Market review
The US dollar fell back against most currencies on Friday, and the US dollar index closed down to 101.50. The euro/dollar rebounded slightly to 1.0590, temporarily halting the sharp decline in the previous two weeks; USD/JPY hit more than 8 in the Asian market. The monthly high of 113.90 once fell back more than a hundred points; the rebound of the Australian dollar and the New Zealand dollar against the US dollar was relatively large, but the Canadian dollar, which is also the commodity currency, fell against the US dollar, mainly due to the sharp drop in oil prices. The price of oil was spurred by OPEC's cancellation of Monday's (November 28) news meeting with non-OPEC oil producers. According to OPEC representatives who did not want to be named, Saudi Arabia hopes to reach an agreement within OPEC before it negotiates with non-OPEC oil producers, intending to put pressure on Iran. Next Wednesday (November 30) The OPEC semi-annual meeting will be able to implement the production reduction agreement proposed at the September 27 meeting, which is a short-term major risk facing the overall market and deserves the attention of investors. At the same time that the US dollar fell back on Friday, the gold price of the Asian market hit a new low of $1170.63 per ounce since February 8 and then rebounded by $20. The silver price hit a new low of $16.114 per ounce in the past six months and continued to rebound to around 16.500. Continue to set a new high since July last year.
In terms of economic data, official data released by the UK on Friday (November 25) confirmed that the UK economy grew by 0.5% in the third quarter, benefiting from export growth and strong consumer spending. In the second economic health forecast after the Brexit referendum, the British Bureau of Statistics (ONS) said that corporate investment growth also exceeded expectations, after the Brexit referendum rose by 0.9%.
This week, we will usher in a non-agricultural “super week†with a median forecast of +18,000 people; in addition, a number of Fed officials will also deliver a speech. In the oil market, OPEC will hold a semi-annual formal meeting. Whether the production reduction agreement can be finally reached is still very uncertain, and investors should be cautious. The constitutional referendum, initiated by the current Italian Prime Minister Renzi MAT teo Renzi on December 4, is likely to become a black swan event that affects the world like the Brexit referendum. Although on the surface, Italy is holding a referendum on the “constitutional reform billâ€, it is significantly different from the UK, but in fact, Italy’s constitutional referendum has changed the European landscape like the Brexit referendum. Once the voting results are consistent with the polls, Renzi will resign, the Italian political situation will tend to be chaotic, and major political parties need to start negotiations on the formation of a new cabinet. If they fail to reach an agreement on the formation of the cabinet, Italy will be forced to advance elections.
Financial calendar
Click to view financial calendar
17:00 Eurozone M4 money supply monthly rate
17:00 Eurozone Service Industry Confidence Index
20:00 copper contract expires
20:00 Brent crude oil contract expires
20:00 Fuel oil (HEO) contract expires
22:00 Eurozone European Central Bank (ECB) President speaks
23:30 US Dallas Fed Business Activity Index for November
Major currency reminder
Click to view technical analysis report
EUR/USD EURUSD
On Friday (November 25), the US market was closed ahead of the Thanksgiving Day, and the overall financial market was light. The euro adjusted its position against the dollar short-selling and took the opportunity to cover some short positions. After the US released two economic data, the euro still maintained its intraday rebound. Both data released by the US did not perform as expected, but the market influence was limited. EUR/USD within the day: Uptrend. The RSI technical indicator runs up. Pressure level: 1.0745-1.0685, support level: 1.0580-1.0515.
GBP/USD GBPUSD
The sterling volatility rose last Friday, and the daily line closed up slightly. The current exchange rate is trading near 1.2480. In addition to the weakness of the US dollar index under the pressure of profit-taking and weak economic data, the exchange rate has formed a certain support. During the period, the UK's third-quarter GDP revision was also stable, which also constituted a certain supporting force for the pound. However, the Fed’s interest rate hike expectations in December and the concerns of the Brexit remain limiting the rebound in the exchange rate. GBP/USD within the day: an upward trend. RSI technical indicators are running in a complex trend and tend to rise. Pressure level: 1.2620-1.2555, support level: 1.2450-1.2365.
