOUR CHART
NAS100 (NASDAQ) UPDATE
- Two red lines drawn off the low has potential to be a bottom but only confirmed if 25000 becomes support and 25398 is broken.
- If not recent low (24820) holds the key to containing the downside and preventing a further squeeze on longs
- In any case, 25000 is clearly pivotal (above cools risk, below revives it).
NAS100 4 HOUR CHART
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