Despite the S&P 500, Dow Jones, and Nasdaq reaching new peaks amidst the consumer price index (CPI) rising as anticipated, the market remains divided in response. Analysts note both bullish and bearish sentiments, with investors bracing for potential strategic investment opportunities. Oracle’s 12% decline and Macy’s 8% drop affect sector dynamics, while currency markets respond subtly to the CPI data, keeping the dollar index down. The Fed’s impending policy announcement and cues from Jerome Powell’s commentary are anticipated, influencing future rate adjustment speculations. Meanwhile, diverse currency pairs show varied movements, indicating nuanced market shifts, while attention turns to forthcoming events like US retail sales and central bank meetings impacting currency markets’ cautious stance.

Stock Market Updates

The stock market saw a continued climb as the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all rose, hitting new 52-week highs. This growth occurred despite the consumer price index (CPI) rising 3.1% year over year in November, matching economist predictions. However, the month-over-month CPI increase aligned with expectations, maintaining a steady inflation trajectory. Analysts noted that while both bullish and bearish sentiments exist about the CPI figures, the market largely responded in a manner consistent with expectations, with many investors anticipating a potential dip for strategic investments.

Investors are eagerly awaiting the Federal Reserve’s upcoming policy announcement, anticipated to maintain steady interest rates. However, the market is keenly attentive to cues from Chair Jerome Powell’s commentary, seeking indications about potential future rate adjustments. Amidst this market climate, Oracle shares dropped by over 12% due to lower-than-expected fiscal second-quarter revenue, while Macy’s declined by 8% following a downgrade to sell from Citi, impacting the market’s sectoral dynamics.

Data by Bloomberg

On Tuesday, most sectors experienced gains, with the overall market rising by 0.46%. The Information Technology sector led the gains with an increase of 0.83%, followed by Financials at 0.71% and Materials at 0.57%. Health Care and Industrials also saw positive movement, each rising by 0.47% and 0.46%, respectively. However, sectors like Energy, Utilities, and Real Estate faced declines, with Energy notably dropping by 1.35%. Utilities and Real Estate experienced smaller decreases of 0.41% and 0.05%, respectively, marking a mixed day across various sectors.

Currency Market Updates

The recent currency market updates reveal a nuanced response to the US CPI data, maintaining the dollar index down by 0.22%. Core inflation figures persisting at 4% year-on-year hindered a dovish Fed pivot signal, despite real weekly earnings experiencing a significant 0.5% surge in the month. This upturn in earnings, especially in super core services minus shelter costs, influenced Powell’s outlook, contributing to a marginal rise in Treasury yields and the dollar post-CPI.

EUR/USD witnessed a 0.24% uptick, benefiting from a weaker dollar, declining energy prices, optimistic indicators in Germany’s ZEW expectations index, and tightened bund treasury yield spreads. However, the currency pair is seeking support above specific moving averages to solidify its sizable speculative long position. Meanwhile, USD/JPY experienced a 0.4% drop from recent lows, navigating towards equilibrium after a notable November-December plunge, a portion of it attributed to an exaggerated Fed rate cut and unrealistic BoJ rate hike expectations. The overall trend remains in favor of shorts unless key resistance at 147.76 is breached, considering the historical context of a double-top formation from 2022/23 and the anticipated reversal of the Fed rate hike cycle.

The sterling remained relatively stagnant amid concerns over decelerating UK wage growth and domestic political uncertainty. Looking ahead, market attention shifts to upcoming events such as US retail sales and the ECB and BoE meetings, viewed as preludes to anticipated rate adjustments by March and June, respectively, maintaining a cautious stance in the currency markets.

Picks of the Day Analysis

EUR/USD (4 Hours)

EUR/USD Struggles Below Key Levels Amid Fed and ECB Decision Expectations

The EUR/USD made a modest ascent, yet failed to sustain levels above 1.0800, lingering below the 200-day SMA. The US Dollar’s mixed sentiment post-US inflation figures and in anticipation of the Federal Reserve’s upcoming decision fuel cautious movements. Despite the CPI aligning with expectations and the USD initially weakening, the currency regained ground. Eyes are on the Fed’s probable unchanged rates and Chair Jerome Powell’s tone. The market eyes the dot plot for 2024 projections, influencing interest rate expectations. With the ECB decision looming and expectations of a non-event, EUR/USD struggles persist amid over 50% odds of a rate cut by March, impeding potential rebounds.

Chart EUR/USD by TradingView

On Tuesday, the EUR/USD moved slightly higher and able to reach near the upper band of the Bollinger Bands. Currently, the price moving slightly below the upper band, suggesting a potential lower movement, potentially reaching the middle band. Notably, the Relative Strength Index (RSI) maintains its position at 50, signaling a neutral outlook for this currency pair.

Resistance: 1.0817, 1.0885

Support: 1.0747, 1.0664

XAU/USD (4 Hours)

XAU/USD Stable Amidst Inflation Data and Fed Anticipation

Gold prices, reflected in XAU/USD, held steady at around $1,980.00, showing marginal movement despite the US Dollar’s early softness due to Asian equity gains. Investor caution prevailed ahead of the US Consumer Price Index (CPI) release, which reported in line with expectations – a monthly increase of 0.1% and an annual rate of 3.1%, slightly down from the previous 3.2%. Although the initial response saw XAU/USD touch $1,996.68 post-news, the Greenback recovered swiftly, leading to speculation on the Federal Reserve’s upcoming monetary policy announcement. As investors anticipate the Fed’s stance on rate adjustments, the steady inflation figures have partially tempered expectations of immediate rate cuts, contributing to short-term concerns and favoring the USD.

Chart XAU/USD by TradingView

On Tuesday, XAU/USD moved slightly lower. Currently, the price is moving between the lower and middle bands of the Bollinger Bands which creates a possibility that XAU/USD might move lower and try to reach our support levels. The Relative Strength Index (RSI) stands at 28, indicating bearish sentiment as it’s in the oversold area.

Resistance: $1,995, $2,016

Support: $1,973, $1,956

Economic Data

Stock futures showed minimal movement as Wall Street tracked the market’s resilience against impending inflation data. Modest increases in Dow Jones futures contrasted slight declines in S&P 500 and Nasdaq 100 futures, indicating a sustained end-of-year rally with indices securing multi-week gains. Investor sentiment faces a test with the upcoming release of the consumer price index (CPI) and the Federal Reserve’s final meeting, compounded by Oracle’s post-trading decrease. Additionally, recent dollar index growth, speculation on central bank actions, and stable currency pair movements contribute to the market’s delicate balance, with inflation and corporate earnings poised to challenge bullish sentiment.

