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SYMBOL
LAST
BID
ASK
HIGH
LOW
NET CHG.
%CHG.
SPREAD
SPX
S&P 500 Index
6870.39
6870.39
6870.39
6895.79
6858.28
+13.27
+ 0.19%
--
DJI
Dow Jones Industrial Average
47954.98
47954.98
47954.98
48133.54
47871.51
+104.05
+ 0.22%
--
IXIC
NASDAQ Composite Index
23578.12
23578.12
23578.12
23680.03
23506.00
+72.99
+ 0.31%
--
USDX
US Dollar Index
98.820
98.900
98.820
98.960
98.730
-0.130
-0.13%
--
EURUSD
Euro / US Dollar
1.16597
1.16605
1.16597
1.16717
1.16341
+0.00171
+ 0.15%
--
GBPUSD
Pound Sterling / US Dollar
1.33291
1.33301
1.33291
1.33462
1.33151
-0.00021
-0.02%
--
XAUUSD
Gold / US Dollar
4217.05
4217.46
4217.05
4218.85
4190.61
+19.14
+ 0.46%
--
WTI
Light Sweet Crude Oil
59.983
60.020
59.983
60.063
59.752
+0.174
+ 0.29%
--

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Thai Prime Minister: Thailand Does Not Want Violence

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          Technical Outlook and Review

