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Newsquawk US Stock Market Wrap
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Newsquawk US Market Wrap
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With Thanksgioving less than 3 weeks away, pressure is on both sides to find a way to end the shutdown. This raises the risk of a surprise headline even though at this point the differences appear to be irreconciable.
Why?
For holiday air travel, the busiest travel day of the year in the U.S. is typically the Sunday after Thanksgiving.
- Busiest day: Sunday after Thanksgiving (travelers returning home).
- Runner-up days: Wednesday before Thanksgiving and the Friday after.
Democrats proposal to end the shutdown
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Nice comback in stocks. Conspiracy theory says
1. Does someone have a hint on ending the government shutdown?
                       or
2. Maybe it was the Plunge Protection Team
The Plunge Protection Team (PPT) is the informal name given to a group of top U.S. financial officials who are believed to step in to stabilize markets during times of extreme volatility or crisis. Officially, this group is called the Working Group on Financial Markets
.Looking at stocks sell off in a liquidating market,’this is a good time to read this article
What is a Liquidating Market and How to Trade It?
Market Update
- Stocks again selling off, setting a risk off tone
- GOLD finally seeing some safe haven impact and trading above 4000
- Dollar weaker but mixed. Â EUR. CAD (after jobs report beat), GBP leading, USDJPY, which led yesterday, is lagging, AUD and NZD down..
- BITCOIN tested sub-100K but again found support below it. Weekend risk looms when crypto markets are open and liquidity is thin.
EURUSD UPDATE
- Leading the USD lower
- Keeps a bid while above 1.1577 but would need to break the trendline (1.1614) to confirm what appears evident, which is the low is in.
- Reminder of the clue I gave earlier: (Still) all green candles except for one small red one since the low was set at 1.1467.
EURUSD 4 HOUR CHART
U of M sentiment miss
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Hopeful headline but House would have to agree
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Govt shutdown impact
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Next up: Univ of Michigan Coinsumer Sentiment… stocks have extended losses ahead of it
See our Economic Data Calendar for the consensus forecast
With Thanksgiving less than 3 weeks away and air travel a mess, pressure is building for an agreement. Little reaction to this headline but suggests a weekend event risk since both sides are talking over what has so far been irreconciable differences.
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Big CDA employment beat but due to part-time jobs
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Shutdown worse than expected
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Newsquawk US Pre-Market Movers
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XRP price slips despite Ripple’s bullish Swell announcements: Is $2 next?
·        XRP fell over 9% after Ripple’s Swell event, extending its November losing streak.
·        A bear flag breakdown and looming death cross point to a possible drop toward $1.65
XRP XRPUSD has fallen sharply in the hours since Ripple’s flagship Swell conference, erasing much of the short-lived rally seen during the event itself.
Swell announcements fail to impress XRP bulls
After peaking near $2.40 on Nov. 5, XRP has since dropped by over 9%, slipping to $2.19 despite Ripple’s high-profile announcements.
This year’s Swell, held Nov. 4–5 in New York, saw the company unveiling a $500 million funding round led by Citadel Securities and Fortress Investment Group, detailing new integrations for its RLUSD stablecoin, and teasing a decentralized lending protocol on the XRP Ledger (XRPL).
FX option expiries for 7 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 broader risk mood as well as the push and pull in the bond market – for the dollar at least.
Wall Street saw another selloff yesterday and that weighed on risk currencies, with USD/JPY also dropping. The dollar itself struggled amid a fall in Treasury yields, with bond vigilantes not following up on the run up on Wednesday.
The market mood today is calmer and that’s keeping things in check. But as we saw yesterday, Wall Street might have other ideas with tech stocks in particular looking rather dicey at the moment.
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