Market Update – December 2 – USD holds at lows & Stocks & Highs Ahead of NFP

• The USD Index holds at lows not seen since August & June at 104.50 and significantly below the 200-day MA at 105.40. Weaker PCE inflation, lower JOLTS numbers, but tempered by a miss for Weekly Claims all added to pressure for yields too, the 2/10 yr remains inverted by 71 bps. Stocks finished flat, Asian markets also flat except Nikkei (-1.59%) as JPY soars. All eyes on NFP; Consensus is a headline of 200k, less than 120k-150k and the USD could slip further, over 250-300k could lift the Greenback.
• EUR – broke over key psychological 1.0500 and holds at 5-mth highs at 1.0530 now. 
• JPY – collapsed to under 135.00 today and trades at 134.60 from 139.85 on Wednesday, hitting Japanese stocks. 
• GBP – Sterling rallied again to breach 1.2300, briefly and post 5-month highs. Trades at 1.2260 now. 
• Stocks – Wall Street held on to Wednesday’s gains closing flat – US500 -3.54 (-0.09%)  4076, FUTS trades at 4076 now. 

• USOil – Rallied again (4 consecutive days) to breach $83.00 before cooling to $81.25 now. OPEC meet over weekend and into Monday possibly  
• Gold – Rallied to and broke the key $1800 and holds at $1802 now.
• BTC – Sentiment woes continue, but a weaker USD means it holds at 17k.

Today – US & Canadian Jobs Reports, EZ Producer Prices, Speakers from ECB’s Lagarde & de Guindos, Fed’s Barkin & Evans.

 

Biggest FX Mover @ (07:30 GMT) NZDUSD (+0.52%) rallied again to test 0.6400 today from 0.6300 yesterday and lows on Monday at 0.6150. MAs aligning higher, MACD histogram & signal line positive but falling,  RSI 69.00 & rising, H1 ATR 0.00127, Daily ATR 0.0083.

Click here to access our Economic Calendar

Stuart Cowell

Head Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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Copper Futures (HG1!), H4 Potential for Bullish Continuation

Type: Bullish ContinuationKey Levels:Resistance:3.9600Pivot:3.6885Support:3.5545Preferred Case:Looking at the H4 chart, my overall bias for HG1! is bullish due to the current price being above the Ichimoku cloud , indicating a bullish market. If this bullish momentum continues, expect price to possibly continue heading towards the resistance at 3.9600, where the previous swing high is.Alternative Scenario:Price may head back down towards the pivot at 3.6885 where the 28.2% Fibonacci lien is.Fundamentals:There are no major news.

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3 emerging-market stocks to buy now

The top emerging-market stocks to buy now, according to Union Bancaire Privée’s Eli Koen.

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Daily Market Outlook, December 1, 2022

