The market sentiment improved amid the slowdown in virus cases. Let's have a closer look at the AUD, S&P 500, gold and the GBP.
News to trade on November 27
- The Brexit deal is anticipating the votes by parliament on 11th of December. For now, the future Brexit direction depends on whether the parliament will approve the deal. If it is declined, Britain should either expect a second referendum or a hard Brexit. As far as uncertainties around the potential decline are floating, it affects the GBP negatively. More negative news will pull GBP/USD below the 1.2738 support. In case of positive news, it will rise towards the resistance at 1.2832.
- The American CB consumer confidence will be released at 17:00 MT time Last month it reached a higher-than-expected level of 137.9 points. Analysts anticipate a slight decline to 136.2 points in November. If the actual digits are higher, the USD will be supported.
Yesterday, fresh comments by US president Donald Trump on raising tariffs in Chinese imports resulted in gains of the US dollar index. However, it could not break the psychological level of 97. If today’s release outperforms the forecast, the USD can stick above the resistance at 97. Otherwise, it will fall to the support at 96.55 which lies near the 100-day MA.
- As for USD/JPY, the pair was a big gainer yesterday. It crossed the 50-day MA and the 113 level. If the USD extend its gains today, the pair will manage to stick above the resistance at 113.64. If the USD disappoints the investors, it can fall below the support at 113.29.
- As for the NZD, at 22:00 MT we are awaiting the Reserve bank of New Zealand to publish its financial stability report. We will see if the central bank provides any hints for changing its dovish tone due to the increased inflationary and employment data.
Trump’s comments made the New Zealand dollar to fall below the 100-MA on a 4-hour chart. However, the pair managed to recover. If the RBNZ report is hawkish, we can expect the pair to rise towards the resistance at 0.6806. In case of the strong USD, the pair will drop to the support at 0.6738.
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The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The market sentiment switched to risk-off after the Fed’s Powell statement. The USD edged higher, while risker assets started falling after reaching quite high levels. Let’s have a closer look.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…