Daily Market Outlook, November 25, 2022

Daily Market Outlook, November 25, 2022 ‘Sterling Soars To A Three-Month High ’With US markets closed yesterday for the Thanksgiving holidays, Asian markets were somewhat lacklustre overnight, lacking a lead from Wall Street. China's covid concerns continue to cause alarm, however, it seems markets are choosing to focus on the potential for further monetary policy support as a positive. The Bank of Japan expressed little concern at the hotter-than-expected inflation print overnight, as they believe the current inflationary impulse is transitory, driven by energy prices and Yen weakness. Sterling posted a three-month high against the greenback as Bank of England officials continue to beat the hawkish drum as they remain focused on fighting inflationary pressures with a robust rates policy. Inflationary pressures and a lack of meaningful government response to public sector wages will see Nurse’s strike next week for the first time in history, as the government refuses to enter pay negotiations, pitiful given their plight during the pandemic.For the day ahead: US markets will close early today, Black Friday marks the beginning of the holiday shopping season stateside. The data slate is pretty scent today, in the UK the Bank of England will release data on consumer credit, secured lending and mortgage approvals, all of which are expected to show a further deterioration in sentiment, as the appetite for borrowing remains diminished given the cost-of-living crisis and the rates environment.  Markets focus is likely to shift towards next week with the benchmark Non-Farm Payrolls report due, in the Eurozone flash CPI inflation data and in China official, PMIs will also be out. Markets will also hear from central bank heads Fed Chair Powell and ECB head Lagarde who is set to appear before the European Parliament.Overnight HeadlinesTokyo November Core CPI Rises At Fastest Annual Pace Since April 1982Asia-Pacific Stocks Mostly Lower, U.S. Markets Closes Early FridayChina’s RRR Rate Cut At All Banks Is Likely - Securities JournalBoK May Go Up to 3.5% as Terminal Rate, Governor Rhee SaysDollar Headed For Weekly Loss As Investors Brace For Slower Fed HikesHedge Fund Rokos Warns That Sterling Is ‘Vulnerable’ To Further FallsJapan’s 10-Year Yield Rises To Upper End Of BoJ’s Policy BandOil Set For Third Weekly Loss On Price-Cap Impasse, Demand FearsSaudi, Iraqi Energy Ministers Meet Thursday, Review Oil MarketsGlobal Oil Market Flashes Warning Signs On Rising Demand AngstU.S. Poised To Grant Chevron License To Pump Oil In VenezuelaCrypto Firm Binance To Commit $1 Bln For Crypto Recovery InitiativeFoxconn's Zhengzhou Plant Unlikely To Resume Full Prod By End-NovTechnical & Trade ViewsSP500 Bias: Bullish Above Bearish Below 3990TechnicalsPrimary support is 3990Primary upside objective is 4120Next pattern confirmation, acceptance above 4050Failure below 3950 opens a test of 390020 Day VWAP bullish, 5 Day VWAP bullishEURUSD Bias: Bullish Above Bearish below 1.0340TechnicalsPrimary support is 1.0340Primary upside objective is 1.0620Next pattern confirmation, acceptance above 1.0485Failure below 1.03 opens a test of 1.022020 Day VWAP bullish, 5 Day VWAP bullishToday’s New York Cut Option Expiries: 1.0250 (766M), 1.0280-85 (314M), 1.0380 (261M), 1.0300 (296M), 1.0380-90 (581M), 1.0400-10 (443M),  1.0450-60 (334M), 1.0500 (324M), 1.0550 (211M)GBPUSD Bias: Bullish Above Bearish below 1.1950TechnicalsPrimary support is 1.1950Primary upside objective 1.22Next pattern confirmation, acceptance above 1.21Failure below 1.19 opens a test of 1.177020 Day VWAP bullish, 5 Day VWAP bullishToday’s New York Cut Option Expiries: 1.1860 (699M)EUR/GBP: 0.8600 (270M), 0.8650-60 (1.03BN), 0.8775 (229M)USDJPY Bias: Bullish above Bearish Below 142.20TechnicalsPrimary resistance is 142.20Primary downside objective is 136Next pattern confirmation, acceptance below 138Acceptance above 142.20 opens a test of 14320 Day VWAP bearish, 5 Day VWAP bearishToday's New York Cut Option Expiries: 138.15 (300M), 138.50-60 (980M)AUDUSD Bias: Bullish Above Bearish below .6680TechnicalsPrimary support is .6680Primary upside objective is .6900Next pattern confirmation, acceptance above .6775Failure below .6660 opens a test of .660020 Day VWAP bullish, 5 Day VWAP bullishToday’s New York Cut Option Expiries: 0.6700 (655M), 0.6850 (358M)NZD/USD: 0.6170 (227M)USD/CAD: 1.3300 (221M), 1.3390 (358M), 1.3500 (400M)BTCUSD Bias: Intraday Bullish Above Bearish below 16100TechnicalsIntraday 16100 is primary resistancePrimary upside objective is 17000Next pattern confirmation, acceptance below 16750Failure 16000 opens a test of 1550020 Day VWAP bearish, 5 Day VWAP bullish

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