Daily Market Outlook, December 1, 2022 ‘Powell Points To Moderating The Pace Of Rate Rises, Santa Rally To Start?’Asian equity markets took their lead from the late surge on Wall Street, Fed Chair Powell delivered a speech on the economy, inflation and employment, during which he suggested it made sense to consider slowing the pace of rate hikes in the US, and highlighting that he didn't want to fall foul of over tightening, risk appetite abounded on the back of these comment, the SP500 over 150 points, the Dollar and US treasury yields sagged. Overnight, reports suggested that China may be softening its stance on Covid restrictions, data out of China also showed glimmers of hope with an improvement in Caxian manufacturing, up from 49.2 to 49.4. This morning’s UK Nationwide house price index fell for the second month in a row as buyers remain sidelined due to the negative impact of rate rises. In Germany retail sales data showed a sharper than expected fall ahead of the all important holiday shopping season.On the data front for the day ahead, the focus in the UK and Eurozone will be on PMI manufacturing data, flash reading have indicated that both regions are likely to remain in contractionary territory, completing and fifth month of depressed readings, this data will likely also confirm fears of negative Q4 GDP prints for both economies, however, on the positive side of the ledger their are nascent signs of the potential for peak inflationary pressures. In the US markets are poised for PCE deflator data which is expected to confirm the signal from October CPI, that inflation has started to slow. US ISM manufacturing data is expected to show activity continuing to slow, but markets expect it to hold the critical 50 level, representing contraction below, expansion above. The next major focus for markets will be tomorrow’s all important non Farm Payrolls data, any signs of deterioration in the employment landscape will likely be taken positively by markets based on the ‘bad news, good news’ dichotomy, with markets seeing weak data as supporting the potential for a Fed pivot on rate rises.Overnight HeadlinesFed's Powell Signals Fed Prepared To Slow Rate-Rise Pace In DecemberFed's Cook Says Smaller Rate Moves May Be Prudent Given LagsUS Economic Growth Slowed This Fall, Fed’s Beige Book SaysUS House Votes To Block Rail Strike, Mandate Paid Sick LeaveBeijing City To Let Some Low-Risk Covid Patients Home IsolateBeijing Sees Record 5,006 New Infections As Outbreak PersistsChina's Factory Activity Shrinks In Nov Amid Widespread Covid CurbsJapan Firms Rising Capex Fuels Hopes For Smaller GDP Contraction In Q3Japan's Factory Activity Shrinks For First Time Nearly 2 YearsBoJ Policymaker Vows To Keep Ultra-Low Rates Until Wages Perk UpDollar Sinks To 3-Month Low Vs Yen As Powell Says Fed To Go SlowOil Dips On OPEC+ Uncertainty; Easing China Covid Curbs Cap DeclinesUS Stocks Record First Back-To-Back Monthly Gains Since 2021Chinese Stocks Add To Historic Rally As Reopening Signs GrowTesla Is Planning A Massive Output Out Of Giga Texas In Q1 2023Musk Says Apple Isn’t Removing Twitter App, Easing StandoffTSMC Plans To Make More Advanced Chips In US At Urging Of AppleTechnical & Trade ViewsSP500 Bias: Bullish Above Bearish Below 4050TechnicalsPrimary support is 4050Primary upside objective is 4120Next pattern confirmation, acceptance above 4050Failure below 3930 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: EUR/USD: 1.0300-10 (1.58BLN), 1.0350 (393M), 1.0385 (256M), 1.0400 (275M), 1.0450 (212M), 1.0500-05 (556M) (477M), 1.0525 (246M), 1.0550 (261M), 1.0600 (1.2BLN)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: 1.1890 (309M), 1.1990-00 (359M)USDJPY Bias: Bullish above Bearish Below 1401.36 Target Achieved, New Pattern EmergingTechnicalsPrimary resistance is 140Primary downside objective is 135Next pattern confirmation, acceptance below 136Acceptance above 140 opens a test of 14220 Day VWAP bearish, 5 Day VWAP bearishToday's New York Cut Option Expiries: 137.00 (215M), 137.50 (250M), 137.90 (290M)AUDUSD Bias: Bullish Above Bearish below .6650TechnicalsPrimary support is .6650Primary 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: 0.6800 (300M)BTCUSD Bias: Intraday Bullish Above Bearish below 1650017100 Target Achieved, New Pattern EmergingTechnicalsIntraday 16500 is primary supportPrimary upside objective is 18000Next pattern confirmation, acceptance below 17200Failure 16400 opens a test of 1600020 Day VWAP bearish, 5 Day VWAP bullish

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The Crude Chronicles - Episode 165

Oil Traders Cut Longs Last WeekThe latest CFTC COT institutional positioning report shows that oil traders reduced their net long positions last week. Total upside exposure was cut to 252k contracts from around 273k contracts prior. The downward reduction reflects a renewed sense of caution in the market amidst news of fresh lockdowns in China which were seen hurting the demand outlook for oil and commodities.China Protests Subside At the start of the week, oil prices were knocked lower as news of protests and violent clashes across China added further concern to the outlook there. Protestors took to the streets in the biggest show of civil disobedience since the Tiananmen square protests in 1989. Protests and clashes lasted several days before calming into the end of the week as restrictions were lifted in some areas, raising hopes of a forthcoming shift in the government’s zero covid policy.Weaker USD Lifts Oil Across the week, crude prices have also been helped by weakness in the US Dollar. USD has been on the decline recently with traders eagerly looking to pick a top in anticipation of a shift in Fed strategy on rates. On Wednesday, fed chairman Powell confirmed that such a shift will likely take place at the December meeting. Powell’s comments sent USD tumbling lower still, helping bolster oil prices and risk markets in general. OPEC Meeting In Focus Looking ahead, the key focus for oil markets now will be the upcoming OPEC+ meeting on Sunday. There has been plenty of speculation over whether the group will announce fresh measures. Last week, rumours of a potential production hike sent prices tumbling before they reversed higher as OPEC denied the comments. Indeed, with prices still near lows it would seem the risks are more likely skewed to the upside. If OPEC refrains from any action at the meeting, oil prices will stay tied to USD flows and incoming China news which should keep a mild positive bias under prices. However, any surprise further reduction in output would help firmly lift oil prices near-term.Technical ViewsCrude OilThe rally off the lows in oil sets up a potential double bottom against the 76.49 lows printed in September. With momentum studies turning higher, there is room for a continued reversal north if bulls can get back above the current 81.40 resistance. Above there, 85.53 is the key level to watch, opening the way for a higher run towards 93.32 if broken.