Stock Market Updates

Stock futures exhibited minimal movement on Monday evening as Wall Street monitored the potential for the ongoing market surge to withstand upcoming inflation data. Futures linked to the Dow Jones Industrial Average marginally increased by 2 points, while S&P 500 and Nasdaq 100 futures experienced slight declines, each less than 0.1%. Despite these fractional changes, Monday’s modest stock market rise suggested that the end-of-year rally persisted, marking the S&P 500’s highest closure since March 2022 and the Dow’s strongest settlement since January 2022. Notably, all three major indices—the Dow, S&P 500, and Nasdaq Composite—maintained three-day winning streaks and had secured six consecutive weeks of gains.

However, investor sentiment faces a pivotal test on Tuesday as the release of November’s consumer price index (CPI) before the market opens and the commencement of the Federal Reserve’s final meeting of the year could sway market direction. Additionally, the market might react to tech giant Oracle’s after-hours trading decline of 7%, prompted by its fiscal second-quarter revenue missing Wall Street’s expectations. These developments indicate a delicate balance for the market, with inflation data and corporate earnings posing potential challenges to the prevailing bullish sentiment.

Data by Bloomberg

On Monday, the market saw an overall positive trend with all sectors showing gains except for Communication Services, which experienced a decline of 1.04%. Consumer Staples led the gains with a notable increase of 0.97%, followed closely by Industrials at 0.90%, Materials at 0.71%, and Financials at 0.68%. Sectors like Utilities, Health Care, and Information Technology also contributed to the uptrend, albeit to a slightly lesser extent, with gains ranging from 0.42% to 0.66%. However, the Real Estate and Consumer Discretionary sectors showed more modest increases at 0.32% and 0.12%, respectively. Energy mirrored Consumer Discretionary with a similar 0.12% gain.

Currency Market Updates

In recent market movements, the dollar index experienced a 0.13% surge post an encouraging payrolls report, prompting a sharp reversal in USD/JPY’s decline driven by exaggerated speculation on BoJ rate hikes and aggressive Fed rate cut predictions. Attention now pivots towards the upcoming U.S. CPI release and the Fed’s meeting conclusion later in the week. Treasury yields and the dollar, after robust Treasury auctions, have been on a decline.

The USD/JPY pair showcased a notable 0.9% ascent, nearly recovering from its substantial plunge in November, which saw a drastic 3.8% decline in a single day. Misinterpretation of BoJ Governor Kazuo Ueda’s remarks on potential rate hikes led to misconceived expectations, dispelled by reports suggesting the BoJ sees no rush in eliminating negative interest rates owing to insufficient evidence of sustained inflation stemming from wage growth. Market futures currently indicate a probability of a 10bp hike not until April, post-spring wage negotiations, and the disclosure of FY 2024-5 plans. The primary determinant for USD/JPY and other dollar pairings continues to be the trajectory of Fed policies. Anticipations have shifted post the jobs data, now leaning towards a first Fed hike in May rather than March, with four hikes projected by year-end, as opposed to the previously expected five.

Meanwhile, other currency pairs experienced relatively stable movements. EUR/USD remained stagnant, potentially influenced by concerns regarding China’s contracting economy, expectations of 130bp ECB cuts by 2024, and apprehensions about Ukraine’s financial capability in countering Russia’s invasion. Sterling demonstrated minimal change, relinquishing earlier gains, preceding notable U.S. event risks, including UK jobs data and the BoE and ECB meetings later in the week. The market favors the BoE’s initial cut in June, projecting a total of 75bp reductions next year. The Australian dollar declined by 0.15%, affected by surging Treasury yields, Chinese deflation trends, and plummeting energy prices, with USD/CNH reaching its highest level since November 20th.

Picks of the Day Analysis

EUR/USD (4 Hours)

EUR/USD Rebounds Modestly Amid Quiet Markets, Eyes ECB and US Economic Data

The EUR/USD pair saw a mild uptick, hovering around 1.0765 after hitting a low of 1.0741 in a subdued Monday session. The US Dollar Index experienced marginal gains, driven by rising Treasury yields as investors anticipate significant economic reports and central bank meetings. Eyes are set on the ZEW survey and ECB meeting in the Eurozone, with expectations leaning toward discussions on reinvestments from the PEPP program. Meanwhile, in the US, the focus shifts to the CPI figures and the FOMC meeting, where no significant surprises are expected but markets keenly await new projections. The USD remains in consolidation mode, awaiting fresh catalysts amid a restrained market environment.

Chart EUR/USD by TradingView

On Monday, the EUR/USD moved slightly higher and was able to reach the middle band of the Bollinger Bands. Currently, the price moving slightly below the middle band, suggesting a potential lower movement, potentially reaching the lower band. Notably, the Relative Strength Index (RSI) maintains its position at 43, signaling a bearish outlook for this currency pair.

Resistance: 1.0817, 1.0885

Support: 1.0747, 1.0664

XAU/USD (4 Hours)

XAU/USD Slide Amidst USD Strength and Fed’s Policy Conundrum

Spot Gold faced a continued decline on Monday, slipping below the $2,000 mark in response to the robust US Nonfarm Payrolls report. The surge in the US dollar, propelled not by confidence but by safety concerns, amplified worries about future monetary policy and its potential impact on the economy. The Federal Reserve’s cautious approach to interest rates, driven by the need for previous measures to take effect and concerns about the risks of higher rates, contrasts with a persistent aim to keep inflation in check. The tightening labor market, evident in the shrinking Unemployment Rate to 3.7% in November, signals the potential for further rate hikes, raising the specter of an impending recession. With the impending release of the November Consumer Price Index and the Fed’s policy decision and economic projections this week, answers regarding inflation and the Fed’s stance may dictate Gold’s trajectory amidst the complex economic landscape.

Chart XAU/USD by TradingView

On Monday, XAU/USD moved lower and was able to break below our support levels and create a push to the lower band of the Bollinger Bands. Currently, the price is moving slightly above the lower band which creates a possibility that XAU/USD might move higher and try to reach our resistance level. The Relative Strength Index (RSI) stands at 28, indicating bearish sentiment as it’s in the oversold area.