          IC Markets

          Forex

          Stocks

          Commodity

          Cryptocurrency

          DXY
          The DXY (US Dollar Index) could potentially make a Bearish continuation towards the 1st support.
          The 1st support at 102.30 is identified as a pullback support. This suggests that it's a significant level where buying interest may emerge, providing support for the DXY.
          The 2nd support at 101.83 is another overlap support level. This adds further significance to this support level, indicating it as a potential area where buyers might become active.
          On the resistance side, The 1st resistance at 102.79 is categorized as a pullback resistance, implying that it's a level where selling pressure may increase, acting as a potential barrier to further upward price movement.
          The 2nd resistance at 103.17 is also noted as a pullback resistance, adding to the potential resistance factors for the DXY.
          Technical Outlook and Review_1EUR/USD
          The EUR/USD could potentially make a Bullish continuation towards the 1st resistance.
          The 1st support at 1.0962 is identified as a pullback support. This suggests that it's a significant level where buying interest may emerge, providing support for the EUR/USD currency pair.
          The 2nd support at 1.08824 is another overlap support level. This adds further significance to this support level, indicating it as a potential area where buyers might become active.
          On the resistance side, The 1st resistance at 1.1038 is categorized as an overlap resistance and is also associated with the 161.80% Fibonacci Extension level. This dual significance suggests that it's a significant barrier where selling interest could intensify, potentially halting further upward movement for the EUR/USD.
          The 2nd resistance at 1.1094 is noted as a pullback resistance, indicating that it's a level where selling pressure may increase, acting as another potential obstacle to the currency pair's upward price movement.
          Technical Outlook and Review_2EUR/JPY
          The analyzed instrument is EUR/JPY, and the overall momentum of the chart is currently bullish.
          There is a potential for the price to make a bullish continuation towards the 1st resistance.
          The 1st support level is identified at 161.54, and its favorable characteristic is attributed to being a multi-swing low support.
          The 2nd support level is situated at 160.63, and its favorable aspect is derived from being an overlap support.
          On the resistance side, the 1st resistance is positioned at 162.36, and it is considered significant due to being a pullback resistance and coinciding with the 38.20% Fibonacci Retracement.
          The 2nd resistance is located at 162.89, and its significance is derived from being an overlap resistance, aligning with the 61.80% Fibonacci Retracement.Technical Outlook and Review_3
          EUR/GBP
          The analyzed instrument is EUR/GBP, and the overall momentum of the chart is currently bearish.
          There is a potential for the price to make a bearish continuation towards the 1st support.
          The 1st support level is identified at 0.8640, and its favorable characteristics include being a multi-swing low support and coinciding with the 161.80% Fibonacci Extension.
          The 2nd support level is situated at 0.8617, and its favorable aspect is derived from being an overlap support.
          On the resistance side, the 1st resistance is positioned at 0.8663, and it is considered significant due to being a pullback resistance.
          The 2nd resistance is located at 0.8684, and its significance is derived from being an overlap resistance.Technical Outlook and Review_4
          GBP/USD
          The GBP/USD, the overall momentum of the chart is bullish, suggesting a potential upward movement in price. In this scenario, there is a possibility that the price could potentially make a drop further to the 1st support in the short term before bouncing from there and rising to the 1st resistance.
          The 1st support at 1.264 is identified as a pullback support. This suggests that it's a significant level where buying interest may emerge, providing support for the GBP/USD currency pair.
          The 2nd support at 1.2579 is another overlap support level. This adds further significance to this support level, indicating it as a potential area where buyers might become active.
          On the resistance side, The 1st resistance at 1.2727 is categorized as an overlap resistance. This suggests that it's a significant barrier where selling interest could intensify, potentially slowing down the GBP/USD's upward price movement.
          The 2nd resistance at 1.2824 is also noted as an overlap resistance, adding to the potential resistance factors for the currency pair.Technical Outlook and Review_5
          GBP/JPY
          The overall momentum of GBP/JPY is.bearish, indicating a potential continuation of the downward movement in price. There is a possibility that the price could continue its bearish trend towards the 1st support level.
          1st support at 185.95: This level is identified as a pullback support, indicating it has the potential to provide a temporary halt to the downward movement as traders may see it as a value area to buy. It's a level to watch for potential bullish reactions.
          2nd support at 184.61: The 2nd support level is another critical area, marked as a multi-swing low support. This suggests that it has previously acted as a significant price level where buyers have shown interest. It's a stronger support level.
          1st resistance at 187.02: The 1st resistance is characterized as a pullback resistance, indicating a point where selling pressure may increase, potentially leading to a reversal or a pause in the downward movement. Additionally, it coincides with the 61.80% Fibonacci retracement level, adding to its significance.
          2nd resistance at 188.17: The 2nd resistance is also noted as a pullback resistance, suggesting a level where sellers might be more active in defending their positions.Technical Outlook and Review_6
          USD/CHF
          USD/CHF, the overall momentum of the chart is bearish, indicating a downward tren, suggesting a potential downward movement in price. In this scenario, there is a possibility that Price could potentially make a rise towards the 1st resistance in the short term before reversing off it and dropping towards the 1st support.
          The 1st support at 0.8758 is identified as a multi-swing low support. This suggests that it's a significant level where buying interest may emerge, supported by the presence of the 161.80% Fibonacci Extension and 100% Fibonacci Projection, indicating Fibonacci confluence.
          The 2nd support at 0.8709 is another multi-swing low support level. This adds further significance to this support level, indicating it as a potential area where buyers might become active.
          On the resistance side, The 1st resistance at 0.8824 is categorized as an overlap resistance. This suggests that it's a significant barrier where selling interest could intensify, potentially causing a reversal in the USD/CHF's upward price movement.
          The 2nd resistance at 0.8857 is also noted as an overlap resistance, adding to the potential resistance factors for the currency pair.Technical Outlook and Review_7
          USD/JPY
          The USD/JPY, the overall momentum of the chart is bearish, indicating a downward trend, suggesting a potential downward movement in price. In this scenario, there is a possibility that the price could potentially make a bearish continuation towards the 1st support.
          The 1st support at 146.16 is identified as a swing low support, indicating that it's a significant level where buying interest may emerge. Additionally, the presence of the 78.60% Fibonacci Projection adds further significance to this support level.
          The 2nd support at 144.57 is another swing low support level. This adds to the significance of this support, indicating it as a potential area where buyers might become active.
          On the resistance side, The 1st resistance at 147.49 is categorized as a pullback resistance. This implies that it's a level where selling pressure may increase, potentially acting as a barrier to further upward price movement for USD/JPY.
          The 2nd resistance at 148.77 is noted as an overlap resistance. This suggests that it's another significant level where selling interest could intensify.Technical Outlook and Review_8
          USD/CAD
          The USD/CAD, the overall momentum of the chart is currently bearish, suggesting a potential downward movement in price. In this scenario, there is a possibility that the price could potentially make a rise towards the 1st resistance in the short term before reversing off it and dropping towards the 1st support.
          The 1st support at 1.3527 is identified as a pullback support. This suggests that it's a significant level where buying interest may emerge, providing support for the USD/CAD currency pair.
          The 2nd support at 1.3426 is another swing low support level. This adds further significance to this support level, indicating it as a potential area where buyers might become active.
          On the resistance side, The 1st resistance at 1.3607 is categorized as a pullback resistance. This implies that it's a level where selling pressure may increase, acting as a potential barrier to further upward price movement for USD/CAD.
          The 2nd resistance at 1.3663 is noted as an overlap resistance, suggesting it's another significant level where selling interest could intensify.
          Additionally, there is an intermediate resistance at 1.3536, which is also identified as a pullback resistance, reinforcing the potential resistance factors for the currency pair.Technical Outlook and Review_9