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Oil Prices Surge, but for how Long?

Bitcoin has tested the flag and jumped above the level of 17000. The price of Bitcoin might potentially pull back from a very important resistance at the level of 18500 and drop. Should Bitcoin manage to break the level of 18500 through, it might jump again. So, let’s observe what is about to happen next.Silver has pulled from the broken range. The asset is heading north now. Silver will have to face the resistance at the level of 24.75 and pull back. Although in this case, this would be a mere temporary correction. After that, silver is likely to break this level through and jump.Brent oil has pulled from the lower boundary of the range 83.00 and the broken downtrend and jumped to the opposite trendline of the horizontal range. The oil won’t be able to instantly break the resistance area formed between the levels 98.50 and 100.00. Hence, the asset is likely to pull back from this area and drop. Here it will be important to watch for the price movements next to the resistance area to understand what is about to happen next.

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Market Update – December 1 – Powell Sparks Stock & Treasury Rally & Sinking USD

• The USD Index has tanked to 105.30 lows today from over 107.10 as Chair Powell more or less confirmed a 50bp hike at the next FED meeting, was sanguine about the terminal rate being over 5% and reiterated (again) that the fight to bring down inflation was far from over. He was as Hawkish as had been expected.  Stocks & Treasuries ripped higher with optimism about China’s reopening prospects even after mixed US data yesterday.
• EUR – retakes 1.0450 from under 1.0300 lows yesterday..  
• JPY – collapsed to under 136.00 today from 139.85 highs yesterday – 
• GBP – Sterling rallied over 200 ppips from  1.1900 support and lows to 1.2110 now.
• Stocks – Wall Street erupted higher 2.18%-4.41% (NASDAQ best performer) – US500 +122.48 (+3.09%) closed over 4000 at 4080, has gained 13.8% in 2 months  and is over it’s 200 MA first time in 7 months. FUTS trades at 4085 now. 

• USOil – Rallied to $81.50 and trades at $80.00 now. Inventories showed a huge 12.6m drawdown. 
• Gold – Rallied to $1780 from $1745 lows, trades at $1776 now.     
• BTC – Sentiment woes continue, SFB “I didn’t try to commit fraud”.. Weaker USD takes it over 17K. 

Today – German Retail Sales, EZ, UK & US Final Manufacturing PMI, US ISM, Weekly Claims, PCE Price Index, EU Council President Michel visits China, Speeches from Fed’s Barr, Bowman & Logan, ECB’s Lane & Elderson

 

Biggest FX Mover @ (07:30 GMT) NZDUSD (+1.57%) rallied from under 0.6200 yesterday and trades at 0.6320 now, next resistance at 0.6350. MAs aligning higher, MACD histogram & signal line positive & rising,  RSI 65.00 & falling having been OB, H1 ATR 0.00203, Daily ATR 0.0083.

Click here to access our Economic Calendar

Stuart Cowell

Head Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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Oil prices boosted by rumours around OPEC+ production cuts

Crude oil managed to rally slightly yesterday, supported by rumours of production cuts by OPEC+ masking concerns of demand shortages, as China is still implementing COVID-19-related activity restrictions. USOil closed higher in the $78.83 per barrel area, after briefly touching the $79.60 per barrel area and trades above the key $80.00 level today (Wednesday) at $80.20. 

A slightly stronger Dollar did not weigh on oil prices as the in-built support from Monday still remained, when OPEC+ delegates said the group could consider deeper crude output supply cuts when they meet later, if needed to balance supply and demand.

Of course, the rise in oil prices was not without support, after China said it would support vaccinations among its senior citizens, a move that would lead to an easing of pandemic restrictions and a faster reopening of the economy.