Resistance: $1,995, $2,016

Support: $1,973, $1,956

Economic Data

This week, the market’s primary focus revolves around the rate decisions of major central banks as they convene for their final meetings in 2023. Aside from these pivotal central bank decisions, the market is also keeping a close eye on the US consumer price index and producer price index, given that signs of inflation could influence the Fed’s policies during this period.

As always, traders are advised to exercise caution as we approach these upcoming market highlights for the week:

US consumer price index (12 December 2023)

Consumer prices in the US remained unchanged in October after a 0.4% increase in September.

Analysts expect no changes in the updated consumer price index for November, set to be released on 12 December.

UK monthly gross domestic product (13 December 2023)

The UK’s monthly gross domestic product (GDP) grew by 0.2% month-over-month in September 2023, following a 0.1% growth in August.

Updated figures are set to be released on 13 December, with analysts expecting the UK’s GDP to contract by 0.1%.

US producer price index (13 December 2023)

Producer prices in the US fell by 0.5% month-over-month in October 2023, marking the most significant decline since April 2020.

Analysts are forecasting an increase of 0.1% in the updated producer price index for the US, set to be released on 13 December.

The Fed’s interest rate decision (14 December 2023)

For the second consecutive time in November, the Federal Reserve maintained the federal funds rate at its 22-year high of 5.5%, a reflection of policymakers’ commitment to balancing the goal of reaching a 2% inflation target while avoiding excessive monetary tightening.

The next rate statement is slated for release on 14 December, with analysts expecting the rate to stay steady at 5.5%.

Swiss National Bank’s interest rate decision (14 December 2023)

The Swiss National Bank (SNB) unexpectedly opted to maintain its benchmark policy rate at 1.75% during its September 2023 meeting. This decision marks a temporary halt in the rate-hike campaign initiated in June of the previous year.

No change is expected in the SNB’s forthcoming rate statement, slated for release on 14 December.

Bank of England’s interest rate decision (14 December 2023)

During its November meeting, the Bank of England held firm on its benchmark interest rate, keeping it steady at a 15-year high of 5.25% for the second consecutive time. This decision comes as a response to recent indications of a slowdown in the UK’s economy coupled with the persistent challenge posed by elevated inflation.

The next rate statement is expected to be released on 14 December, with analysts expecting the rate to be maintained at 5.25%

European Central Bank’s interest rate decision (14 December 2023)

The European Central Bank (ECB) maintained its interest rates at 4.5% in October, signalling a notable departure from its 15-month trend of consecutive rate hikes. This decision underscores a shift towards a more cautious approach among policymakers, influenced by easing price pressures and apprehensions regarding an impending recession.

No change is expected in the ECB’s forthcoming rate statement, slated for release on 14 December.

US retail sales (14 December 2023)

After a 6-month stretch of growth, retail sales in the US declined by 0.1% month-over-month in October 2023.

Analysts expect another 0.1% decrease in the forthcoming retail sales data for the US, scheduled to be released on 14 December.

Stocks rebounded on Thursday, snapping a three-day decline for the Dow Jones Industrial Average and the S&P 500 ahead of the pivotal Friday jobs report. The S&P 500 surged by 0.80%, reaching 4,585.59, while the Dow added 62.95 points, marking a 0.17% increase to reach 36,117.38. The Nasdaq Composite soared by 1.37%, driven by strong performances from tech giants like Alphabet, Nvidia, and AMD. Despite this rebound, the Dow and S&P 500 were on track to conclude the week with slight losses, highlighting concerns about the market’s trajectory. Investors closely eyed employment data amidst mixed signals from the job market, while currency markets experienced significant volatility, particularly driven by the yen’s surge and its impact on major currency pairs like USD/JPY, EUR/USD, EUR/JPY, and others.

Stock Market Updates

Stocks experienced a rebound on Thursday, breaking a three-day decline for both the Dow Jones Industrial Average and the S&P 500 ahead of the pivotal Friday jobs report. The S&P 500 surged by 0.80%, hitting 4,585.59, while the Dow added 62.95 points, marking a 0.17% increase to reach 36,117.38. Notably, the Nasdaq Composite soared by 1.37% to 14,339.99, driven by strong performances from tech giants like Alphabet, whose launch of the Gemini AI model spurred a more than 5% surge. Nvidia and AMD also saw gains of over 2% and 9%, respectively. Despite this rebound, the Dow and S&P 500 were still on track to conclude the week with slight losses of around 0.4% and 0.2%, respectively, highlighting concerns about the market’s trajectory.

Investors were particularly focused on employment data, given mixed signals from the job market. While weekly jobless claims were below expectations and continuing jobless claims declined, indicating steady layoffs, private payroll data suggested fewer job additions than anticipated. Conflicting data, including a decrease in job openings in October, left the market in uncertainty ahead of Friday’s official jobs report, where economists projected the addition of 190,000 jobs in November. The Federal Reserve closely monitored these figures, hoping for signs of labor market moderation that would support its decision to pause interest rate hikes. Meanwhile, European markets slipped, reversing earlier gains, with the Stoxx 600 down 0.3%, largely led by losses in retail stocks, while Asia-Pacific markets faced a widespread slump as investors analyzed trade data from China and Australia.

Data by Bloomberg

On Thursday, the overall market saw a positive trend with a 0.80% increase across all sectors. Communication Services experienced a significant surge of 3.22%, followed by Information Technology with a 1.28% rise and Consumer Discretionary at 0.90%. Materials and Financials also showed positive growth, albeit more modestly, at 0.67% and 0.40%, respectively. Consumer Staples and Real Estate saw marginal gains of 0.32% and 0.09%, while Industrials had a slight increase of 0.06%. However, Health Care showed a minor decline of 0.08%. On the downside, Utilities and Energy experienced decreases of 0.24% and 0.61%, respectively, contributing to the mixed performance across the sectors.

Currency Market Updates

The currency market experienced significant volatility, primarily driven by the yen’s remarkable surge against major currencies like the dollar, euro, and sterling. The catalyst for this surge stemmed from BOJ Governor Kazuo Ueda’s comments, sparking speculation about a potential tightening of Japanese monetary policy. Ueda’s remarks strongly suggested an impending rate hike, creating a shift in sentiment and prompting a substantial unwinding of short yen positions. The USD/JPY pair faced a sharp decline, breaking key technical levels, notably the uptrend line from March and significant Fibonacci supports, signaling a potential erasure of half of the 2023 uptrend if it closes below 142.50, especially after the upcoming payrolls report.

