US Dollar (USD) Unfazed by Higher Than Expected GDP Data
US GDP (Q3) increases by 2.3% beating estimates of 2.1%. Core PCE Prices QoQ climbs by 4.6% vs 4.5% estimate.
S&P 500 Snaps Back from Support, New Highs in Sight
The market gapped lower on Monday on "scary" news and reacted as anticipated by snapping back; outlook is positive for the market.
Silver IG Client Sentiment: Our data shows traders are now at their most net-long Silver since Dec 08 when Silver traded near 22.44.
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Silver-bearish contrarian trading bias.
Fibonacci for a Multi-Market Trader’s Approach
Fibonacci can help traders identify support and resistance levels in equity and stock markets, similar to forex and commodities markets.
British Pound (GBP) – Mixed UK Q3 GDP Data, GBP/USD Nudges Higher
Final UK Q3 GDP data missed expectations but revisions to earlier numbers painted a slightly better picture of the UK economy.
Canadian Dollar Looking Undervalued vs USD, Markets Chop as Volumes Dwindle
Directionless trade as volumes recede ahead of festive period. CAD looking undervalued vs USD
GBP/JPY IG Client Sentiment: Our data shows traders are now net-short GBP/JPY for the first time since Dec 06, 2021 when GBP/JPY traded near 150.47.
Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/JPY-bullish contrarian trading bias.
Crude Oil May Rise Further on EIA Cushing Inventory Levels
Oil prices gained alongside the broader market as risk aversion pulled back overnight. EIA inventory data is in focus after the API showed another weekly inventory draw.
Japanese Yen Technical Analysis: USD/JPY, CHF/JPY. Is the Yen Trapped for the Year?
The Japanese Yen continues to hold a sideways pattern against the US Dollar and the Swiss Franc as the holiday period approaches. Will JPY breakout?