Concerns over China’s energy demand have continued to weaken crude oil prices in recent times. China reported a record 38,808 new Covid infections on Sunday, which could lead to more pandemic lockdowns curbing economic growth and energy demand. Widespread protests, however, could pressure the government to rethink its Zero-Covid policy.

OPEC+ will meet on 4 December; they have agreed to cut production by 2 million barrels per day throughout 2023.

Technical Overview

Total oil price gains from January 2022 have been paid, in Monday’s trading. USOil’s January 2022 opening price stands at 75.37, while the second peak 121.29 pullback recorded a low price of 73.61 in Monday’s trading (28/11) which saw a divergence between the low price and the Oscillation indicator. Technically, the price still has the potential to test the 50% FR retracement of the 80.09 and 126.33 pullback lows, if the price remains below the recent neckline at 81.23. Furthermore, the price is seen to be still below the 200-day EMA, although the oversold sign is a technical indicator that could be considered.

USOIL, H4

Intraday bias looks neutral again, below 80.00, and more in anticipation of the rumours circulating regarding a possible production cut by OPEC+. Trading above the 81.23 neckline could bring oil to test 92.88, conversely a move below the recent low would only confirm concerns that China’s economic growth is still in the red and bring the possibility of prices to test the 70.00 level.

Ady Phangestu

Market Analyst – HF Educational Office – Indonesia

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Help your portfolio take off with helium

Dominic Frisby looks at the coldest substance on earth, helium, and explains why now’s the time to buy.

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Daily Market Outlook, November 30, 2022

Daily Market Outlook, November 30, 2022 ‘Markets Await Fed Chair Powell’s Speech This Evening...’Wall Street witnessed another intraday sell-off on the back of adverse OPEC headlines that suggested the cartel will leave output unchanged, while markets were anticipating a potential cut in production at their upcoming meeting given the global growth impact of China's ongoing Covid crisis. Asian equity markets and US futures staged another rebound overnight as investors continue to bet on an eventual China reopening and anticipated supportive policy measures, however, data overnight suggested that the Chinese economy continues to be impacted by Covid with factory and services data weakening further into contractionary territory. In the UK data released this morning showed a further economic decline with the Lloyds Business Barometer falling again in November and the British Retail Consortium showing a further increase in shop price inflation, with a notable surge in food price inflation to an eye-watering 12.4% year over year.For the day ahead, in the Eurozone investors will be focused on CPI, with markets braced for a continuation of double-digit levels of inflation, although, a softening from the 10.6% print in October to 10.4% for November is expected, the first decline in 17 months as a result of the ECB's record rate increases in recent months. In the US markets will eye GDP data which is expected to print a positive 2.7% for Q3, while ADP employment data is expected to confirm further tightness in the labour market ahead of Friday's Non-Farm Payrolls report, however, these releases will play second fiddle today to FOMC Chair Powell, who is due to give remarks this evening on the economic outlook and the US employment situation. His comment will be parsed by investors for clues as to the rate path trajectory and hints as to the terminal level for interest rates in the US, given the recent hawkishness and suggestions by Fed officials of a 5-7% target zone, further confirmation of this hawkish view will likely weigh on risk sentiment.Overnight HeadlinesChina Economic Activity Falls As Covid Cases Surge To RecordIMF Chief Flags Possible Downgrade In China's GDP ForecastJapan Factory Output Falls Again On Global Slowdown, Weak Chip DemandAustralia Monthly Inflation Slows In October, Hints At Possible PeakUS House Plans To Move Fast To Avert Rail Strike Despite ObjectionsInflation In UK Shops Rises To Highest Level On RecordDollar Near One-Week High As Traders Prepare For Powell, Payrolls TestsOil Rises A Third Day On OPEC+ Cut Chatter, Falling StockpilesOPEC+ Leans Toward Maintaining Flat Production, Delegates SayChevron To Send First Venezuelan Crude Shipment To US By Late DecemberAsia Stocks Choppy As Investors Cautious After Disappointing China DataChinese City Hosting Key iPhone Plant Lifts Covid LockdownHPE Projects Sales That Top Estimates On Office UpgradesCyber Monday Sets Sales Record As Shoppers Splurge On Toys, ElectronicsTechnical & Trade ViewsSP500 Bias: Bullish Above Bearish Below 3930/40TechnicalsPrimary support is 3930/40Primary upside objective is 4120Next pattern confirmation, acceptance above 4050Failure below 3930 opens a test of 390020 Day VWAP bullish, 5 Day VWAP bearishEURUSD 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 (493M), 1.0290-00 (1.32BLN), 1.0330 (367M) 1.0340-50 (705M), 1.0370-80 (1.11BLN), 1.0405-15 (800M) 1.0420-25 (619M)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: 1.2050 (941M)USDJPY Bias: Bullish above Bearish Below 140TechnicalsPrimary resistance is 140Primary 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: 138.50 (457M), 139.00 (295M), 140.00 (270M), 140.25 (810M)EUR/JPY: 140.00 (470M), 144.00 (290M)AUDUSD Bias: Bullish Above Bearish below .6650TechnicalsPrimary support is .6650Primary 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: 0.6600 (577M), 0.6645 (217M), 0.6700 (254M), 0.6735 (708M) 0.6775 (331M)NZD/USD: 0.6300 (270M)BTCUSD Bias: Intraday Bullish Above Bearish below 16100TechnicalsIntraday 16100 is primary resistancePrimary upside objective is 17100Next pattern confirmation, acceptance below 16750Failure 16000 opens a test of 1550020 Day VWAP bearish, 5 Day VWAP bullish

