Week Ahead: What Are the Markets Watching This Week?
- Fundamental Analysis, Recent Posts, Trending Now
- December 9, 2023
In addition to inflation data, jobs numbers and global PMIs, four major central banks—the Fed, the SNB, the BoE and the ECB—also claim the spotlight this week, all of which are expected to remain on pause. Without question, this week will be a busy one for traders. FOMC Rate Decision – Wednesday The headline event
READ MOREAs of writing, BTC/USD concluded the week higher by circa +10.0% in what was another spirited performance from the bulls, drawing the major cryptocurrency to a high of $45,000, levels not seen since April 2022. This follows the previous week’s +6.7% run and notches up an eighth consecutive week in the green. Weekly Resistance Area
READ MOREWeekly Timeframe: Bearish Outside Reversal What a week it has been for the precious metal. Spot gold (XAU/USD) kicked off last week refreshing all-time highs at $2,148 only to reclaim positive ground and tunnel into negative territory by the week’s end. Gold shed -3.3% on the week and pencilled in what many technical hands would
READ MOREFollowing November pencilling in its strongest monthly gain since mid-2022, bulls ended the first full week of December in reasonably fine form, up +0.2% and marking its sixth straight weekly gain. Vulnerable Weekly Resistance Recent upside—following the near-test of monthly support from 4,102 in October—landed price action on the monthly timeframe at the 4,607 top
READ MOREIt was quite the week for the USD/JPY, notching up a fourth consecutive negative week, down -1.2%. This follows November’s bearish showing (-2.3%), which snapped a three-week winning streak. Despite this, it is important to note that the currency pair remains entrenched in a long-term uptrend. Monthly Support in Play Technically, the recent downside move
READ MOREThe US dollar wrapped up the first full week of December in positive territory. According to the US Dollar Index, the buck added +0.8% and snapped a three-week losing streak. Monthly Structure: No Man’s Land Technical observations on the monthly timeframe are largely unchanged from previous writing (and will likely remain so until we begin
READ MOREThe FP Markets Research Team produces First Light News during the early hours of the European session, a daily Market Briefing that helps ensure traders and investors are up to date in the macro space for the day ahead. Good morning. Thursday delivered a somewhat subdued calendar, with the only tier-1 data of note being
READ MOREUS 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
READ MOREYour weekly outlook of technical patterns and structure. The Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: USD/JPY Testing Support Confluence Daily Timeframe – The USD/JPY has been absolutely crushed in early trade today, down -1.5% as of writing. The recent downside has led the currency pair to
READ MOREOvernight 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,
READ MOREAccording 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
READ MOREUS 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
READ MORE