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Global market sentiment was volatile last week. It had been a rather disappointing 5 days for Wall Street as the high-tech-focused Nasdaq 100 sank 1.57% while the S&P 500 dropped 0.69%. Things were looking rather bright in Europe. The DAX 40 and FTSE 100 were up 1.46% and 0.92%, respectively. In the Asia-Pacific region, the Nikkei 225 was 1.29% lower, while Hang Seng was up 3.85%.
Wall Street’s relatively disappointing performance compared to the rest of the world is likely due to a mix of Fedspeak and economic data. As Fed officials alluded to slower austerity They have also highlighted the case for continued interest rate hikes. meanwhile US retail sales are surprisingly high. It underscores the resilience of the economy in the face of rising interest rates.
The result of the Fed’s rate hike bets last week. The US dollar is experiencing some momentum against the major currencies – see chart below. poundBritain is largely intact despite UK budget announcements that involve elements of austerity to help combat soaring inflation. Gold and Crude Oil Prices Weak
Markets are heading into a limited trading week due to the Thanksgiving holiday in the US. Although Wall Street is closed on Thursday. But activity and liquidity are expected to decline the day before and after. This does not mean that volatility will be suppressed. But the economic evidence is sparse.
The most prominent event risk is the minutes. FOMC This may reinforce the case for further tightening, even if it progresses slowly. The European Central Bank’s equivalent is crossing the line for the euro. The Reserve Bank of New Zealand is expected to raise interest rates to 4.25% from 3.50%, opening the door to NZD/USD volatility. What else is there for the market next week?
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Market Performance – Week 11/21
Basic forecast:
British Pound Weekly Forecast: GBP/USD Repair the last damage
GBP/USD Aiming for 1.2000 again as a stronger sterling and a weaker US dollar both rallied.
Australian Dollar Outlook: Stuck in the US Dollar Vortex
The Australian Dollar was rocked by the volatility of the US Dollar last week. Because of data and geopolitics, there is a market that runs from one pillar to another. Keeps guessing where the Fed is headed.
Euro Price Forecast: ECB Considers QT Against Rate Hike EUR/USD motionless
A gloomy week for the euro due to EUR/USD Look for a fundamental catalyst as the ECB continues to tug of war between pigeons and hawks.
New Zealand Dollar Forecast: RBNZ Weighs Inflation Against Global Headwinds
Next week, the RBNZ decides to hike 50 or 75 bps, with the forward direction still key. Stiff inflation and deteriorating global trends complicate decisions.
Dow Jones, Nasdaq 100, S&P 500 Forecast: Thanksgiving Means Fluctuation But volatility?
The Dow Jones Index, Nasdaq 100 and S&P 500 retreated last week as Fedspeak and retail sales highlighted the sly central bank. Thanksgiving brings liquidity. But what about volatility?
Technical forecast:
Gold and Silver Technical Forecasts: Recent Profits at Risk as Price Action Implies More Bottoms
Gold and silver have enjoyed significant gains late in the year. Both remain at risk of a deep recession in the weeks ahead. The dollar index is likely to be the key.
Bitcoin (BTC), Ethereum (ETH) Fixed Price – FTX Contagion Spreads
Bitcoin and Ethereum could mute the sharp drop in price as technical levels help to drive weekly moves. FTX Outbreak Spreads to Genesis and Blockfi
S&P 500 and Technical Dow Jones Industrial Average Trends: Rally to Pause?
Recent rallies in the S&P 500 and Dow Jones Industrial Average may pause as they test major hurdles. What levels are there? Let’s see.
technical trends GBP/USD: Support signal for a bull market
the increase of GBP/USD Above the key resistance at the September peak increases the chances that the worst will break through. What key levels are worth keeping an eye on?
Bearish reversal stall of USDJPY Do Japanese policy agencies have to suffer more?
The Japanese yen’s recovery stalled last week in the absence of USDJPY Leading with ferocious liquidity and other Yen crossings never really turned their heads together, fears of Japanese officials returning to 150 might start to build up quickly.
US Dollar Technical Forecast: EUR/USD, GBP/USD, USD/CAD, USD/JPY
The US dollar set a new low on Tuesday. But the bears couldn’t take control after that. with a series of higher lows shown in the US dollar on the daily chart through the end of the week.
— Article written by Daniel Dubrovsky, Senior Strategist at DailyFX.com.
— Personal articles compiled by DailyFX team members.
To contact Daniel, follow him on Twitter:@ddubrovskyFX
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