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IMF Warns Of China Econ Downgrade Over Covid Policy

IMF Concerns Over China Covid PolicyThe focus on China continues to build this week. Following ugly scenes of police clashing with protestors at the weekend, the scrutiny of the government’s zero-covid policy has intensified leading the IMF to warn that it might be forced to downgrade its Chinese economic outlook unless the policy is abandoned. IMF MD Georgieva made these comments yesterday in Berlin, warning that growing uncertainty linked to record defaults in the property sector and the broader disruption caused by lockdowns and business closures, meant that the crisis-lender might be forced to cut its outlook. This comes on the back of the lender cutting its China growth forecasts in October to 3.2% this year and 4.4% next year.PMI Data DropsThe impact of recent lockdowns was reflected very clearly in the latest PMI data released overnight. The Chinese manufacturing PMI was seen falling to 48 in November, below the 49 level the market was looking for. This marks the weakest reading since April, when China was reeling in the wake of two month’s worth of widespread lockdowns. Non-manufacturing was hit even harder, falling to 46.7 from 48 prior. With both readings well into contractionary territory, the outlook for overall GDP is tuning lower into the end of the year.China Announces CrackdownGiven that covid cases in China are soaring, it seems hard to think the Chinese government will u-turn on its covid policy. Indeed, the Chinese government has warned that it will crackdown even harder on anyone taking part in any further protests. This will include stricter monitoring from the Chinese internet watchdog targeting anyone deemed to be liking or creating content in opposition to the government’s covid policy. This comes on the back of further violent clashes between protestors and police yesterday in Guangzhou. Reuters has confirmed footage of protestors and police engaged in street battles.Two-Way RisksLooking ahead, the outlook appears quite clear. If China maintains its zero covid policy in coming months the economy will suffer sharply as a result. Furthermore, continued clashes between protestors and police risk spilling over into a national security situation, which will further harm the economic outlook for China, hurting global risk sentiment. However, if the government takes the unlikely step of scrapping its zero covid policy, we can expect risk sentiment to rise sharply in response.Technical ViewsShanghai CompositeThe rally off recent lows around the 2867.1980 level has seen the marker breaking above the 3043.1853 level and above the bear channel resistance. With momentum studies bullish, the focus is on a further push higher while price holds above 3043.1853. The next hurdle for bulls is the 3185.9209 level which, if broken turns focus to the 3347.6880 level next.

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BTC / ETH / XRP – Cryptos on the brink!

The world of cryptocurrencies is living a year that will remain engraved in the memories, with a series of dark signs that have undermined the confidence of investors (Luna, FTX) and the change in monetary policy of the US Federal Reserve, which to fight against inflation has operated an extremely aggressive rate hike, causing a tense flow in favour of the safe haven that is the Dollar, with the USDIndex currently around the 106.00 level.