USD/JPY USDJPY
Last Friday, the US spot exchange rate index fell for the first time in four days. The currency pair most affected by the US dollar was the US dollar against the Japanese yen. The US dollar rose sharply, causing the US dollar to break consecutively against the Japanese currency and successfully stood on the 110. At the thousand-point mark, the exchange rate hit a high of 113.90, and then the exchange rate began to pull back, currently trading around 112.50. USD/JPY within the day: There is pressure. Even if we can't rule out the possibility of a sustained technical rebound, its length of time should be limited. Pressure level: 114.50-113.25, support level: 111.30-110.20.
AUD/USD AUDUSD
On Monday (November 28), the exchange rate of the Australian dollar against the US dollar continued to rise to the next level. Due to concerns that the oil-producing countries could not effectively implement the production reduction agreement this week, the dollar bulls showed significant profit-taking actions, and the Australian dollar was able to further recover the previous losses. On the weekend, Saudi Arabia said it will not attend the OPEC and non-OPEC member countries' consultation meetings on Monday. On Monday, the international oil price gap opened lower by more than 1%, and the Asia-Pacific stock market energy stocks also generally suffered a sell-off. AUD/USD on the day: Supported by the uptrend line. The RSI technical indicator runs up. Pressure level: 0.7555-0.7500, support level: 0.7425-0.7360.
USD/CAD USDCA D
Although the current market generally expects the Bank of Canada (BOC) to maintain interest rates unchanged until mid-2017, some analysts say that the prospects of the North American Free Trade Agreement (NAFTA) may lead to expectations of a rise in Canadian corporate spending, the market for Canada The prospect of further interest rate cuts by the central bank is too light. According to overnight index swap data, the market believes that the Bank of Canada will remain unchanged until 2017. Even before the US election on November 8, the rate of interest rate cuts was only 30%. USD/CAD within the day: Above 1.3460, bullish. Even if we can't rule out the possibility of continuous adjustment, its length of time should be limited. Pressure level: 1.3590-1.3535, support level: 1.3460-1.3400.
NZD/USD NZDUSD
On Monday (November 28), the New Zealand dollar continued to rebound against the US dollar. The biggest increase in the day has exceeded 0.3%, and the signs of local bottoming on the daily line are more obvious. Trump's sharp expansion of fiscal spending expectations led the US dollar index out of a sharp offensive, and non-US currencies were frustrated to varying degrees. The New Zealand dollar fell more than 400 points. NZD/USD on the day: Uptrend. RSI technical indicators are bullish. Pressure level: 0.7145-0.7110, support level: 0.7030-0.6970.
Spot gold GOLD
Last week, due to the Thanksgiving holiday in the United States, the overall market trading was light. The overall performance of the US economic data released last Friday (November 25) was less than expected to put pressure on the US dollar index, and the Fed’s interest rate hike is expected to be under the holiday. Something has cooled down, and the US dollar index has also undergone technical corrections in the near future. As a result, investors have made a profit, which has made spot gold ushered in a breathing space. On Monday (November 28), the US dollar index fell back after the recent surge, falling below the 101-integer mark and refreshing the low of nearly seven trading days to 100.63. The spot gold bulls plunged sharply and once rose more than 1%, refreshing three The trading day was high at $1,097.72 per ounce, which was close to the $1,200/oz mark. In the day of gold: a new round of rise. RSI technical indicators are running in a complex trend and tend to rise. Pressure level: 1215.00-1202.70, support level: 1179.00-1166.00.
NYMEX crude oil OIL
At the beginning of the crude oil market on Monday (November 28), the oil price continued its downward trend and oscillated downward. US oil traded around US$45.47/barrel, a decrease of about 1.28%; oil oil traded around US$47.62/barrel, a decrease of about 1.29%. The OPEC meeting on November 30 is coming, and the market is once again focusing on the expectations of the OPEC production reduction agreement. However, the Saudi oil captain said that he did not participate in the OPEC limited production consultations held on Monday, and suggested that OPEC does not necessarily have to cut production, causing market panic and pressure on oil prices. Crude Oil (WTI) (F7) Intraday: The short-term key resistance is at 46.55. RSI technical indicators are running in a complex trend and tend to decline. Pressure level: 47.70-46.55, support level: 45.14-43.74.
Easymarkets
2016-11-28
Women'S Woven Jacket,Ladies Woven Jacket,Woven Black Jacket,Stretch Ladies Long Jackets
Shaoxing Tongbang Textile Co.,Ltd. , https://www.sxtongbangtextiles.com