- USDIndex back to 104 area for the 1st time since June, Global Stocks are up on the hopes of reopening of China ignoring the strength in the headline payroll gains and the pick-up in earnings. USDIndex down by 1.4% last week and 5% in November. (Worst month since 2010)
- Yuan surge to its strongest levels since September as. China’s zero Covid pivot accelerates announcing an easing of coronavirus curbs over the weekend as China tries to soften its stance on COVID-19 restrictions in the wake of unprecedented protest against the policy.
- Wall Street banks weigs 30% bonus cuts.
- Stocks boosted. The Hang Seng rallied more than 4%, the CSI 300 nearly 2%. Nikkei and ASX underperformed, but also managed fractional gains. GER40 and UK100 are little changed though and US futures slightly lower, as markets weigh the impact of China’s move on economies and central bank moves elsewhere. The US 10-year rate is up 5.4 bp at 3.54%, and the 10-year Bund rate is up 2.9 bp at 1.87%.
- Europe: The beginning of the G7’s $60-a-barrel price cap on Russian oil. Russia rejects as it was expected!
- USOil – settled lower at $80.30 as Russia rejects EU cap. Jumped initially at $81.90 as China reopening would eventually brighten the outlook for global growth and commodity demand. OPEC+ left their quotas for oil production unchanged.
- JPY holds below 200-DMA, below $135.
- EUR – peaks to 1.0583 and GBP for a 3rd day above 200-DMA, at 1.2345.
- Gold – is hovering around $1800.
- BTC – up at $17313
Today – Attention on US ISM services survey, European retail sales data today and Central bank meetings in Canada and Australia later in the week.
Biggest FX Mover @ (07:30 GMT) NZDJPY (+1.25%), jumps at 86.70 extending above all MAs. 5- and 9- EMAs aligning higher, RSI at 62 and MACD histogram & signal line rising above 0. H1 ATR 0.199, Daily ATR 0.889.
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Andria Pichidi
Market Analyst
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