          AUD/USD
          AUD/USD, the overall momentum of the chart is currently bullish, suggesting a potential upward movement in price. In this scenario, there is a possibility that the price could potentially make a bullish continuation towards the 1st resistance.
          The 1st support at 0.6628 is identified as an overlap support. This suggests that it's a significant level where buying interest may emerge, providing support for the AUD/USD currency pair.
          The 2nd support at 0.6570 is another overlap support level. This adds further significance to this support level, indicating it as a potential area where buyers might become active.
          On the resistance side, The 1st resistance at 0.6724 is categorized as an overlap resistance. This suggests that it's a significant barrier where selling interest could intensify, potentially limiting the upward movement for AUD/USD.
          The 2nd resistance at 0.6816 is noted as a swing high resistance. This adds to the potential resistance factors for the currency pair.Technical Outlook and Review_10
          NZD/USD
          The NZD/USD, the overall momentum of the chart is currently bullish, indicating a potential upward movement in the price. In this scenario, there is a possibility that price could potentially make a bullish continuation towards the 1st resistance.
          The 1st support at 0.6130 is identified as a pullback support. This suggests that it's a significant level where buying interest may emerge, providing support for the NZD/USD currency pair.
          The 2nd support at 0.6064 is another overlap support level. This adds further significance to this support level, indicating it as a potential area where buyers might become active.
          On the resistance side, The 1st resistance at 0.6274 is categorized as a swing high resistance, and it also coincides with the 78.60% Fibonacci Retracement level. This dual significance suggests that it's a significant barrier where selling interest could intensify, potentially limiting the upward movement for NZD/USD.
          Additionally, there is an intermediate resistance at 0.6232, which is an overlap resistance, further reinforcing the potential resistance factors for the currency pair.Technical Outlook and Review_11
          DJ30
          The DJ30, the momentum of the chart is bullish, indicating a potential continuation of the upward movement in price. In this scenario, there is a possibility that the price could experience a bullish bounce off the 1st support level and head towards the 1st resistance.
          1st support at 35330.36: This level is identified as an overlap support, suggesting that it has previously acted as a significant price level where buyers have shown interest. It's a level to watch for potential bullish reactions and a potential bounce.
          2nd support at 35121.05: The 2nd support level is marked as pullback support, indicating that it may provide support during retracements. It's another level where buyers might be interested.
          Intermediate resistance at 35580.52: This level is characterized as pullback resistance, suggesting that it could be a point where selling pressure may increase, potentially leading to a temporary halt or retracement in the upward movement.
          2nd resistance at 35733.67: The 2nd resistance is also noted as pullback resistance, indicating that it's a level where sellers might be more active in defending their positions.Technical Outlook and Review_12
          GER40
          The GER40 overall momentum is overall bearish, indicating a potential continuation of the downward movement in price. There is a possibility that the price could experience a bearish continuation towards the 1st support.
          1st support at 15991.2: This level is identified as an overlap support, suggesting that it has previously acted as a significant price level where buyers have shown interest. It's a level to watch for potential bearish reactions and a potential continuation of the downtrend.
          2nd support at 15872.3: The 2nd support level is marked as an overlap support as well, indicating its importance as a potential area of buying interest. Traders may anticipate potential support around this level.
          1st resistance at 16064.4: This level is characterized as pullback resistance, suggesting that it could be a point where selling pressure may increase, potentially leading to a halt or retracement in the downward movement.
          2nd resistance at 16211.0: The 2nd resistance is also noted as pullback resistance, indicating that it's a level where sellers might be more active in defending their positions.Technical Outlook and Review_13
          US500
          The overall momentum of US500 is bullish. The price could potentially continue its bullish movement towards the 1st resistance level.
          1st support at 4529.6: This level is identified as an overlap support, suggesting that it has previously acted as a significant price level where buyers have shown interest. It's a level to watch for potential bullish reactions and a potential continuation of the uptrend.
          2nd support at 4461.2: The 2nd support level is marked as a pullback support, indicating its importance as a potential area of buying interest. Traders may anticipate potential support around this level.
          1st resistance at 4598.0: This level is characterized as pullback resistance, suggesting that it could be a point where selling pressure may increase, potentially leading to a pause or retracement in the upward movement.
          2nd resistance at 4633.1: The 2nd resistance is also noted as pullback resistance, indicating that it's a level where sellers might be more active in defending their positions.Technical Outlook and Review_14
          BTC/USD
          The analyzed instrument is BTC/USD, and the overall momentum of the chart is currently bearish.
          There is a potential for the price to make a bearish reaction off the 1st resistance and drop to the 1st support.
          The 1st support level is identified at 36754, and its favorable characteristic is attributed to being a swing low support, coinciding with the 100% Fibonacci Projection.
          The 2nd support level is situated at 35717, and its favorable aspect is derived from being a multi-swing low support.
          On the resistance side, the 1st resistance is positioned at 38313, and it is considered significant due to being a multi-swing high resistance.
          The 2nd resistance is located at 39878, and its significance is derived from being a swing high resistance, aligning with the -61.8% Fibonacci Expansion.Technical Outlook and Review_15
          ETH/USD
          The analyzed instrument is ETH/USD, and the overall momentum of the chart is currently bullish.
          There is a potential for the price to make a bullish bounce off the 1st support and head towards the 1st resistance.
          The 1st support level is identified at 2040.19, and its favorable characteristic is attributed to being an overlap support.
          The 2nd support level is situated at 1985.49, and its favorable aspect is derived from being a swing low support.
          On the resistance side, the 1st resistance is positioned at 2129.57, and it is considered significant due to being a multi-swing high resistance, coinciding with the 61.80% Fibonacci Projection.
          Technical Outlook and Review_16WTI/USD
          The WTI (West Texas Intermediate) crude oil, the overall momentum of the chart is bullishl, price broke above a descending resistance line, triggering a potential bullish move. Price could potentially make a bullish continuation towards the 1st resistance.
          The 1st support at 74.32 is identified as a multi-swing low support. This suggests that it's a significant level where buying interest may emerge, providing support for WTI crude oil.
          The 2nd support at 72.57 is another overlap support level. This adds further significance to this support level, indicating it as a potential area where buyers might become active.
          On the resistance side, The 1st resistance at 78.54 is categorized as a swing high resistance, and it also coincides with the 78.60% Fibonacci Projection. This dual significance suggests that it's a significant barrier where selling interest could intensify, potentially limiting the upward movement for WTI crude oil.
          The 2nd resistance at 80.32 is noted as a pullback resistance, and it is associated with the 100% Fibonacci Projection. This adds to the potential resistance factors for the commodity.Technical Outlook and Review_17
          XAU/USD (GOLD)
          The XAU/USD, the overall momentum of the chart is bullish, Price could potentially make a bullish bounce off the 1st support and head towards the 1st resistance.
          The 1st support at 2034.98 is identified as a pullback support. This suggests that it's a significant level where buying interest may emerge, potentially leading to a bullish bounce for XAUUSD.
          The 2nd support at 2020.35 is another pullback support level. This adds further significance to this support level, indicating it as another potential area where buyers might become active.
          On the resistance side, The 1st resistance at 2054.82 is categorized as a swing high resistance, and it also coincides with the 61.80% Fibonacci Projection. This dual significance suggests that it's a significant barrier where selling interest could intensify, potentially limiting the upward movement for XAUUSD.
          The 2nd resistance at 2067.05 is noted as a multi-swing high resistance, indicating another potential obstacle for the precious metal's upward price movement.Technical Outlook and Review_18
          Risk Warnings and Disclaimers
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          Latest News on the Israeli-Palestinian Conflict (November 29)

