Overnight Market Wrap: 19 November

Overnight Market Wrap: 19 November

Key Points:

Risk slips into the US close as NY announces further restrictions

BTC surges to 18,500

US fiscal stimulus talks at a standstill

US indices have all slipped during the US session with DJ & S&P500 both -1.16% and the Nasdaq faring slightly better at -0.82%. The Dow looked like it wanted to press higher through 30,000 but lost momentum at 29,950 and turned back down as markets digested the news that stimulus talks are still far apart and NY is increasing restrictions due to a 3% positivity rate on current Covid testing levels. The USD has traded sideways mainly with USD/JPY the biggest mover lower back to 103.65 dragging AUD/JPY and EUR/JPY with it. AUD, EUR & GBP all tested recent highs but were unable to push through and have now turned back lower giving the DXY a slight lift from intraday lows of 92.18. Gold was an early indicator treading lower for most of the day from 1885 down to 1864 despite opposing moves in other assets and now looks like we may test 1850 again soon. Bitcoin remains headline grabbing pushing to a new high at 18,500 levels not seen for three years but ran into some volatile pullbacks and now sits at 17,800, so it will be interesting to see how Crypto’s react if risk starts to turn back lower more aggressively. Fed speakers were out in force with Williams, Barkin and Bullard all on the wires reiterating the need for more stimulus but with a divided government we’re still some way off that resolution. The AUD will be in focus for the Asia session today where we will get a look at job data for October. We sit here at 0.7305 in the middle of yesterday’s 0.7270/0.7330 range with either side needing to break for some follow through. It feels currently that option expiries around here are in play and we’re seeing price action either side of 0.7300 reflecting this whilst recent commentary from the RBA has had no effect on the currency. In Europe we will hear from Lagarde once again before the US weekly jobless claims release. Risk feels soft.

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