Dow Jones, Gold, US Dollar, Crude Oil, OPEC+, AUD/USD, RBA

Submitted by Daniel Dubrovsky

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Global market sentiment remained flat last week. On Wall Street, the Dow Jones, S&P 500 and Nasdaq 100 gained 0.3%, 1.1% and 1.9% respectively. That’s because the VIX market closed at its lowest since earlier this year. Meanwhile, the FTSE 100 in the United Kingdom and the Hang Seng Index in Hong Kong rose 0.93% and 6.27% respectively.

The main development was the decline in the 10-year Treasury yield, which sank 5.5% to touch the lowest since September. Since October, markets have priced in an increasingly tight Federal Reserve. A closer look at the Fed implied curve shows that dealers have added at least 75 basis points to the 2-year rate cut.

Not surprisingly, it coincided with the worst month for the US dollar since September 2010 as the DXY Index fell 5.1%. The clear winner from the dollar and the decline in funding is gold. XAU/USD rose 8.3% in November, the most since the start of the global pandemic in 2020. The Japanese Yen was another winner, strengthening 7.1% while USD/ JPY.

The market focused on expected changes in the Federal Reserve’s stance. Countless officials have talked about easing tensions amid what could be a turning point in inflation. But, as last week’s independent U.S. farm payrolls report showed, the labor market remains tight.

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The oil remained silent. All eyes next week will be on the next OPEC+ meeting and supply cuts. Meanwhile, AUD/USD will watch the decision of the Reserve Bank of Australia. USD/CAD also has the Bank of Canada to look forward to. China has released its latest inflation report. What else awaits the market next week?

Submitted by Daniel Dubrovsky

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How the market is doing – Week of 11/28

How the market is doing - Week of 11/28

Basic Expectations:

S&P 500, DAX 40 and ASX 200 key forecasts for the week ahead

Global indices bid to end the holiday rally earlier this year with a US-led break higher this past week. However, the controls are starting to come to mind even as we move into December sales. With the expected decrease in activity but the expectation of an increase in the main risk of the activity, volatility is a major risk and the trend is in danger.

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Price of the British Pound (GBP) – GBP/USD led by the US dollar, where next?

Sterling will need to make a heavy move to keep GBP/USD moving higher, and the economic calendar next week is of little help.

Australian Dollar Watch: US Dollar Gains AUD/USD

The Australian Dollar edged higher with the US dollar taking a hit after Fed Chief Powell’s lackluster comments. Will AUD/USD make new highs?

US Dollar Weekly Estimates: Worst Month Since 2010, Is It Too Much?

The US dollar saw its worst month since September 2010 as the market priced in a dovish Federal Reserve on the way. The tough US jobs report suggests that USD’s reaction may be overdone.

Euro Weekly View: EUR/USD on Dollar Recession, 1.05 Still Key

The euro was unable to hold above 1.05 after the NFP data bolstered the USD ahead of a relatively quiet week.

Canadian dollar outlook: USD/CAD looks poised for further gains, BoC decision holds key

The Canadian dollar seems ready to continue its recent struggle. Will the Bank of Canada spring another surprise at next week’s policy meeting?

technical forecast:

The dollar struggle threatens to turn into a real recession: USDJPY, EURUSD, GBPUSD

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The Dollar has suffered more shocks in the past two months. For the DXY Index, it ended its longest period above its 200-day moving average on record; while important pairs such as USDJPY, EURUSD and GBPUSD are on the cusp of technical progress.

Gold & Silver Technical Outlook: Both supported by a weak dollar, the rise in silver

Both gold and silver have benefited from the weak dollar but silver has been the standout of the two metals. Gold joins strong resistance, silver is even higher

S&P 500 and Nasdaq 100 Technical Overview – Long-term downtrend meets short-term uptrend.

The US equity market rally took a break as a result of NFP over the weekend but remains in positive territory for the rest of the week.

Japanese Yen Technical Overview: USD/JPY, EUR/JPY, GBP/JPY Setups

The Japanese Yen held firm against its major counterparts as the currency settled on technical levels. USD/JPY, EUR/JPY, GBP/JPY price action.

— Body of an article written by Daniel Dubrovsky, Senior Strategist for DailyFX.com

— Individual articles created by members of the DailyFX team

To connect with Daniel, follow him on Twitter:@ddubrovskyFX



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