          Thomas

          Palestinian-Israeli conflict

          Latest news on the Israeli-Palestinian conflict

          0:17
          Israel's Channel 12 said: The process of handing over to the Red Cross the fifth batch of Israeli prisoners released in the exchange agreement with the Palestinian resistance movement Hamas has begun.
          0:42
          BRAKE: Far-right Israeli Security Minister Itamar Ben-Gvir urged Prime Minister Benjamin Netanyahu to allow military operations to resume in Gaza and "crush Hamas" in response to alleged violations of the armistice.
          Latest News on the Israeli-Palestinian Conflict (November 29)_1
          1:13
          More than 50,000 homes have been completely demolished and 240,000 housing units have been damaged by Israeli attacks on Gaza.
          Latest News on the Israeli-Palestinian Conflict (November 29)_2
          1:35
          Hamas Press Office: In the past 24 hours, we have recovered 160 bodies from under the rubble.
          1:43
          Israeli media said: We cannot stop fighting, we must end threats from the north and the south.
          2:08
          Turkey asserts that "Israel" must face responsibility for war crimes, President Erdogan has informed the UN Secretary-General.
          Latest News on the Israeli-Palestinian Conflict (November 29)_3
          2:15
          Negotiations on a new ceasefire agreement between Israel and Hamas are underway, with the two sides discussing a long-term ceasefire, with the new agreement currently being discussed in Qatar.
          The main dispute: the duration of the ceasefire; Hamas demands a complete ceasefire, while Israel opposes it.
          Israel says: We are committed to war goals
          2:23
          A vigil broke out at Brown University in the United States to protest the shooting deaths of three Palestinian students and demand that weapons manufacturers divest their funding.
          2:29
          IDF Spokesperson: According to information provided by the Red Cross, 12 abductees, including 10 Israeli abductees and 2 abductees with foreign nationality, are on their way to Israeli territory.
          3:48
          Palestinian-American model Gigi Hadid posted an Instagram story saying "Israel is the only country in the world that takes children as prisoners of war."
          Hadid was subsequently fired amid pressure from pro-Israel groups.
          6:04
          Breaking News: Hamas leader Osama Hamdan has invited Elon Musk to visit Gaza.
          6:20
          Israeli Minister of National Security Ben Gvir said, “Stopping the war in Gaza means dismantling the Israeli government.”
          All six members of the party's parliament, led by Minister Ben Gweil, will leave the government coalition if another deal is presented to the government that would bring an end to the war in the Gaza Strip.
          6:44
          U.S. National Security Council spokesman Kirby: We will not support military operations in the southern Gaza Strip until the Israelis make it clear that they will not displace civilians there. When Israel plans its military operations in southern Gaza, it needs to take into account the innocent people there, including those displaced from the north and resettled there.
          7:09
          Elon Musk: We should work on educating Palestinian children so we don’t have a new generation of murderers. Regarding Gaza, there is no choice but to kill those who murder civilians.
          7:21
          Netanyahu returned today from Florida, US, to answer calls at an Israeli emergency room to dispatch an ambulance, after widespread anger and criticism among Israelis for not calling up his son, who is serving in the military.
          8:02
          Simcha Rothman, a member of the Israeli Knesset, called for a "solution" to the Gaza residents: to redistribute them to other countries because they are refugees. More than 70% of Gaza's population are refugees, who were forcibly displaced in 1948 to establish "Israel."
          8:11
          Hamas Chief of Staff Zaher Jabareen:
          There are 400 Palestinian child prisoners in Israeli prisons. Some Palestinian prisoners have spent 44 consecutive years in prison.
          Qassam commander Mohammed Deif promised these prisoners that we would clear the prison of all prisoners.
          9:15
          Turkey’s Counter-Disinformation Center revealed that the bullet casings scattered on the crib that the Israel Defense Forces showed Musk were not from Hamas.
          According to the center, the bullet casings found in the crib matched 7.62x3 ammunition from MG3, which is used as a secondary weapon (machine gun) on Merkava tanks, a weapon Hamas does not have.
          9:28
          The United Nations General Assembly called on Israel to withdraw from all "occupied" territory in the Golan Heights and return to the borders that existed on June 4, 1967.
          10:45
          Former Israeli Prime Minister Ehud Barak:
          Netanyahu is not qualified to lead this war. Hamas, far from collapsing in southern Gaza, has maintained its capabilities in the north. Israel's international legitimacy is rapidly being depleted and tensions with the United States are rising.
          11:01
          Armed clashes broke out again between Palestinian resistance groups and the Israeli Defense Forces that invaded Jenin.
          According to local sources, Israeli forces are destroying the camp's roads and infrastructure and detonating explosive devices in some houses. Palestinian resistance groups targeted IDF vehicles with gunfire and some explosive devices. The Israel Defense Forces were seen towing damaged vehicles out of the camp.
          Wisam Bakr, director of Jenin Hospital, said: “The Israel Defense Forces stormed the hospital yard and prevented medical staff from carrying out their role in treating the wounded. The soldiers detained an ambulance and arrested one of the wounded.
          14:18
          Nestor Rigo, leader of the El BNG coalition in the Spanish House of Representatives: “We call on the government to sever ties with Israel, impose an arms embargo and bring Netanyahu to the International Criminal Court.
          14:35
          UNICEF spokesman James Elder said after visiting Gaza: "I expected the worst to come and was surprised to find it was worse than I imagined. I saw the children The war left horrific wounds, in parking lots or makeshift tents, on mattresses, in gardens, everywhere..."
          16:24
          Israel is a small country with a small population and relies on foreign labor. After the war in Gaza ended, 9,855 Thai agricultural workers, 4,331 construction workers and 2,997 nursing staff left! This has caused serious damage to the Israeli economy!
          20:25
          The Israeli daily Israel Hayom revealed an agreement by the US Congress to forcibly relocate the population of the Gaza Strip to four countries, and the number of people has been determined.
          The initiative calls on the United States to provide aid to Arab countries if they are willing to accept refugees from Gaza. The plan has been presented to senior House and Senate lawmakers on both sides of the aisle, with senior House member Joey Wilson who has publicly welcomed the proposal and is pushing for it.
          Egypt will be forced to open the way for deportations as it is the only avenue and it will bear its share (1 million), the report said. Half a million people are planned to be forcibly transferred to Turkey, a quarter to Yemen and a quarter to Iraq.
          20:51
          Israeli media: Threats against Israeli ships by the Yemeni army force those who want to reach Israel through the Red Sea to change their routes and detour around the African continent, which lengthens the voyage and increases our costs.
          21:02
          Israeli Zim Shipping Company: Due to the security situation in the Arabian Sea and Red Sea, we are diverting our ships from the Suez Canal. This delayed the arrival of goods and containers in Israel by approximately 30 days. This delay will result in higher shipping prices.
          22:00
          The Israel Defense Forces have imposed a suffocating blockade on the 6-kilometer-long Palestinian town of Huwara in the West Bank city of Nablus.
          The city is closely monitored by seven Israeli military points, with many armed soldiers and its residents likening the situation to a prison.