Meanwhile, the fallout from the yen’s surge influenced other currency pairs. EUR/USD saw a modest 0.4% increase amidst choppy trading conditions, impacted by the yen’s movement and mixed U.S. data. The EUR/JPY pair, on the other hand, experienced a 2% decline, further fueled by speculative trading due to substantial euro longs and yen shorts based on ECB and BoJ policy divergence that is now converging rapidly. Additionally, the sterling rose slightly in the aftermath of the USD/JPY decline, with the market assessing the anticipated Fed rate cuts against the comparatively delayed and smaller BoE cuts suggested by futures. The risk-sensitive pound found support from U.S. equity gains, while the Australian dollar reversed earlier losses, rising approximately 0.9% amid slipping Treasury yields and climbing stock markets, showcasing its status as a risk proxy. Meanwhile, USD/CAD remained flat, mirroring the dollar’s performance within this fluctuating landscape.

Picks of the Day Analysis

EUR/USD (4 Hours)

EUR/USD Surges Amidst Dollar Weakness Ahead of Crucial US Employment Data

The EUR/USD witnessed a climb past 1.0800 from weekly lows near 1.0750 as the US Dollar weakened, driven by declining US yields. However, Germany’s unexpected drop in Industrial Production hints at a negative regional economic outlook. With the Eurozone’s forthcoming CPI likely to hold steady at 3.2%, attention shifts to the US employment data due Friday. Despite initial concerns about ECB and Fed policy divergence, the Dollar lost steam amidst improved risk sentiment. As the market anticipates a softer US labor market, expectations of a payroll increase to 180,000 in the forthcoming report linger, following a previous 150,000 figure.

Chart EUR/USD by TradingView

On Thursday, the EUR/USD moved slightly higher and was able to reach the middle band of the Bollinger Bands. Currently, the price moving slightly below the middle band, suggesting a potential lower movement, potentially reaching the lower band. Notably, the Relative Strength Index (RSI) maintains its position at 40, signaling a bearish outlook for this currency pair.

Resistance: 1.0825, 1.0920

Support: 1.0760, 1.0664

XAU/USD (4 Hours)

XAU/USD Sees Sideways Movement Amidst Resistance and Economic Indicators

The Gold spot market is currently experiencing a sideways trend without a definitive short-term direction, grappling with resistance at $2,040 while constrained by lower Treasury yields. Despite retracing from its all-time highs near $2,130, Gold’s negative momentum shows resilience. The recent drop in XAUD/USD inflicted damage but has stabilized, hinting at a potential consolidation phase. Amidst expectations of the Federal Reserve maintaining interest rates and potential rate cuts in 2024 following other central banks, Gold’s resurgence depends on a modest weakening of the US Dollar and continued subdued yields. With key economic data like the Nonfarm Payroll and the Consumer Price Index on the horizon, market focus remains pivotal on potential catalysts for Gold’s upward movement toward record highs.

Chart XAU/USD by TradingView

On Thursday, XAU/USD moved in consolidation waits for Friday’s US jobs report and created a narrow band of the Bollinger Bands. The current movement suggests that the market is still in wait-and-see mode for the non-farm data before goes in any direction. The Relative Strength Index (RSI) stands at 50, indicating a neutral sentiment for this pair.

Resistance: $2,041, $2,051

Support: $2,024, $2,016

Economic Data

U.S. stocks experienced a downturn amidst fluctuating trends, impacted by a drop in inflation and looming job market reports. The Dow Jones and S&P 500 faced consecutive losses, a rare occurrence since October, despite initial optimism from economic indicators. Investors remain watchful, especially regarding upcoming labor-related data releases, notably the November nonfarm payrolls report. European markets saw rebounds, but individual stock performances diverged. Currency markets witnessed the EUR/USD pair declining, potentially signaling a saturation point for rate cut expectations by the ECB and the Fed. Concerns about disinflationary trends arose due to underwhelming economic data. The Sterling approached critical levels against the dollar, influenced by declining yield spreads. Additionally, oil markets saw significant declines, reflecting worries about a global economic slowdown overshadowing OPEC+ supply cuts.

Stock Market Updates

U.S. stocks faced a downturn, grappling with fluctuating trends amid data revealing a drop in inflation and a significant jobs report on the horizon. The Dow Jones fell by 0.19%, closing at 36,054.43, marking the third consecutive losing day for both the Dow and the S&P 500, a rare occurrence since October. Initially buoyed by favorable economic indicators—such as declining labor costs and increased productivity—the market struggled to maintain its gains, fluctuating throughout the session. Investors remain vigilant as they assess various labor-related data releases, particularly scrutinizing the ADP report, which hinted at a potential easing in the job market, a crucial concern for the Federal Reserve.

However, uncertainties loom as investors eye upcoming data, particularly the eagerly awaited November nonfarm payrolls, wages, and unemployment rate figures scheduled for release on Friday. Despite the recent declines, questions emerge about whether this reflects a temporary pause in the late 2023 rally or signals a potential overextension of the market’s rapid ascent. Meanwhile, European markets rebounded, with the Stoxx 600 index rising by 0.6%, driven by surges in sectors like mining and autos, even as specific stocks like H&M experienced dips following a downgrade by Deutsche Bank analysts. In the Asia-Pacific region, markets rebounded after a previous sell-off, contributing to a positive turn in U.S. stocks during Wednesday’s morning trade following consecutive days of decline.

Amidst these fluctuations, individual stocks experienced divergent performances: Cloud company Box saw a more than 10% tumble due to third-quarter results falling below expectations, while homebuilder stock Toll Brothers gained nearly 2% after surpassing projections on both revenue and earnings. Additionally, telecom company Nokia faced a 6% drop following news of a partnership between U.S. giant AT&T and Ericsson for a next-generation wireless network rollout. In Europe, travel group Tui experienced a 14% increase in its stock value, backed by a significant rise in full-year profit and a promising forecast for operating profit growth in 2024.

Data by Bloomberg

On Wednesday, most sectors experienced a slight downturn with the overall market showing a decrease of 0.39%. Utilities saw a positive trend, gaining 1.38%, followed by Industrials at 0.47% and Health Care at a minimal 0.06% increase. Conversely, Energy faced the most significant decline, plummeting by 1.64%, while Information Technology also saw a considerable drop of 0.93%. Other sectors like Consumer Discretionary, Materials, Consumer Staples, Real Estate, Communication Services, and Financials also registered decreases ranging from -0.04% to -0.50%.

