• US Weekly Jobless Claims Unchanged; Continuing Claims Rise

    US Weekly Jobless Claims Unchanged; Continuing Claims Rise

    • December 7, 2023

    US unemployment claims for the week ending 2 December came in as expected at 220,000, marking an increase of 1,000 from the previous week’s revised level of 219,000. An important point to note is that US weekly unemployment claims data is typically very choppy around the holiday season. The 4-week rolling average came in at

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  • BoC Leaves Overnight Rate on Hold; USD/CAD Unmoved

    BoC Leaves Overnight Rate on Hold; USD/CAD Unmoved

    • December 6, 2023

    Overnight Rate Remains at 5.0% Amid signs of slowing economic activity, easing inflation and the unemployment rate ticking higher, the Bank of Canada (BoC) kept the Overnight Target Rate on hold at 5.0% today for a third consecutive meeting (22-year high), as widely anticipated. Interestingly, the post-rate statement erased October’s language regarding increasing inflationary risks,

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  • ADP Non-Farm Employment Change Disappoints; USD Unmoved

    ADP Non-Farm Employment Change Disappoints; USD Unmoved

    • December 6, 2023

    According to the ADP National Employment Report, private payrolls increased by 103,000 in November. This is significantly south of the 130,000 market consensus and marginally down from the revised 106,000 print in October. Annual pay was also up by 5.6% year on year. Goods-producing jobs witnessed the largest decline at -14,000, with manufacturing displaying the

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  • BTC/USD: Interesting Price Action Seen for the Major Crypto

    BTC/USD: Interesting Price Action Seen for the Major Crypto

    • December 4, 2023

    Things have changed fast since the weekend! Against the US dollar, Bitcoin (or BTC/USD) is poised to end another session on the front foot. You will note that the Research Team pencilled in the following in the week-ahead post (italics): From the daily timeframe, the key technical observation, particularly for chart pattern enthusiasts, is the

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  • BTC/USD: Ascending Triangle Completed!

    BTC/USD: Ascending Triangle Completed!

    • December 2, 2023

    Against the US dollar, the price of Bitcoin staged another advance last week, adding +3.4% at the time of writing. Technical Headwinds on the Weekly Chart Technical headwinds remain on the weekly timeframe. This includes the channel resistance that recently made its way into the fight, extended from the high of $31,050, an ascending channel

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  • XAU/USD (Gold): All-Time High in Play!

    XAU/USD (Gold): All-Time High in Play!

    • December 2, 2023

    Spot gold in $ terms (XAU/USD) recorded another smashing week, adding +3.5% and lifting the precious metal to the all-time high of $2,075 set in August 2020. As per the weekly timeframe, momentum remains to the upside, according to the Relative Strength Index (RSI), with room to push for overbought conditions. Break the All-Time High?

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  • S&P 500: Technical Outlook and Review

    S&P 500: Technical Outlook and Review

    • December 2, 2023

    S&P 500 Chalks up Largest One-Month Gain since Mid-2022 November finished higher by nearly 9.0%; it was a cracking month for the S&P 500, chalking up its largest one-month gain since July 2022 and closing on the doorstep of the 4,607 top printed in July. You will note that from the monthly timeframe, we can

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  • EUR/USD: Bids and Offers about Even

    EUR/USD: Bids and Offers about Even

    • December 2, 2023

    Europe’s shared currency benefitted from the dollar downside in November, adding +2.9% and settling a whisker off best levels. Monthly Timeframe: Clear Downtrend Although the recent bid deserves notice—particularly as it followed a test of support on the monthly timeframe at $1.0516—the long-term trend leans in the seller’s favour, with a downtrend in play since

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  • Dollar Index Echoing Bearish Tone Under 200-Day SMA

    Dollar Index Echoing Bearish Tone Under 200-Day SMA

    • December 2, 2023

    According to the US Dollar Index, the greenback ended November down -3.0%, chalking up its largest one-month loss since November 2022 and snapping a three-month winning streak. The G10 FX space also witnessed USD underperformance against all of its peers in November, with losses most prominent against the Swedish krone (SEK), the New Zealand dollar

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  • S&P 500 Testing Notable Support

    S&P 500 Testing Notable Support

    • November 30, 2023

    US Jobless Claims, as Expected On the wires today, US jobless claims came in as expected for the week ending 25 November at 218,000. The 218k print was higher than the prior week (ending 18 November), revised slightly higher to 211,000. Continued jobless claims, or the insured employment rate, was 1.927 million, a whisker above

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  • USD/JPY: AB=CD Support, Anyone?

    USD/JPY: AB=CD Support, Anyone?

    • November 29, 2023

    The FP Markets Research Team are watching the USD/JPY currency pair closely at the moment, mainly from the higher timeframes. The monthly timeframe has price action fading channel resistance taken from the high of ¥125.87, an ascending base joined by the Relative Strength Index (RSI) offering early negative divergence out of overbought space. Although the

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  • RBNZ Rate Decision; NZD Closing in on Resistance

    RBNZ Rate Decision; NZD Closing in on Resistance

    • November 28, 2023

    RBNZ Expected to Hold The Reserve Bank of New Zealand (RBNZ) is widely expected to keep its Official Cash Rate (OCR) on hold at 5.5% for the final policy meeting of 2023 tomorrow at 2:00 am GMT, a move that marks a fourth consecutive meeting on hold. As you can see from the image below,

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