          Article source: "The Gift of the Beautiful Fairy" WeChat public account

          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
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          Yields Slide as Disinflation Bets Rise; German Inflation Set to Slow Again

          CMC

          Economic

          Yesterday saw another soft session for markets in Europe on the back of more light profit taking as we ease closer to month end, and what has been a strong month for stock markets.
          US markets also struggled initially but found the downside limited after comments from Federal Reserve governor Christopher Waller that monetary policy was currently well positioned to slow the economy and get inflation back to target.
          This was taken to mean that the Fed was not only done on when it comes to further rate hikes, but also that rate cuts could come sooner rather than later. He went on to say that if disinflation starts to become a concern, then rates could be cut in response, rather undermining the recent narrative put forward by Fed chairman Jay Powell that rates need to stay higher for longer.
          The sharp fall in the US 2-year yield to 3-month lows along with the US dollar, however his remarks were tempered by more hawkish comments from another Fed governor Michelle Bowman who argued that more rate hikes might be needed due to the continued resilience of the US economy.
          Despite this, markets chose to focus on Waller's comments given his previously hawkish stance on rates in a sign that the consensus was starting to shift on the FOMC, however one should also be careful not to read too much into Waller's comments in that while some modest rate cuts might come over the next 12 months, rates are unlikely to come down anywhere near as quickly as they were raised.
          One main takeaway is that there is unlikely to be a rate hike in December, with the Fed on course to fall short of its Fed funds target rate of 5.6% by year end, although that was never really in doubt given recent economic data.
          In any case, yesterday's comments saw US markets finish the session mostly higher, although the Russell 2000 closed lower.
          In Europe inflation has also been slowing sharply and today's German flash CPI for November could add further downside risk to yields with German 2-year yields already close to 5-month lows.
          If we see another sharp slowdown in German inflation for November, like we did in October when we fell from 4.3% to 3%, then that would only serve to add further fuel to the argument that the ECB is blowing smoke when it comes to the idea that more hikes are possible. A slowdown to 2.5% is expected for November CPI.
          If anything, further weak numbers could mean that the ECB may end up being the first central bank to start cutting again, as soon as the end of Q1 next year.
          Of slightly more concern yesterday was crude oil prices finishing the day strongly higher, wiping out the losses of the last 2 days and acting as a reminder that high energy prices could well play a part in slowing the recent decline in inflationary pressure.
          The last few days has seen the pound gain ground against the US dollar, as well as the euro predominantly down to a modest shift in thinking about the UK economy and the prospect that rates might not be cut as quickly as markets originally had been pricing.
          This assertion was reinforced yesterday by Dave Ramsden, Bank of England deputy governor who wanted that inflation was becoming more “home grown” and that rates would need to stay higher for some time.
          Nonetheless the improvement in recent UK economic data probably has more to do with lower inflation, as well as the slide in borrowing costs seen since the middle of the summer as mortgage rates have come down.
          Today's October mortgage approvals as well as consumer credit numbers might offer some hope in this regard.
          The first half of this year saw a modest improvement in mortgage approvals, after they hit a low of 39.6k back in January. The slowdown towards the end of last year was due to the sharp rise in interest rates which weighed on demand for property as well as house prices.
          As energy prices have come down, along with lower rates, demand for mortgages picked up again peaking in June as approvals rising to 54.6k.
          It's been downhill since then with the sharp rise in rates during the summer months, prompting a sharp fall-off which saw approvals fall to 43.3k in September, and the lowest number this year
          We have seen interest rates come down since the summer which might offer some respite to the housing market, however recent housing data would appear to suggest that consumers are holding back when it comes to the purchase of a new house. Expectations are for mortgage approvals to edge higher to 45.3k.
          Net consumer credit has been slightly more resilient coming in at £1.4bn in September, which hasn't been dissimilar to previous months. A similar number is expected today.
          The latest iteration of US Q3 GDP is expected to see a modest upward revision to 5%, with personal consumption forecast to remain unchanged at 4%.
          EUR/USD – pushed through the 1.0960 area and up towards the 1.1000 area with the next key resistance at the 1.1060/70 level. Upside momentum remains intact above the 1.0840 area.
          GBP/USD – pushed up to the 1.2720 area yesterday, and the 61.8% retracement of the 1.3140/1.2035 down move, before drifting back. Support currently at the 1.2590 area which is the 50% level, with further upside towards 1.3000 possible on a break above 1.2740.
          EUR/GBP – continues to drift lower with another lower low with a break below 0.8650 opening a move towards 0.8620. Resistance currently back at the 0.8720 area.
          USD/JPY – the failure at the 149.70/80 level has seen the US dollar slip back and below the lows of last week at 147.15. This break of key support and the 147.00 area could potentially open up a move towards 144.50.
          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
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          Australia: Some Welcome News on Inflation