The Fed’s stated objective is to bring inflation down to 2%, and to do this it has not hesitated to raise rates by 0.75 basis points, four times in a row. This action has caused inflation to fall from a peak of 9.1% in June to 7.7% by October 2022, but has not steepened the yield curve which remains deeply inverted, particularly the 2 and 10 year, a phenomenon which generally indicates a coming recession.

source: Refinitiv

The market expects a slowdown in the rate hike of +50 bps on December 14 2022, At the November 1-2 meeting a majority of members of the US Central Bank pronounced themselves in favour of a slowdown in the pace of interest rate increases, however this morning voices of Fed officials are raised in favor of a rate hike, including John Williams, president of the New York Federal Reserve, who said on Monday that he expects inflation to fall, while stressing that core inflation, especially in a booming labour market causing “rapid” wage growth, is the most difficult to combat. (see chart below).

source: Cmegroup

“Inflation is far too high, and persistently high inflation undermines the ability of our economy to reach its full potential,” Williams said. Williams, the New York Fed president,  expects the core PCE index to slow from 5.1% to 3%; 3.5% in 2023, driven by reduced supply chain disruptions and slower global growth, the latter of which is expected to push the unemployment rate to between 4.5% and 5% by the end of next year, Williams said. A slowdown by the US Central Bank, does little to reassure investors in cryptocurrencies and so-called risky assets, especially at a time when global growth is on the brink and China is struggling with an economy shaken by the return of COVID.

Technical Analysis BTC, Daily

The BTC price is currently at the $16405 level below its KIJUN (Lv) and Tenkan (Lj) clouds; the Lagging Span (Lb) is below the cloud and its peers clearly meaning that it is in a bearish momentum. This pullback could lead the price to its lowest level at $13914, and if it is broken, it could reach its support at the $9903 level. On the other hand, if the price rises again, it could reach $23915.

Technical Analysis ETH, Daily

The ETH price is currently at the $1204 level below its KIJUN cloud (Lv) and is above its Tenkan (Lj); the Lagging Span (Lb) is below the cloud and its peers meaning hesitation. The price could reach its first support at $1064 if broken it could reach the $908 level a second time. On the other hand, if the price goes up again, it could reach $1374.

Technical Analysis XRP, Daily

The XRP price is currently at the level of $0.3836 below its KIJUN cloud (Lv) and above its Tenkan (Lj); the Lagging Span (Lb) is above the cloud and below its peers clearly signifying hesitation. The price could reach its first support at $0.3567 and if it is broken it could reach the level of $0.3380 a second time. On the other hand, if the price goes up again, it could reach $0.3988.

Kader Djellouli

Market Analyst

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Market Update – November 30

• The USDIndex slightly below 1-week ahead amid reports of a softer stance on Covid emerging in China’s official rhetoric, which is keeping hopes alive that there won’t be a move back to tighter restrictions. All eyes are on an expected hawkish stance from Chair Powell’s speech today.
• Japan’s factory output fell for a second consecutive month in October, a
• Stocks –The Nikkei closed with a -0.2% loss, the ASX managed a 0.4% gain and Hang Seng and CSI300 are currently up 1.1% and 0.1% respectively. GER40 and UK100 futures are up 0.6% and 0.4% respectively. US futures are underperforming, but also managing slight gains. Wall Street closed mixed with the NASDAQ dropping -0.59% on weakness in tech and the rise in yields.
• Japan’s factory output fell for a 2nd consecutive month in October, China’s factory activity contracted at a faster pace in November, weighed down by softening global demand
• JPY – is holding in the 138-139 range.
• USOil – supported ahead of the OPEC+ meeting on December 4. Energy was lifted by easing in China jitters.
• AUD & NZD on a downward pressure from worse than expected Chinese manufacturing surveys.
• Gold – extendes gain to $1757.

Today – Attention is on Powell’s speech later today, who is likely to reinforce yesterday’s hawkish Fedspeak from Williams, Bullard, and Mester who all stressed rates are headed higher still and could remain so for some time. Elsewhere is EU HCPI, US ADP and Q3 GDP.

Biggest FX Mover @ (07:30 GMT) GBPAUD (-0.25%), declines to 1.7816 from 1.7930. MAs aligning lower and RSI at 34.8 and MACD histogram & signal line remain below 0. H1 ATR 0.00267, Daily ATR 0.01538.

Click here to access our Economic Calendar

Andria Pichidi

Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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13 ways to save on your energy bill

As the weather gets colder and bills rise, we outline 13 ways you can save on your energy bills.

from Moneyweek RSS Feed https://moneyweek.com/personal-finance/605551/how-to-save-on-energy-bills
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