Currency Market Updates

In the recent currency market updates, the EUR/USD pair experienced a mild decline amidst a backdrop of various economic indicators and central bank sentiments. Despite a decrease in yield spreads between 2-year bunds and Treasury bonds, the pace of losses for the pair slowed, possibly indicating a saturation point for expectations of rate cuts by the ECB and the Fed in the coming year. The dollar faced challenges due to lower-than-anticipated ADP and unit labor cost figures, contributing to concerns about disinflationary trends, compounded by underwhelming JOLTS data. As market speculation already prices in future rate cuts by the Fed and the ECB, the focus has shifted to upcoming economic reports, particularly Thursday’s jobless claims, Friday’s employment report, and next Tuesday’s CPI figures, to gauge their impact on altering expectations for Fed rate cuts relative to the ECB’s stance.

EUR/USD’s decline to 1.07725 lows followed unexpected plunges in German industrial orders, reflecting a pattern of increasingly negative German economic data. While ECB representatives like Peter Kazimir echoed sentiments aligning with the view that rate hikes seem improbable, the possibility of swift rate cuts remains uncertain. Meanwhile, the USD/JPY pair saw a marginal increase, navigating a potential reversal from its 2023 uptrend, with key technical thresholds breached this week. Market anticipation for a downtrend revival, possibly leading to a move towards 144.58, relies heavily on forthcoming U.S. employment and inflation data reinforcing expectations of substantial Fed rate cuts.

Elsewhere, the Sterling approached a critical support level at 1.2569 against the dollar, influenced by declining Gilt-Treasury yield spreads. Market attention has turned to the upcoming BoE meeting, particularly monitoring the policy vote split, as expectations lean toward potential rate cuts as early as May, with projected cuts of 84 basis points by year-end, amid risks outlined in the BoE’s Financial Stability Report. Additionally, in the oil market, WTI experienced a significant decline of over 4%, while Brent hit its lowest point since June. These movements reflect growing concerns about a potential slowdown in the global economy, overshadowing the impact of OPEC+ supply cuts, as market sentiment increasingly focuses on demand-side risks.

Picks of the Day Analysis

EUR/USD (4 Hours)

EUR/USD Continues Decline Amidst Economic Indicators and Central Bank Signals

The EUR/USD pair sustained its sixth consecutive day of decline, plunging below 1.0770, marking its lowest point since mid-November. This downward trend stems from a weakened Euro juxtaposed against a robust US Dollar, intensifying pressure on the currency pair. Anticipation hovers around US job data, where the European Central Bank’s (ECB) projected rate cuts for 2024, ahead of the Federal Reserve (Fed), have notably impacted the EUR/USD dynamics. Despite subpar US data failing to prompt significant movement, the German 10-year bond yield’s drop, surpassing its US counterpart, indicates a complex market sentiment. Eurozone Retail Sales and Germany’s Factory Orders, showcasing mixed results, contribute to the growing expectation of ECB easing. Meanwhile, in the US, the ADP report hinted at a tightening labor market but failed to deter the resilient Dollar. With upcoming critical events such as Jobless Claims, Nonfarm Payrolls, the Consumer Price Index (CPI), and the impending FOMC decision, the market focus remains intensely fixated on the EUR/USD trajectory amidst these economic indicators and central bank signals.

Chart EUR/USD by TradingView

On Wednesday, the EUR/USD experienced a downward movement, creating a push to the lower band of the Bollinger Bands. Currently, the price moving slightly above the lower band, suggesting a potential upward movement, potentially reaching the middle band before goes back lower. Notably, the Relative Strength Index (RSI) maintains its position at 27, signaling a bearish outlook for this currency pair.

Resistance: 1.0825, 1.0920

Support: 1.0760, 1.0664

XAU/USD (4 Hours)

XAU/USD Consolidates Amid Economic Data and Dollar Strength

Gold (XAU/USD) experienced a notable shift as it recovered from recent lows near $2,008 following its pullback from record highs above $2,130. Currently consolidating around the $2,030 support level, the metal finds itself grappling with lower Treasury yields while facing a resilient US Dollar. Despite softer employment figures and declining 10-year Treasury yields, Gold’s upward momentum remains subdued. The metal retains a bullish long-term trend, yet it’s notably distant from its recent historic peaks, with its stability hinting at a complex interplay of economic data and currency strength. The looming release of further US employment data stands poised to influence Gold’s trajectory in the coming days.

Chart XAU/USD by TradingView

On Wednesday, XAU/USD moved slightly higher trying to reach the middle band of the Bollinger Bands. The current movement suggests a potential upward trend, possibly reaching the middle band. The Relative Strength Index (RSI) stands below 48, indicating a neutral sentiment for this pair.

Resistance: $2,031, $2,041

Support: $2,016, $2,006

Economic Data

The stock market displayed a mixed session with varied movements across major indices: the Dow and S&P 500 edged slightly downward while the Nasdaq surged, propelled by tech stock performance. Factors including the U.S. 10-year Treasury yield dip below 4.2% and European market fluctuations played key roles. Amidst this, notable individual stock movements, like GitLab’s surge and the Russell 2000’s fall, highlighted nuanced market dynamics. Additionally, the currency market witnessed significant fluctuations, including the EUR/USD pair’s decline, highlighting the impact of central bank signals and global economic indicators on currency valuations.

Stock Market Updates

The stock market experienced a mixed day on Tuesday as major indices saw varied movements. The Dow Jones Industrial Average and the S&P 500 slid slightly, with the Dow dropping by 0.22% to close at 36,124.56 and the S&P 500 inching down by 0.06% to 4,567.18. However, the Nasdaq Composite managed to gain 0.31%, reaching 14,229.91, propelled by the outperformance of technology shares. GitLab surged by 11.5% after surpassing quarterly financial expectations and issuing robust guidance for the current quarter. Conversely, the Russell 2000 fell by more than 1% after a recent upward trend, raising hopes for a broader market rally and potential interest rate cuts from the Federal Reserve.

The market’s movements were influenced by various factors, including fluctuations in the U.S. 10-year Treasury yield, which fell below the significant 4.2% level, indicating a cooling labor market. This prompted a boost in technology shares, driving the Nasdaq into positive territory for the session. Meanwhile, European markets displayed mixed performance, with the Stoxx 600 index closing 0.4% higher, fueled by gains in auto stocks but offset by drops in mining stocks. Telecom stocks also saw notable shifts, with Ericsson climbing by 4.4% following a deal with AT&T, while Nokia faced an 8.4% plunge due to anticipated losses. The overall market sentiment seemed to hinge on prospects of potential rate cuts from the Federal Reserve, despite attempts by Fed Chair Jerome Powell to temper expectations for such measures. Additionally, gold prices reached record highs, touching $2,100, propelled by geopolitical uncertainty, a weaker U.S. dollar, and expectations of future interest rate cuts.