          ING

          Economic

          Central Bank

          Size of the decline beats expectations

          The October CPI inflation print of 4.9% YoY was a fair bit lower than the consensus expectation which only had inflation dropping to 5.2% (ING f 5.0%) from 5.6% in September.
          If you pore through the month-on-month data, the main contribution apart from lower transport costs, which were mainly due to lower motor fuel prices (more of that to come next month given what is happening to crude oil prices) was from housing.
          • The main housing component slowed from 0.8% MoM to 0.4% MoM
          • This was mainly because rents went from a 0.3% MoM increase in September to a 0.4% decline in October - is RBA rate policy finally beginning to bite even against industry data that points to a still robust property market (at least as far as purchases go)?
          • Home furnishings fell in MoM terms for a second month - not a sign of health in the property sector, surely?
          There was also some volatility in things like recreation and holiday prices - which are extremely seasonal. So this probably doesn't represent more than the usual monthly noise at this time of year. Financials also slowed to zero after a couple of months of higher readings, which will also have helped. Tobacco prices continued to rise at a reasonable pace - probably lagged effects of earlier bi-annual excise duty adjustments. This should not extend into next month.

          Australia: Some Welcome News on Inflation_1Inflation still strong across the board

          Despite a softer reading for October, annual inflation rates for most components are still much higher than the Reserve Bank's (RBA) 2-3% inflation target. Of the main sub-groups, only communications, recreation, furnishings and clothing were within or below the 2-3% YoY range. Two-thirds of the main sub-components were higher, and in some cases a lot higher than the target.
          Stripping away volatile items also shows that there is still work to be done by the RBA.
          Trimmed mean inflation fell this month from 5.4% to only 5.3%. There was a larger decline in the CPI ex-volatile items inflation rate to 4.7% from 5.3%, and the CPI-ex volatile items and holidays inflation rate fell from 5.5% to 5.1%.Australia: Some Welcome News on Inflation_2

          Further declines in inflation over the next 2 months barring accidents

          The outlook for the next two months is that we should see further, and perhaps rapid falls in inflation. Indeed, it is only thanks to upward rounding from two decimal places that inflation in October registered as 4.9%, not 4.8%, so we are already well on the way to a further reduction just on rounding.
          Last year's weather-induced food and energy price spikes, plus outsize post-Covid re-opening surges in holiday-related costs around December will hopefully not be repeated, at least not as substantially as last year. That said, we are still in an El Nino weather pattern, so freak cold or wet weather and the ensuing impacts on prices cannot be ruled out, though will hopefully be less disruptive and damaging than in 2022.
          If so, then we could well see some further substantial reductions in headline inflation taking us into the New Year of 2024 and delivering a much more benign inflation backdrop in early 2024 than we had in early 2023. If so, that could well temper any lingering thoughts of further RBA hikes.
          We still think that RBA rate-policy has peaked, but the main risk will come later on in 2024, in February and March, when the base effects (from Jan and Feb inflation) turn much less favourable. And so unless we see the month-on-month run rate for Australian inflation dropping more convincingly by then, there is still, in our view, a slight risk of a final 25bp rate hike around then. If we get past that point, it will look increasingly likely that the peak came with the last hike in November.

          Australia: Some Welcome News on Inflation_3Markets move to price in more cuts in 2024

          The market response following this inflation data was to price in a greater chance of a rate cut in 2024 than had been assumed. Yesterday, only 0.148 of a 25bp rate cut was priced into the December 2024 cash rate contract. Today, that has risen to 0.733. The AUD monetarily dipped on the news, but then recovered, overshot and settled down to roughly where it was. Clearly, USD weakness is the dominant currency theme right now, not the local rate story.
          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
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          As Global Rates Turn, Banks in India and Indonesia Set to Win

