Overnight Market Wrap: 20 November

Overnight Market Wrap: 20 November

Key Points:

Risk sentiment turns positive on proposed stimulus talks

USD weaker as DXY back to support at 92.20

BTC reaches 18200 for first time since Dec 2017

The Nasdaq bounced back during the US session as Tesla pushed to new ATH and news that the Democrats and Republicans are planning to get back to the table to discuss fiscal stimulus. Both S&P500 and DJ are closing up on the day but to a lesser extent and the DXY has fallen back to yesterdays lows at 92.20 after rising as high as 92.75 earlier in the day. US jobless claims saw a rise for the first time in 5 weeks reading 742K from 700K expected, which may indicate things to come as some states batten down the hatches once again. Brexit chatter has dominated the headlines with Cable back around 1.3270 from 1.3195 earlier, likewise EUR has followed the same trajectory basing around 1.1820 and moving back to yesterdays highs here at 1.1880/90. Aussie job data was better than expected yesterday but as risk slipped so did the AUD but once again found buyers on the dip to 0.7255/60 and with risk moving back higher we now sit back at 0.7295. Bitcoin remains volatile having reached back through 18000 there was a slump to key support at 17300 and then subsequent retrace back up to 18200 in line with risk sentiment. Yet again Gold is not reading from the same page maybe losing some of its shine as other assets see investors piling in. Overall the market remains long Gold but with 1850 support tested three times we either bounce back through 1900/1910 or the next time down we could see a sharp drop towards 1800/1820. Virus news shows that UK and Italy numbers are rising with the UK two weeks into lockdown light and planning to come out on December 3rd looking unlikely to have had made much of a dent in the escalation. In the US numbers are off this week’s highs but still adding 165K per day with approximately 3 million Americans currently infected. JPM data research showed a marked decline in credit card activity which could indicate further slowing of any green shoots in the coming data with airlines, gas and hotel occupancy all hit. Asia’s highlight ahead will be PBoC rate decision and preliminary retail sales for Australia. In Europe we see more UK data by way of retail sales but Brexit will be the real price driver once again.

Trade the global markets with a broker that has integrity, honesty and transparency at its core


Market Wrap: 24 August 2023

Stocks Rally on Tech Optimism, Fed Rate Outlook:  Lackluster US, Europe economic data opens door for rate pause Nvidia’s bullish sales outlook prompts after-hours stock

Read More »

Market Wrap: 15 August 2023

Yuan Falls on PBOC Rate Cuts; Asian Stocks Mixed:  Japan’s economy shows resilience as growth beats estimates Economic woes mount in China as post-pandemic recovery

Read More »

Market Wrap: 11 August 2023

China Tech Pulls Asian Stocks Lower; Dollar Steady:  US core CPI posts smallest back-to-back increases in two years Daly says Fed has ‘more work to

Read More »

Market Wrap: 31 July 2023

Asian Stocks Echo US Rally on Soft Landing Hopes:  Yen declines after unscheduled Bank of Japan bond buying China manufacturing PMI data shows contraction in

Read More »

Market Wrap: 27 July 2023

Stocks Rise, Dollar Slips as Rates Peak in Sight:  ECB will raise rates by another quarter-point, survey shows US data Thursday include GDP, initial jobless

Read More »

This website is owned and operated by the Ox Securities group of companies, which include:
Ox Securities Pty Ltd registered address Level 37, 1 Macquarie Place, Sydney NSW 2000 Australia. AFSL 438402 ACN 163 551 602
Ox Securities Limited (SV) registered address Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St Vincent and the Grenadines
Risk Warning: The information contained on this website is general in nature and does not constitute advice or a recommendation to act upon the information or an offer. The information on this website does not take into account your personal objectives, circumstances, financial situations or needs. You are strongly recommended to seek independent professional advice before opening an account with us and/or acquiring our services/products. Ox Securities Limited (SV) do not accept applications from residents of the United States of America and Australia
Before you decide whether or not to invest any products referred to on this website, being over the counter (OTC) derivatives, it is important for you to read and consider our Financial Services Guide (FSG), Product Disclosure Statement (PDS), and Terms and Conditions (T&C), and ensure that you fully understand the risks involved. Fees, charges and commissions apply. OTC derivatives, including margin foreign exchange contracts and contract for differences, are leveraged products that carry a high level of risk to your capital. Trading is not suitable for everyone. You may incur losses that are substantially greater than your initial investment. You do not own, or have any rights to, the underlying assets which the OTC derivative is referring to. You should only trade with money you can afford to lose. There are also risks associated with online trading including, but not limited to, hardware and/or software failures, and disruptions to communication systems and internet connectivity.

Copyright © OxSecurities 2020. All rights reserved