Good morning, traders! Here’s the most impactful news of the week and the day.
The time zone is GMT+3. Check your time zone here. (https://www.timeanddate.com/time/map/)
Monday
EUR 17:00, Consumer Confidence Index
Tuesday
USD 16:45, S&P Global Services PMI
Microsoft, Google, Visa, CocaCola, Novartis reports
Wednesday
USD 17:00, New Home Sales
CAD 17:00, BoC Interest Rate Decision
Oil 17:30, Crude Oil Inventories
Facebook, IBM, Boeing reports
Thursday
EUR 15:15, ECB Interest Rate Decision
USD 15:30, Gross Domestic Product
USD 17:00, Pending Home Sales
Amazon, Mastercard, Intel reports
Friday
USD 15:30, Personal Consumption Expenditure
Exxon Mobil, Chevron reports
This year, the US Department of Energy has repeatedly stated that it wants to begin replenishing SPR, but the price did not seem right because they set themselves a range from 68 to 72 dollars. The price ironically costs much more - about $90 per WTI. Whether the price will fall within two months is anyone's guess. However, with OPEC and Saudi Arabia still determined to rein in production, the chances of this happening are slim, even with Venezuela's oil production rising.
China has significantly increased imports of energy resources and raw materials. In September 2023, crude oil imports increased by 14.6% compared to last year's, natural gas by 8.2%, coal by 73.1%, and iron ore by 6.7%.
Total gas reserves in the EU continue to reach historical highs, with injection rates rebounding following warming in Europe. LNG receipts into the region have increased slightly, but in October, they remain near the minimum values in almost two years.
The weekly outflow from money market funds in the United States was the highest since the collapse of Lehman Brothers. The outflow was expected since it was tax week in the States, but even when annual taxes were paid, the outflow from the money market was not so strong.
The most significant US companies will soon present their reports. Strong gains in the so-called "Magnificent Seven" stocks - Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla, and Meta Platforms - accounted for nearly all of the S&P 500 Index's annual gain - due to their overweight in the S&P 500 index. The Magnificent Seven shares trade at an average forward price-to-earnings ratio of 33.5, compared to the S&P 500's P/E of 18.3.
BTCUSD has almost touched 31000. The price is approaching the resistance line at 31800 in the weekly timeframe.
XAUUSD kept moving next to the resistance at 1990. In the daily timeframe, the price chart formed an inverted hammer pattern. Indicators keep moving in their oversold zone. There is a possibility of reversal, but the gold price mainly reacts to the fundamental picture. If XAUUSD breaks 1990, the next resistance will be in 2050.
The dollar's status as the world's reserve currency could only be recovered if the US controls its spending. The huge budget deficit and rising interest rates on the US national debt should scare every American, analysts say. Read the full report to learn more!
Chinese investors are selling the UST. Meanwhile, the earning season continues. What's going on in the markets?
The Japanese yen fell to its lowest level against the US dollar in 33 years. Read the full report to learn the next target for USDJPY!
The US stock market fell in the third quarter. What's going on and why economists think that the last quarter will be better? Let's discuss it all here.
BlackRock CEO forecasts the Fed may have to raise rates further. The US dollar index (DXY) gains 130 points today. Read the full report to get more fresh news and technical analysis!
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