          Cohen

          Economic

          As Asia's banking sector navigates a peak in global interest rates and risks of slower growth, investors are wagering that banks in India and Indonesia have the strongest loan and profitability profiles to provide returns next year.
          Over the past 18 months Asian central banks tracked the U.S. Federal Reserve tightening monetary policy to battle inflation, but their interest rates hikes were smaller and slower, resulting in better interest income for the region's banks without loan growth suffering.
          Banking indexes in India, Indonesia and Thailand have all outperformed the broader MSCI Asia ex-Japan index as well as the S&P banks index since March 2022, when the Fed started raising rates.
          But now, as a steep global rates cycle peaks and the spectre of recession looms, investors are turning selective and focusing on banks that kept funding costs down while expanding loans.
          "The hope is that we're going to see a mild rate-cutting cycle coming into next year, nothing too aggressive ... that should generally be positive for the financial sector in Asia because it should spur loan growth," said Frederic Neumann, chief Asia economist at HSBC.
          Neumann points to India, where banks have delivered double-digit loan growth over the past few months due to rising demand for credit in the world's most populous but under-banked nation.
          Loan growth at Asian banks is estimated to rise from 4.5 per cent this year to 10 per cent next year, LSEG data shows, with banks in India and Indonesia leading with 15 per cent and 11 per cent growth, respectively.
          Analysts at J.P. Morgan say Asian banks, excluding China's, have led in the global demand for aggregate loans, and their interest margins of 2.4 per cent in 2022 were already at pre-pandemic levels.
          Xin-Yao Ng, investment manager of Asian equities at UK fund manager abrdn, says the easy wins for banks from rising borrowing costs are over, which makes him selective.
          "We think rates have peaked or are near peak, but the way down will be less steep than the way up. Thus, this headwind will be more gradual, not an earnings shock," Ng says.
          Ng likes banks in India and Indonesia, given the better economic growth in those economies and ability of banks to sustain margins.
          LSEG data shows profits at banks in India and Indonesia will grow 13 per cent and 11 per cent respectively next year, nearly double the 6 per cent average rise across Asia-Pacific banks.
          Indian banking bellwethers HDFC, ICICI, Kotak Mahindra Bank and Axis Bank comprise a major part of the portfolio of Vinay Agarwal, Asia portfolio manager and director at FSSA Investment Management.
          Agarwal said the increase in disposable income in India will mean consumers will more than just a bank deposit, leading him to pick banks which are market leaders even in asset management and insurance businesses.
          Indonesia's Bank Central Asia (BCA) "is just a class apart," said Agarwal.
          Morgan Stanley added BCA to its focus list for Asia-Pacific excluding Japan this month, citing its strength in deposit franchise and loan pricing.
          The risk for investors lies in the rich valuations of these banks. HDFC and ICICI trade at a price-to-book (P/B) ratio, a metric that compares stock price with underlying assets, of 3, while Axis trades at 2.3 and BCA at 5.
          That compares to price-to-book ratio for MSCI's index for all-country Asian banks of 0.9.
          India and Indonesia also face elections next year, which could mean more volatility in those markets.
          Laggards are in markets such as Singapore, Hong Kong and South Korea, whose more mature financial sectors and low interest rates reduce the scope for banks to manoeuvre.
          Profit growth expectations too are lower in these developed markets. Banks in Australia are estimated to see a drop of 5 per cent in profit in 2024 while profits at Singapore banks will be flat. South Korean banks are expected to see a profit growth of 4 per cent.
          For banks in China where monetary policy is still being loosened, the market is in the process of pricing in continued net interest margin pressure, analysts at Morgan Stanley wrote this month, while retaining their underweight stance.

          Source: Reuters

          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
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          RBNZ's Tightrope Act: ANZ's Projections and Risks for the Kiwi Currency

          Warren Takunda

          Traders' Opinions

          As the new week unfolds, the New Zealand Dollar (NZD) exhibits early softness, contrasting its robust performance over the past week and month. Ranked as the second-best performing G10 currency for the prior week and third-best for the past month, NZD faces critical dynamics, notably in the GBP/NZD range. The imminent Reserve Bank of New Zealand (RBNZ) decision introduces potential volatility, with focus on interest rates and the central bank's guidance. Analysts anticipate a nuanced communication challenge for the RBNZ, balancing market guidance without signaling drastic policy shifts. City Index analysis points to NZD/USD finding support, while technical analysis unveils patterns across monthly, weekly, and daily charts, hinting at potential market movements.
          The New Zealand Dollar (NZD) is ushering in the new week with a hint of softness. This subtle dip follows a period of commendable strength, positioning NZD as the second-best performing G10 currency for the preceding week and the third-best over the past month.
          The GBP/NZD has caught the attention of traders and analysts alike. Locked in a tight range, the pair showcases a respectful adherence to the 23.6%-38.2% Fibonacci retracement of the August to October decline. Chart analysis suggests potential resistance hovering above 2.0775 and substantial support at 2.0583, setting the stage for potential movements.
          Adding an element of anticipation to the week, the Reserve Bank of New Zealand (RBNZ) decision scheduled for Wednesday looms large. While expectations point towards the maintenance of interest rates, market participants eagerly await the central bank's guidance regarding future policy moves.
          The RBNZ's potential resistance against rate cut expectations emerges as a pivotal narrative. The central bank may opt to counter aggressive market projections that aim to ease New Zealand's monetary conditions. Such a stance could potentially bolster the NZD, influencing its performance in the immediate aftermath of the RBNZ decision.
          However, this strategic communication by the RBNZ is no small feat. Analysts anticipate a delicate balancing act, requiring the central bank to convey a tone that guides markets without signaling abrupt shifts in policy. The potential risks are perceived to be tilted towards the upside for the Kiwi on a non-dovish outcome.
          Insights from financial institutions contribute to the multifaceted analysis. ANZ expects the RBNZ to stay the course, maintaining a vigilant stance while remaining in data-watch mode. The potential risks, however, seem skewed to the upside for the Kiwi, contingent on a non-dovish outcome.
          City Index, in its analysis, points to NZD/USD deriving support from broken resistance levels, establishing higher lows. The critical support to defend in this scenario is identified around the 0.6050 mark.
          RBNZ's Tightrope Act: ANZ's Projections and Risks for the Kiwi Currency_1
          Zooming in on technical analysis, the monthly chart unveils a long-term sideways range since 2017, with recent peaks in March 2020 and August 2023. The weekly chart highlights a potential lower movement following a manipulation candle in August 2023. However, the recent price range between 2.1000 and 2.0600 introduces an element of caution.
          RBNZ's Tightrope Act: ANZ's Projections and Risks for the Kiwi Currency_2
          On the daily chart, a symmetrical triangle pattern emerges in shorter timeframes, signaling a potential downward correction with a retest of the resistance zone before moving towards the previous peak.
          As the week progresses, the NZD's performance remains intertwined with the unfolding RBNZ decision, nuanced communication, and the ever-evolving technical landscape. Traders and investors navigate the complexities, seeking cues for potential market movements in the dynamic realm of foreign exchange.
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
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          Bonds Cheer Fed Talk of Cuts; Kiwi Flies

