Weekly Market Recap: November 29 – December 03
This has been volatile week, which ended with solid NFPs from the US, while Omicron developments, renewed hawkish commentary from the Fed, OPEC+ and corporate activity were in the spotlight
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This has been volatile week, which ended with solid NFPs from the US, while Omicron developments, renewed hawkish commentary from the Fed, OPEC+ and corporate activity were in the spotlight
OPEC and allies decided not to diverge from their production plan and agreed yesterday to add 400K barrels/day on January, as they have been doing since August
The pair stays on the back foot as investors continue to monitor Omicron developments and await key US Jobs report later in the day
Fed Chair Powell offered hawkish remarks during yesterday’s Senate testimony and created volatility in the markets, with the pair being soft today
The XAUUSD daily chart is not trending despite the emergence of the omicron covid variant. The news shook risk markets on Friday, but gold's price action was not able to capitalise. As the risk-off sentiment took hold, bulls pushed gold's price up. However, at the apex, they lost control to the bears, and the price closed well off of Friday's high (aqua arrow). Moreover, we have added a triple moving…
The emergence of the new Omicron Covid strain lead to a big market sell-off on Friday as participants sought safe-havens. Join FXCM Senior Market Specialists, Russell and Nikos, as they discuss what this means for markets. The two also talk about this week's important calendar items, including Fed Chair Powell's testimony on Capitol Hill, the OPEC+ meeting on Thursday, the NFP release on Friday, and more.
Oil prices stage a rebound at the start of the week, following Friday’s collapse due to new of a new Covid-19 variant, called Omciron
During this eventful week, we saw high Fed activity, a data dump from the US before the Thanksgiving holiday, quarterly results from high profile companies and intense risk aversion in the last trading day due to new Covid variant
The World Health Organization (WHO) warned of a newly found COVID-19 variant, sparking fresh fears sending stocks of major airline companies lower
Various members of the US central bank have been making hawkish remarks lately, fueling the Dollar’s advance, while yesterday’s minutes form the last policy decision were also on the hawkish side
The Primary Trend The EURUSD monthly below (chart 1) has charted a lower peak followed by a lower trough - the classical definition of a downtrend. Due to the longer time scale, the primary trend for EURUSD is down. Until there is a change in the pair's primary trend, impulse moves down will be stronger than corrective moves up on the lower time frames. The stochastic is heading towards the…
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