Oil Bulls In Charge Before OPEC Meeting | Equities Posted Timid Gains
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Sentiment was mixed at yesterday’s trading session. Equity bulls were timid, while the dollar bears were in charge of the market after the latest PCE data, which is the Fed’s favorite gauge of inflation showed that the core PCE index slowed more than expected in October.
USD
The softening inflation sent the US dollar index tumbling below its 200-DMA for the first time since summer 2021. The US dollar index slipped below its major 38.2% Fibonacci retracement on 2021-2022 rally, and stepped into the bearish consolidation zone. Finally!
Markets
Trading in equities was much less festive than the FX yesterday, as the ISM manufacturing index warned that the US manufacturing activity fell below 50, the contraction zone, for the first time since summer 2020.
Today, the much-expected jobs data should determine whether the S&P500 deserves to quit the ytd negative trend, or stay in it. How strong, or soft the NFP data should be to keep the equity rally going?
Watch the full episode to find out more!
- 0:00 Intro
- 0:38 US dollar tumbled on soft PCE data
- 3:51 But equities posted timid gains on ugly ISM figure
- 4:44 What NFP print could help the S&P500 extend gains?
- 6:31 Gold broke important technical resistances
- 7:11 Oil bulls in charge before OPEC meeting, Russian price cap
- 8:12 Bitcoin rallies past $17K
- 9:02 Blackstone limits withdrawals from its real estate fund. Ouch.
Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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