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2021-12-03 • Updated
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The US dollar was rallying for a long time, driven by expectations for soon Fed tapering but then dropped because of the uncertainty over omicron. The appearance of the new virus variant shook the markets and led to a surge in demand in safe-haven currencies such as the Japanese yen and the Swiss franc. Besides, omicron raised concerns that the US central bank can delay a rate increase and add to the USD's fall. However, Fed Chair Powell signaled his intention to taper faster, and it supported the USD. Now, traders eagerly await the FOMC meeting on December 16. For now, EUR/USD is likely to continue trending down. The key support level is 1.1200. If it breaks it, it may fall to 1.1100.
Stocks
S&P 500 has reversed up from 4500. If it manages to break above the resistance level of 4550, it may jump back to 4700. Pfizer and Moderna reacted first to the new Covid-19 variant, omicron. As a result, Pfizer rocketed to the record high while Moderna surged above $375 for the first time since October. The movements in the stock market highly depend on the omicron spread and vaccination progress.
Oil
Crude oil keeps falling. XBR/USD (Brent oil) dropped below $70 for the first time since August, while XTI/USD (WTI oil) fell below $65. Why? The US and other countries released millions of barrels from their reserves, and also the new coronavirus variant raised concerns over oil demand. If the current tendency remains, XTI/USD may drop to $62, XBR/USD – to $65.
Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.
After bouncing off the previous Major trendline last month, Bitcoin seems to be retesting the support area again in hopes of catching a bullish momentum.
After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?
In September 2022, USDSGD almost retested its peak of March 2020. The pair spiked above the 1.4400 level, driven by the strong US Dollar. Despite the obvious dominance of the USD, analysts believe that the Singapore dollar may be the one exotic currency worth our attention. Why do they share this opinion, and should we believe them?
Over the last couple of weeks, GBPUSD and a few other commodities have breached their recent swing highs and lows, while some have even gone on to create new All-Time Highs and Lows
A United Nations agency is warning that the central bank’s actions create a high risk of pushing the global economy into recession.
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