The market’s trajectory appeared influenced by nuanced shifts in various sectors and global events, with investors closely monitoring economic data, Federal Reserve signals, and geopolitical factors that could impact future market movements.

Data by Bloomberg

On Tuesday, the overall market saw a slight dip of 0.06%. However, specific sectors experienced varied movements. Information Technology surged by 0.82%, leading the gainers, followed by Consumer Discretionary (+0.32%) and Communication Services (+0.22%). Health Care (-0.17%), Real Estate (-0.45%), Financials (-0.51%), Consumer Staples (-0.79%), Utilities (-0.81%), Industrials (-0.86%), Materials (-1.37%), and Energy (-1.70%) all faced declines, with Energy and Materials showing the most significant drops among the sectors.

Currency Market Updates

The currency market witnessed significant fluctuations, particularly in the EUR/USD pair, which plummeted by 0.5%. This decline came after ECB’s Isabel Schnabel hinted at holding off on further rate hikes, coupled with improved U.S. November ISM services. The breach of support at 1.0800 led to a 0.4% rise in the dollar index, heavily influenced by EUR/USD, surpassing its downtrend line and settling around the 200-day moving average at 103.56. The market anticipates potential dollar gains depending on forthcoming economic indicators like Thursday’s jobless claims, Friday’s employment report, and next Tuesday’s CPI. This could mitigate the slide in Treasury yields, which have been factoring in five Fed cuts in 2024, possibly commencing as early as March post the Fed’s Dec. 12-13 meeting. Simultaneously, the ECB appears poised for two rate cuts by April and a substantial 142 basis points cut by the year-end.

Meanwhile, the pound experienced a 0.4% decline amidst a drop in 10-year gilts yields. Sterling’s support from the Bank of England signals a longer maintenance of higher rates compared to the Fed in the upcoming year. However, this also highlights the greater challenge the UK faces in curbing disinflation compared to the U.S. and the eurozone. In another development, the USD/JPY pair rose by 0.1% after initial fluctuations following mixed U.S. data. Yet, a bearish outlook persists due to a double-top at 32-year highs, hinting at potential medium-term weakness as the Fed’s tightening cycle reverses. The pair has approached major support levels at 146.64, and further decline might target significant supports at 144.58.

Additionally, the Australian dollar fell by 1% post the RBA meeting, perceived as less hawkish than anticipated. Moody’s downward revision of China’s outlook and a subsequent drop in the CSI300 added to the pressure, leading to the Aussie’s decline to its lowest point since February 2019. These combined factors contributed to the noteworthy movements across the currency market, reflecting the influence of global economic indicators and central bank policies on currency pairs’ valuations.

Picks of the Day Analysis

EUR/USD (4 Hours)

EUR/USD Continues Downward Trend Amidst ECB’s Caution and Fed’s Policy Signals

The EUR/USD sustained its decline below the 20-day SMA, influenced by a resurgent US Dollar and cautious remarks from ECB’s Isabel Schnabel regarding inflation. Speculation of a potential rate cut by the ECB heightened as Eurozone indicators revealed a decline in the Producer Price Index and stable one-year inflation expectations at 4.0%. Meanwhile, in the US, despite mixed data, a stronger Dollar persisted, driven by a perceived completion of the Fed’s tightening cycle amid slowing inflation and a more balanced labor market. Market focus now shifts to upcoming Eurozone retail sales data and the ADP Employment Report in the US as key indicators impacting the EUR/USD trend.

Chart EUR/USD by TradingView

On Tuesday, the EUR/USD experienced a downward movement, creating a push to the lower band of the Bollinger Bands. Currently, the price moving slightly above the lower band, suggesting a potential upward movement, potentially reaching the middle band before goes back lower. Notably, the Relative Strength Index (RSI) maintains its position at 27, signaling a bearish outlook for this currency pair.

Resistance: 1.0825, 1.0920

Support: 1.0760, 1.0664

XAU/USD (4 Hours)

XAU/USD Struggles as Dollar Gains Momentum Amid Mixed US Reports

Gold (XAU/USD) encountered a brief upswing in the Asian session before resuming its downward trajectory, signaling persistent bearish pressure. Despite varied US economic indicators and a drop in Treasury yields, the precious metal declined. The US reported a decrease in job openings alongside an ISM Services PMI surpassing expectations, fostering a balanced labor market impression. Despite this, the Greenback regained strength as Treasury yields fell, hitting multi-day highs. This Dollar momentum, coupled with declining yields, sustains a short-term bullish trend, painting a negative outlook for Gold amidst anticipation of key upcoming US data releases.

Chart XAU/USD by TradingView

On Tuesday, XAU/USD moved lower trying to reach the lower band of the Bollinger Bands. The current movement suggests a potential upward trend, possibly returning to the middle band. The Relative Strength Index (RSI) stands below 41, indicating a bearish yet neutral sentiment for this pair.

Resistance: $2,031, $2,049

Support: $2,006, $1,992

Economic Data

In the riveting world of finance, tales of triumph and turmoil are often immortalised on both the big and small screens. If you’ve been captivated by the dazzling lives of traders depicted in popular series like “Billions,” you might be intrigued to explore the real-life counterparts who have left an indelible mark on the financial landscape. 

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1. George Soros: The Speculator Extraordinaire 

Estimated net worth: $8.5 billion (2022) 

Source of wealth: Hedge fund management 

Known as “The Man Who Broke the Bank of England,” George Soros is a name synonymous with audacious market speculation. In 1992, Soros made a bold bet against the British pound, earning him a staggering $1 billion in a single day. His ability to foresee market trends and capitalise on them has solidified his place as one of the greatest traders in history. 

2. Warren Buffett: The Oracle of Omaha 

Estimated net worth: $104.6 billion (2022) 

Source of wealth: Investing 

Warren Buffett, often hailed as the Oracle of Omaha, stands as a beacon of value investing. As the chairman and CEO of Berkshire Hathaway, Buffett’s patient and disciplined approach has seen him accumulate vast wealth over the decades. His sage advice and long-term investment strategy make him not just a trader but an iconic figure in the world of finance. 

