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US Sept PPI in line with cosnensus (also old data)
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Sept Retail Sales miss (but old data)
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ADP weekly jobs lower (next up Sep Retail Sales and PPI)
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Ukraine agrees but what about Russia?
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EURUSD 4h
Resistances: 1.15400, 1.15500 & 1.15650
Supports: 1.15250, 1.15100 & 1.14850
If EUR manages to go over 1.15400 in next hour and half, we might see building up of bullish sentiment.
However, loss of 1.15250 would signal a continuation of the down wave.
1.14850 the Major level to watch – once lost it opens a road for 1.12 zone…
FX option expiries for 25 November 10am New York cut
There aren’t any major expiries to take note of on the day, with the full list seen below.
As such, trading sentiment will continue to revolve around the risk mood for the most part although major currencies remain relatively muted still on the week. Traders might be winding down towards the Thanksgiving holidays but keep in mind that month-end is also approaching and that could stir up some flows before the end of the week.
In any case, the pound will be a key highlight in trading tomorrow as outlined here earlier. So, there is at least something to look out for this week.
USDJPY UPDATE
- Woke up to shifting Fed rate cut expectations and went from underperformer to overperformer.
- Brief break of 156.19 so far not following through (low 156,14).. firm break opens a clear path to 154.80-155.20
- Resistance: 156.85 (intra-day), 156.98-157.18 (4 hour)
- Use the 4 hour trendline as initial resistance, above that is 157.00-20.
USDJPY 4 HOUR CHART
Newsquawk Daily US Opening News
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Nvidia news
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Forex Market Snapshot
- The dollar is trading mixed with the JPY outperforming, followed by GBP (ahead of the UK budget) and EUR while the CAD, AUD and NZD (ahead of the RBNZ meeting) trade a touch lower. The CHF is lagging as well, trading slightly lower.
- US stocks have backed off a touch after not following through on Monday’s sharp rallies but remain well up on the week..
- There is some US data out today, some of it old, but enough for news algos to be on alert.
- Note, after today US markets will start to thin ahead of the Thanksgiving Day holiday..
A u-turn in market expectations in favor of a December Fed rate cut lifted stocks, gold, crude oil, Bitcoin while the dollar lagged, a good example of (in our blog)…
How Interest Rates Shape Global Markets: What Every Trader Needs to Know
Newsquawk U.S. Stock Market Wrap
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Newsquawk U.S. Market Wrap
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25 BPS rate cut being priced in
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US-CDA Trade Talks Stalemate
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Healthcare proposal delay
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