Abstract:At the end of the Asian market on Friday (November 17), US Fed Chairman Loretta Mester stated in an interview with US media on the 16th that the Fed has made "significant progress" in curbing inflation and needs to see "more evidence that inflation is returning to the 2% (target) track in a timely manner" in the future.
At the end of the Asian market on Friday (November 17), US Fed Chairman Loretta Mester stated in an interview with US media on the 16th that the Fed has made “significant progress” in curbing inflation and needs to see “more evidence that inflation is returning to the 2% (target) track in a timely manner” in the future. The latest data released by the US Department of Labor shows that the US October Consumer Price Index (CPI) remained unchanged month on month, while the Producer Price Index (PPI) decreased by 0.5% month on month. After the release of two data sets, the market has basically ruled out the possibility that the Fed will raise interest rates further and places bets on rate cuts starting from 2024. The US dollar index fluctuated slightly yesterday, rising first and then falling, and then trading above the intraday median. At the opening of the Asian market today, the US dollar index fluctuated slightly, with the current price around 104.40. The cooling of US inflation data and the impact of the expected rate hike by the Fed. Gold rose significantly yesterday and broke past resistance levels upwards, ultimately closing near the intraday high. Gold continued to rise at the opening of the Asian market today, with the current price around June 1986. Due to investors' expectations of a recession in the US economy, the crude oil market plummeted yesterday, with US crude oil falling by $3.76, a decrease of 4.9%, at a price of $72.9 per barrel. Brent crude oil fell by $3.76, or 4.63%, at a price of $77.42 per barrel. At the opening of the Asian market today, US crude oil slightly adjusted and fluctuated, with the current quotation around 73.18. European Central Bank President Lagarde warned on November 16 that the European financial industry is facing risks due to economic weakness and high interest rates. The increase in financing costs and a significant decrease in loan volume have had a negative impact on the profitability of banks. Low growth and high debt repayment costs will continue to burden European households and businesses, and this series of problems may lead to an increase in problematic loans. EURUSD broke through its previous high yesterday and then retreated to consolidate, ultimately closing near its intraday low. At the opening of the Asian market today, EURUSD slightly sorted out, and the current quotation is around 1.0855. Bank of Japan Governor Kazuo Ueda stated earlier today in response to questions from Congress that if a US interest rate cut helps the US economy achieve a soft landing and the Japanese economy remains strong, it will have a positive impact on the Japanese economy. It cannot be said that the depreciation of the yen is only detrimental to the economy. The Bank of Japan will continue to patiently implement loose monetary policy to support domestic economic development. Once the Bank of Japan achieves its stable inflation target, it will consider ending the negative interest rate and yield curve control plan. USDJPY was significantly affected by the US dollar yesterday and closed below the intraday median. At the opening of the Asian market today, USDJPY continued to decline, with a price around 150.59.
MHMarkets strategy is only for reference and not for investment advice. Please carefully read the statement at the end of the text. The following strategy will be updated at 15:00 on November 17, Beijing time.
Gold XAUUSD· | |
Resistance | 1984.66 – 1989.20 – 1993.08 |
Support | 1975.13 – 1962.05 – 1955.30 |
Crude Oil USOUSD· | |
Resistance | 73.76 – 74.47 – 76.80 |
Support | 72.37 – 71.21 – 70.25 |
EURUSD· | |
Resistance | 1.0866 - 1.0895 - 1.0925 |
Support | 1.0831 - 1.0809 - 1.0764 |
GBPUSD· | |
Resistance | 1.2454 – 1.2481 – 1.2507 |
Support | 1.2381 - 1.2347 – 1.2309 |
Last Friday, the U.S. dollar index shocked downward in the U.S. plate once fell to 103.35 intraday low, and finally closed down 0.32% at 103.41. 10-year U.S. bond yields closed at 4.472%; on the Fed's policy rate is more sensitive to the two-year U.S. bond yields stabilized above the 4.9%, and finally closed at 4.955%.
In late trading on Friday (November 24) in Asia, due to the impact of the US Thanksgiving holiday, the recent market trading was flat. The US dollar index saw a slight consolidation yesterday, receiving support from below and rising, ultimately closing near the intraday high.
At the end of the Asian market on Thursday (November 23),Yesterday, the US released a series of economic data, data showed that the US new orders for durable goods in October was 279.4 billion dollars, up 5.4% month on month, significantly better than the market expectation of -3.2%, the number of US initial jobless claims last week was 209,000, lower than the market expectation of 225,000 and the previous week's revised 233,000, The US consumer confidence index came in at 61.3 in November, abov
On Wednesday, the dollar index rebounded from a 2-1/2-month low, possibly on the view that the U.S. labor market was not cooling as quickly as expected. I