3. Jesse Livermore: The Legendary Stock Trader 

Estimated net worth: $100 million (1929, adjusted for inflation) 

Source of wealth: Stock trading 

The early 20th century saw the rise of Jesse Livermore, a legendary figure in stock trading. Livermore’s career was marked by astounding successes and heartbreaking losses. His uncanny ability to read market trends earned him immense fortunes, but the volatile nature of trading eventually took its toll. Livermore’s legacy is one of both triumph and tragedy, showcasing the unpredictable nature of financial markets.

4. Ray Dalio: Mastering Macro Trends 

Estimated net worth: $16.9 billion (2022) 

Source of wealth: Hedge fund management 

Ray Dalio, the founder of Bridgewater Associates, has left an indelible mark on the hedge fund industry. Known for his expertise in macroeconomic trends, Dalio’s risk management strategies have propelled Bridgewater to become one of the largest and most successful hedge funds globally. His insights into the broader economic landscape have earned him a reputation as a thought leader in the financial world. 

5. Bernard Baruch: The Presidential Advisor and Financier 

Estimated net worth: $200 million (1955, adjusted for inflation) 

Source of wealth: Investing, stock trading 

In the early 20th century, Bernard Baruch, a distinguished financier and trusted advisor to multiple U.S. presidents, emerged as a significant figure whose impact resonated in both financial and political spheres. His accomplishments extended beyond successful trading ventures to encompass a pivotal role in shaping economic policy, particularly during times of crisis. Baruch’s unique position at the intersection of finance and politics highlighted the depth of his influence and the critical role he played in navigating the challenges of his era. 

6. William Delbert Gann: Pioneering Technical Analysis 

Estimated net worth: $100 million (1940, adjusted for inflation) 

Source of wealth: Trading commodities, stocks, and currencies 

William Delbert Gann’s contributions to technical analysis are nothing short of revolutionary. Gann’s innovative techniques, including Gann angles and the Square of Nine, have become cornerstones of market forecasting. His work laid the foundation for a more systematic approach to understanding and predicting market movements. 

7. Richard Dennis: The Turtle Trader Experiment 

Estimated net worth: $200 million (2014) 

Source of wealth: Trading commodities 

Richard Dennis, a commodities trader, gained fame for his unconventional approach to trading. The Turtle Traders experiment, where he trained novices to become successful traders using specific rules, demonstrated the potential of systematic trading strategies. Dennis’s experiment challenged conventional wisdom and showcased the power of disciplined trading. 

8. John Paulson: Profiting from the Subprime Mortgage Crisis 

Estimated net worth: $22 billion (2022) 

Source of wealth: Hedge fund management 

John Paulson gained widespread recognition for his successful bets against the subprime mortgage market in 2007. His prescient moves not only protected his hedge fund from the financial crisis but also earned it billions of dollars in profits. Paulson’s strategic thinking during turbulent times highlights the importance of adaptability in the ever-changing world of finance. 

9. Paul Tudor Jones: Predicting the 1987 Stock Market Crash 

Estimated net worth: $5.5 billion (2022) 

Source of wealth: Hedge fund management 

Paul Tudor Jones, a pioneer in global macro trading, made a name for himself by accurately predicting the 1987 stock market crash. The founder of Tudor Investment Corporation, Jones has consistently demonstrated his ability to navigate volatile markets and capitalise on major economic shifts. 

10. Jim Simons: The Quantitative Trading Maestro 

Estimated net worth: $23.5 billion (2022) 

Source of wealth: Quantitative investment management 

Jim Simons, a mathematician turned hedge fund manager, founded Renaissance Technologies and revolutionised quantitative trading. Simons’ success in developing complex algorithms and employing mathematical models has consistently delivered high returns, solidifying his place as a trailblazer in the world of quantitative finance. 

In the intricate tapestry of financial history, master traders have crafted tales of risk, reward, and resilience – stories that caution and inspire. Beyond the allure of screens, the real magic unfolds in the strategic minds of those who conquer markets. If you’re inspired to start your own trading journey and seek outstanding results, take the first step by opening a live account with VT Markets. Just as legendary traders paved their way, this platform can be your foundation for financial success. Open your account and begin crafting your narrative in the dynamic world of trading. 

Following a five-week winning streak, stock markets experienced a decline, prompting investor worries about potential overvaluation. Major indices, including the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite, dropped due to selling pressure on Big Tech stocks. However, Bitcoin hit a 19-month high while gold reached unprecedented levels, benefiting companies like Marathon Digital, Riot Platforms, MicroStrategy, and Coinbase. The market shift away from tech shares, despite the S&P 500 hitting highs, led to speculation about future rate cuts from central banks, especially as Federal Reserve Chairman Jerome Powell attempted to moderate expectations. European and Asia-Pacific markets reflected mixed performances amid predictions of interest rate cuts in 2024. Currency markets saw significant movements, with the dollar index surging and the euro facing downward pressure against the dollar due to Treasury yield recoveries and market sentiment regarding potential ECB and Fed rate cuts. Meanwhile, gold prices dropped significantly following the resurgence in Treasury yields and a strengthening dollar.

Stock Market Updates

Stocks experienced a dip after a continuous five-week winning streak, raising concerns among investors about potential overvaluation in the market. The Dow Jones Industrial Average closed with a 0.11% drop, the S&P 500 fell by 0.54%, and the Nasdaq Composite declined by 0.84%, attributed to the selling of Big Tech shares, which had been driving the market’s gains. Conversely, Bitcoin surged past $41,000, hitting a 19-month high, while gold reached its highest intraday level ever, leading to gains for companies like Marathon Digital, Riot Platforms, MicroStrategy, and Coinbase.

The pullback was marked by a shift away from sectors that had been driving market growth for almost a year, particularly technology shares. Despite this, the S&P 500 closed at its highest level since March 2022, with year-to-date gains nearing 20%. The Dow and Nasdaq also experienced significant increases in 2023. Speculation about future rate cuts from major central banks persisted, even as Federal Reserve Chairman Jerome Powell attempted to temper these expectations.

In Europe, markets saw a mixed performance, largely lower, reflecting a global pause in the recent rally amid predictions of interest rate cuts from major central banks in 2024. Gold prices surged, hitting a record high, attributed to geopolitical uncertainty, a potentially weaker U.S. dollar, and anticipated interest rate cuts in the coming year. In Asia-Pacific, markets were also mixed as investors awaited upcoming economic data and crucial inflation readings later in the week.

