US Evades Default This Time
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
What will move the market on November 8-12?
The last week was so eventful for traders: FOMC Meeting, Bank of England’s rate decision, the OPEC+ meeting, and also NFP. This week is going to be interesting as well! Let’s see what you should focus on.
Trade ideas
Forex
Traders await Fed Chair Powell to speak this week. His comments tend to have a huge impact on the US dollar. Besides, the US inflation will be out. The strong results may push the already strong USD even higher. EUR/USD has started the week on a positive footing so far. It has reversed from the key support level of 1.1530. If it manages to jump above 1.1585, it may rally to 1.1615. Still, the US inflation will have a strong impact on the pair and traders need to take it into consideration.
Stocks
The earnings season is almost over. Among the last companies to reveal their financial results for the third quarter will be PayPal, Associated British Foods, Disney, and AstraZeneca. The strong results of tech giants helped the S&P 500 to jump to the all-time records. If this trend continues, the stock index may rally to 5000!
Oil
The OPEC+ alliance has agreed to stick to their current production plan to gradually increase oil supply by 400,000 barrels per day each month. However, oil prices dropped to $80.00. This week, crude oil has started steadily.
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Gold to Fall Ahead of Retail Sales
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Latest news
Nonfarm Payrolls is in Focus Today
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
No More US Debts in Sight
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
Gold Rises as Central Banks Buy More
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
