Summary:
-
US stocks set to make weekly closing record
-
Dow on track for 4%+ monthly gain
-
USDCAD > 1.33 after Canadian data
Despite it being a shortened week for US markets and US indices ended earlier than usual this evening, it’s been another good one for bulls with record highs continuing to tumble. The Dow Jones Industrial Average (US30 on xStation) began on Sunday night with a gap higher and while it has pulled back a little from the all-time peak of 28172, the last couple of day’s trade are showing wicks below on the D1 candles which suggests any dips are still being keenly bought.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
After gapping higher over the last weekend there have been further gains for the Dow, with the market hitting its highest ever level on Wednesday at 28172. Source: xStation
Being the final trading session in November there is a good chance that we get some month-end flows and overall it’s been a good performance for US stocks in the penultimate month of the year. The Dow began the month beneath the 27000 handle and has moved a full 1000 points higher to be on track for a monthly gain in excess of 4%.
The US dollar is moving up in recent trade, tagging a 6-week high in trade-weighted terms as the EURUSD falls below $1.10. Another big figure that has been breached in USD pairs is 1.33 in USDCAD with the cross moving back higher after the release of Canadian GDP data. For the third quarter the Canadian economy grew by 1.3% as expected, with a month-on-month rise of 0.1% in September also matching forecasts. Looking at the breakdown, inventories took 1.62% away from growth and trade a further 0.49% so if these were excluded than the figure would be near 3.4% and look far better.
USDCAD has moved higher in recent trade but although the gains came after the Canadian GDP data, it seems more likely to have been driven by broad USD strength. Source: xStation
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