Data by Bloomberg

On Monday, the market experienced a slight overall decline of 0.54%. Real Estate stood out with a positive increase of 0.53%, followed by Health Care and Industrials with gains of 0.21% and 0.20%, respectively. Conversely, Materials took a significant hit, dropping by 1.19%, while Information Technology and Communication Services also experienced notable declines of 1.31% and 1.37%, respectively. Financials remained relatively stable, showing no change, and other sectors like Utilities, Energy, and Consumer Discretionary saw moderate decreases ranging from 0.39% to 0.46%.

Currency Market Updates

The currency market experienced significant movements, particularly in the dollar index, which surged by 0.6%. This rise was attributed to the recovery of Treasury yields from their previous substantial decline in October and November. The upcoming release of crucial U.S. data, coupled with the anticipation of the Federal Reserve meeting, heightened market expectations regarding potential rate cuts by the European Central Bank (ECB) in the following year. Concerns persisted around the Eurozone’s largest economy due to a recent court ruling, further contributing to the speculation of potential ECB rate cuts. The dollar’s momentum was primarily driven by the rebound of 2-year Treasury yields, which recovered a portion of their previous decline, alongside market sentiments that favored possible Fed rate cuts in 2024 unless incoming U.S. economic data alters these expectations.

Meanwhile, the euro faced downward pressure, declining by 0.6% against the dollar, as increasing Treasury yields outweighed minimal gains in bund yields. The EUR/USD pair breached key support levels, including the 200-day moving average line, signaling potential further downside. Market indicators highlighted a decrease in overbought positions, but the expansion of speculative long positions in the market indicated a possibility of continued losses unless forthcoming U.S. data supported expectations of swift Federal Reserve intervention. Additionally, other currencies like the pound sterling saw a contrasting outlook compared to the ECB and Fed, with a potential rate cut by the Bank of England not expected until June, projecting a more conservative 2023 monetary policy. Lastly, gold prices experienced a significant drop, plunging from a record high to $2,020, paralleling the resurgence in Treasury yields and the strengthening dollar.

Picks of the Day Analysis

EUR/USD (4 Hours)

EUR/USD Faces Downward Pressure Amid Rate Cut Speculations and Labor Market Data

The EUR/USD faced its fourth consecutive drop, slipping below the 20-day SMA and hovering above the 1.0800 mark as the US Dollar gained strength before pivotal labor market data. Speculation around the ECB potentially cutting rates before the Fed intensified the downward trend, retracting the Euro from recent highs above 1.1000. Despite the descent, the movement seems somewhat exaggerated, with expected sustained volatility. Market focus shifts to key releases including Eurostat’s PPI and PMIs, alongside US labor reports such as JOLTS, ISM Services PMI, ADP employment data, Jobless Claims, and Nonfarm Payrolls expected later in the week.

Chart EUR/USD by TradingView

On Monday, the EUR/USD experienced a downward movement, creating a push to the lower band of the Bollinger Bands. Currently, the price moving slightly above the lower band, suggesting a potential upward movement, potentially reaching the middle band before goes back lower. Notably, the Relative Strength Index (RSI) maintains its position at 31, signaling a bearish outlook for this currency pair.

Resistance: 1.0880, 1.0945

Support: 1.0835, 1.0760

XAU/USD (4 Hours)

XAU/USD Volatility: Navigating Unpredictable Swings Amidst Economic Indicators

Gold spot prices surged to a record high of approximately $2,150, later correcting sharply below $2,040, in a week marked by erratic fluctuations. The upcoming US labor market data, central bank meetings, and Consumer Price Index contribute to the uncertain landscape. Despite a Federal Reserve tone suggesting hawkishness, Gold surged, possibly fueled by expectations of rate cuts. However, the subsequent pullback hints at a potential overestimation of rate cut probabilities. The market’s movements seem more reactive to sentiment shifts than distinct fundamentals, lacking a clear catalyst for its rally or the subsequent sharp decline. The rise in US yields and Dollar strength on Monday only partially explain the magnitude of Gold’s unpredictability.

Chart XAU/USD by TradingView

On Monday, XAU/USD moved lower after reaching an all-time high of $2,150 but subsequently experienced another strong downward movement, returning to around the $2,030 level. This movement resulted in high volatility, pushing the price beyond both the upper and lower bands of the Bollinger Bands. The current movement suggests a potential upward trend, possibly returning to the middle band. The Relative Strength Index (RSI) stands below 43, indicating a bearish yet neutral sentiment for this pair.

Resistance: $2,049, $2,072

Support: $2,025, $2,006

Economic Data

Various events are set to impact the markets this week, most notably the rate decisions of major central banks including the Reserve Bank of Australia and the Bank of Canada. Traders are advised to exercise caution and stay informed about the latest developments to ensure a successful week of trading.

Here are the upcoming market highlights for the week:

Reserve Bank of Australia Rate Statement (5 December 2023)

The Reserve Bank of Australia raised its cash rate by 25 bps to 4.35% in November after maintaining it at 4.1% following its previous four meetings.

Analysts predict that the central bank will keep its cash rate at 4.35% after its upcoming meeting on 5 December.

US ISM Services PMI (5 December 2023)

The Institute of Supply Management (ISM) Non-Manufacturing PMI—also known as the US ISM Services PMI—fell to 51.8 in October, the lowest in five months.

Updated figures will be released on 5 December, with analysts expecting an updated PMI of 52.

Australia Quarterly Gross Domestic Product (6 December 2023)

The Australian economy expanded by 0.4% in Q2 2023.

Analysts predict that the data for Q3, scheduled to be released on 6 December, will indicate slower expansion at 0.3%.

Bank of Canada Rate Statement (6 December 2023)

The Bank of Canada kept the target for its overnight rate at 5% following its October 2023 meeting.

Its next rate statement is scheduled to be released on 6 December, with analysts anticipating that the rate will remain at 5%.

US Jobs Report (8 December 2023)

The US economy added 150,000 jobs in October, a decrease from the 297,000 jobs added in September. Meanwhile, the unemployment rate increased to 3.9% in the same period, slightly exceeding the previous month’s figure of 3.8%.

Updated figures will be released on 8 December, with analysts forecasting the addition of 180,000 more jobs and an unemployment rate of 3.9%.

University of Michigan Consumer Sentiment Index (8 December 2023)

The University of Michigan Consumer Sentiment Index for the US was revised to 61.3 in November from a preliminary figure of 60.4, but it still remained at its lowest level since May.

Updated figures will be released on 8 December, with analysts expecting the index to hit 61.8.

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