EURUSD
- The EUR/USD pair breaks a two-day losing streak, posting gains and rising above 1.0900 during the Asian session on Thursday.
- Traders focus on Eurozone preliminary PMI data and ECB minutes on Thursday. While forecasts indicate potential improvements, all figures are expected to remain below 50, making this data critical for market impact.
- Bundesbank President Joachim Nagel's statement on Wednesday, suggesting that interest rates in the Eurozone are close to their peak, influences market sentiment. Traders interpret this as an indication that further rate hikes may not occur unless inflation rebounds.
- The US Dollar rebounds from monthly lows after mixed US data. A larger-than-expected decline in Jobless Claims and a more significant contraction than forecasted in Durable Goods Orders contribute to the dollar's recovery.
- Market activity remains subdued due to the Thanksgiving Day holiday in the US on Thursday, potentially leading to reduced trading volumes and volatility.
| SMA (20) | Rising |
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| RSI (14) | Rising |
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| MACD (12, 26, 9) | Rising |
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Closing statement:EUR/USD shows resilience, breaking its losing streak amid key Eurozone data and Bundesbank President's comments. The impact of mixed US data and subdued market activity during the Thanksgiving holiday will be monitored for further insights into currency pair dynamics.
GBPUSD
- GBP/USD retraces recent losses, trading higher around the psychological level of 1.2500 during the Asian session on Thursday.
- Bank of England (BoE) Governor Andrew Bailey emphasizes that there is no immediate need to change the central bank's interest rate policy. Bailey notes that inflation is on track to return to the central bank's 2% target, but the Middle East conflict adds a risk of inflation rising.
- Wednesday's US Jobless Claims data indicates a larger-than-expected decline for the week ending November 17, with Initial Claims dropping to 209K from the previous 233K.
- Durable Goods Orders in October experienced a more significant decline than expected, falling by 5.4% compared to the anticipated 3.1%.
- The University of Michigan Consumer Sentiment Index for November surpasses expectations, reaching 61.3 instead of the projected 60.5
GOLD
- Spot Gold experiences a pullback after Tuesday's surge, approaching the crucial resistance area of $2,010.
- The daily chart of XAU/USD indicates bullish potential, contingent on the price breaking above the $2,010 area.
- The US Dollar Index (DXY) rises from monthly lows, gaining momentum and reaching 104.20 before retracing below 104.00.
- US economic data, including a decline in Initial and Continuing Claims and a larger-than-expected contraction in October Durable Goods Orders, influences market sentiment.
- The markets are pricing in the possibility that the US central bank will start cutting rates during the first half of 2024.
Closing statement: Spot Gold faces resistance at $2,010 amid a pullback, while the US Dollar's movement and economic data impact precious metal dynamics. Rate cut expectations add an additional layer of complexity to the market sentiment surrounding XAU/USD.
CRUDE OIL
- WTI prices experience extended downside pressure as the Organization of Petroleum Exporting Countries and allies (OPEC+) unexpectedly delays its meeting on production cuts.
- The OPEC Secretariat suggests a potential delay of the OPEC+ meeting from November 25–26 to November 30, contributing to concerns about global crude oil supplies.
- The forthcoming OPEC+ meeting faces challenges amid escalating tensions over the Middle East conflict and a slower-than-expected recovery in Chinese demand.
- The recovery of the US Dollar (USD) acts as a limiting factor on oil prices, as a stronger dollar makes dollar-denominated oil more expensive.
- With the US market closed for the Thanksgiving Day holiday, attention turns to the US S&P Global PMI data scheduled for Friday.
| SMA (20) | Falling |
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| RSI (14) | Slightly Rising |
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| MACD (12, 26, 9) | Slightly Rising |
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Closing statement: Crude oil prices face headwinds from the delayed OPEC+ meeting, challenging market conditions, and the impact of a stronger US Dollar. The rescheduled meeting date and the upcoming US economic data will be critical factors influencing crude oil dynamics.
DAX
- On Wednesday, the DAX and broader European equity markets responded positively to the overnight release of the Federal Open Market Committee (FOMC) Meeting Minutes.
- The ECB Financial Stability Review attracted investor attention, expressing concerns about credit appetite and credit performance within the banking sector.
- Released US economic indicators on Wednesday, including labor market and consumer sentiment figures, surpassed expectations, alleviating fears of a hard landing in the economy.
- On Thursday, attention shifts to the euro area economy, with preliminary private sector PMIs for France, Germany, and the Eurozone capturing investor interest.
- No US economic indicators are scheduled for Thursday as the US markets remain closed for the Thanksgiving holidays.
| SMA (20) | Rising |
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| RSI (14) | Rising |
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| MACD (12, 26, 9) | Rising |
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Closing statement: The DAX experienced positive momentum driven by favorable responses to the FOMC Minutes and improved US economic indicators. With focus turning to Eurozone PMIs and US market closure on Thanksgiving, the DAX outlook hinges on global economic sentiment.