          Thomas

          Economic

          Bond

          Asian stocks briefly made one-week highs on Wednesday, bonds rallied and the dollar sank on new hints at U.S. interest rate cuts, while the New Zealand dollar jumped after its central bank said another hike may be necessary if inflation proves stubborn.
          MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 per cent in early trade before weakness in Hong Kong tech shares dragged it back to flat.
          Japan's Nikkei fell 0.2 per cent. The New Zealand dollar was last up 1.1 per cent at a four-month high of $0.6207, having blown past resistance.
          The U.S. dollar, meanwhile, slid to fresh multi-month lows on the euro, yen, sterling, the Australian dollar, yuan and Swiss franc. Gold hit a seven-month high above $2,051 an ounce.
          Overnight Fed Governor Christopher Waller - an influential and previously hawkish voice at the U.S. central bank - told the American Enterprise Institute that rate cuts could begin in a matter of months, provided inflation keeps falling.
          Fed funds futures rallied on the remark to price more than hundred basis points of cuts in 2024 and 40 per cent chance they begin as soon as March. Two-year Treasury yields fell sharply and along with the dollar fell further still in Asia.
          "The market clearly moved on Governor Waller's opening up the possibility of cuts," said Tapas Strickland, head of market economics at National Australia Bank in Sydney. Waller's remark echoed earlier comments made by Fed Chair Jerome Powell.
          The two-year yield hit its lowest since mid-July at 4.70 per cent and the benchmark 10-year yield fell 4 bps to its lowest since September at 4.30 per cent.
          The dollar was last down 0.5 per cent at 146.68 yen, its lowest since Sept. 12 and a drop of nearly 2 per cent in three days. It touched a 3-1/2 month low at $1.1017 per euro.
          Waller said that if the decline in inflation continues, "for several more months ... three months, four months, five months ... we could start lowering the policy rate just because inflation is lower."
          "There is no reason to say we will keep it really high," he said.
          Conditionality
          Waller's remarks extended what has been a two-week rally in stocks and bonds around the world since a benign U.S. inflation report two weeks ago - except in China where doubts about the economy have investors decidedly downbeat.
          Global stocks are up almost 9 per cent in November and are tracking toward their best month in three years. The Hang Seng is flat and hasn't posted a positive month since July.
          The latest negative news came from Meituan which flagged slowing fourth-quarter growth for its mainstay food delivery business. Shares fell 8 per cent to a 3-1/2 year low on Wednesday, despite the company promising a $1 billion buyback.
          The Hang Seng fell 0.9 per cent on Wednesday. Mainland blue chips fell 0.4 per cent and are heading for a fourth monthly decline in a row with a 1.9 per cent fall in November.
          Some analysts are also wary that markets have run with parts of Fed officials' remarks - flagging possible rate cuts - even though the comments have been conditional on further declines in inflation and on financial conditions staying restrictive.
          New Zealand sounded something of a warning note on Wednesday when the central bank slightly lifted its interest rate projections and warned hikes may not be over.
          "Bets ought to be guided by conditionality that policy is appropriately tight, not indulged with abandon on over-confidence that Fed is done (premised on linear projections of dis-inflation)," said Mizuho economist Vishnu Varathan.
          Elsewhere Australian inflation eased by more than expected. In commodities Brent crude futures steadied to $81.75 a barrel but were set for a monthly drop, while Singapore iron ore futures are up 9.6 per cent in November at $130.50 a tonne.

          Source: Reuters

          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
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          The risk of loss in trading financial instruments such as stocks, FX, commodities, futures, bonds, ETFs and crypto can be substantial. You may sustain a total loss of the funds that you deposit with your broker. Therefore, you should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.

          No decision to invest should be made without thoroughly conducting due diligence by yourself or consulting with your financial advisors. Our web content might not suit you since we don't know your financial conditions and investment needs. Our financial information might have latency or contain inaccuracy, so you should be fully responsible for any of your trading and investment decisions. The company will not be responsible for your capital loss.

          Without getting permission from the website, you are not allowed to copy the website's graphics, texts, or trademarks. Intellectual property rights in the content or data incorporated into this website belong to its providers and exchange merchants.

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