- European indices finished today's session in mixed moods, as losses across tech and consumer sectors overshadowed gains of mining and oil companies. DAX fell 0.19%, while CAC40 rose 0.06% following upbeat inflation figures. Spanish and German preliminary inflation data showed consumer prices fell more than expected, while economic sentiment in the Eurozone improved for the first time since February.
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The British FTSE100 rose 0.51% as the export-oriented index tracked soaring commodity prices as China's national health authority said it would bolster vaccination among its senior citizens and avoid severe restrictions, fueling speculation that Beijing is bending to pressure for a swiffer reopening.
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The Dow Jones is trading 0.20% lower on Tuesday, while the S&P 500 and Nasdaq fell 0.4% and 7%, respectively as investors digest the latest hawkish comments from several FED members including Bullard, Williams and Brainard.
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A record number of holiday shoppers – 196.7 million – turned out from Thanksgiving Day to Cyber Monday and topped the yearly figure of 179 million, according to the National Retail Federation, which tracks the figure for in-person and online shopping.
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The US Conference Board index fell for the second month in a row in November to 100.2, from 102.5 in previous month, slightly above market expectations of 100.0.
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Oil is having another volatile session. Price bounced off the major resistance zone around $80.00 in the afternoon after Reuters sources revealed that OPEC+ is likely to stick to its current policy, however according to two sources the group could consider a further oil-output cut.
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However buyers managed to erase a large part of losses later in the session, as Norway postponed new oil and gas exploration licenses until 2025. The domestic budget deal goes against Oslo’s promises to help Europe through energy crisis, according to FT
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Precious metals prices rose during today's session amid a slightly weaker dollar and an uptick in Treasury yields. Gold jumped above $1750 level, while silver tested resistance around $21.40.
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The dollar index returned above 106.70, erasing most of early losses. Still, the Fed is expected to slow the pace of tightening to 50 bp next month after delivering four straight 75 bp increases. Investors also look ahead to a slew of US economic reports this week, as well as Fed Chair Jerome Powell’s speech on Wednesday and NFP report on Friday.
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USDCAD rose over 1.0% after the latest data showed that the Canadian economy grew an annualized 2.9% in Q3, beating expectations for a modest 1.5%, but still the weakest reading since Q2 of 2021.
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Upbeat sentiment prevails on the cryptocurrency market, where Bitcoin is at the $16400 level, while Ethereum broke above major resistance at $1200.
USDCAD pair rose sharply during today's session and broke above key horizontal resistance at 1.3542. Currently, buyers are struggling to overcome the downward trend line. If they succeed, the way towards the 1.3800 zone will open. Otherwise another downward impulse towards the aforementioned 1.3542 level may be launched. Source: xStation5
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