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Reduced chance of rate cut
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US jobs reports will come out after the Dec 10 FOMC
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- Dollar continues to firm aross-the-board ahead of the release of FOMC minutes. EURUSD slides below 1.1550, USDJPY trades above 156.50, GBPUSD falls below 1.31
- Stocks opened higher but have since settled back after US500 bounced off 6690 and NAS100 stayed below 25000 as all brace for Nvidia.
- XAUUSD is back below 4100 after failing to reach 4150 (61.8%)
- BTCUSD continues to struggle regaining a bid, back below 90k, recent low 89150
NAS100 (NASDAQ) UPDATE
- It’s hard to suggest a trade in NAS ahead of Nvidia earnings given its history of blockbuster results vs. a very high  bar set by markets and options indicating a 7% stock move risk following the results.
- Resistance: 25280, 25738, 26273
- Support: 24246. 23974, 22944
Levels to watch;
NAS100 DAILY CHART
May be giving EURUSD some support
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GBPUSD UPDATE
- One look at all the long wicks (on both sides) Â should tell you either something about liquidity or how skittish trading in this pair has been.
- One reason may be a focus on crosses, such as EURGBP, which is up today and helping to weigh on GBPUSD and create a tug-of-war with the EURUSD
- Upside currently capped while below 1.3155 but requires a break below 1.3084 to put 1.3010-50 back on the radar.
- Hint: Keep an eye on EURGBP
GBPUSD 4 HOUR CHART
UK leadership fight? Is Starmer in trouble?
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Newsquawk Daily US Opening News
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Russia – Ukraine Peace Plan
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USDJPY UPDATE
The following was posted at this time yesterday and is so far working out.; No change to this view
- Nothing on a weekly until the 158.85 2025 high set in the first week of the year.\
- If 155 becomes support, then 156.50 and 158.00 potential targets
- BoJ/MoF likely more concerned with pace than direction of USDJPY
Note: EURJPY trading at a record high
USDJPY WEEKLY CHART
XAUUSD (GOLD) UPDATE
- Bids rather than stops at 4000 has seen a bounce that has broken down momentum with the move above 4106..
- However, to build fresh momentum up, it would need to take out retracement levels at 4121.5 (50%) and 4150.6 (61.8%).
- High so far today 4119 so close to a 50% retracement
- Support zone 4050/54-80
XAUUSDÂ 4 HOUR CHART
Forex Market Snapshot
- The dollar is trading firmer as markets look ahead to the release of FOMC minutes and (with greatest attention) Nvidia’s earnings report after stock markets close
- USDJPY continues to firm, extending its high further above 155.50
- GBP is weaker (vs. EUR as well) following the realese of UK CPI
- EURUSD is following with a lag but remains defensive while below 1.16
NAS100 (NASDAQ) UPDATE
- With tech shares leading the stock market sell-off, NAS100 is especially hoping Nvidia earnings bails it out.
- Damage not yet fatal with a pause (24307 low) above the last line of defense at 24244 before major support at 23973.
What would ease the risk?
- Above 24785-885 would take it out of the danger zone but only back above 25283 would shift the risk the other way.
NAS100 4 HOUR CHART
Newsquawk US Stock Market Wrap
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US500 (SP500) UPDATE
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- Stocks remain on the defensive ahead of Wednesday’s Nvidia earnings report after the close, which bulls hope will send them a lifeline.
- Tuesday low: 6576
- 6532 =Â the last line of defense before major support at 6496
What would deflect the risk?
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- Above 6690 would take it out of the danger zone but only back above 6783 would shift the risk the other way.
US500 4 HOUR CHART
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