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S&P 500 (SPX) recorded the fourth consecutive weekly close last week, ultimately closing at the highest level since July. It also marks the longest weekly run since June. The benchmark U.S. stock market index is now testing key resistance near 4560, which is shaped by the trend line that connects the record high and 2023 high. Similarly, the Dow Jones Industrial Average (DJI) added 1.3% to also hit the downward trend line that connects recent swing highs. On the other hand, the Nasdaq Composite Index (IXIC) rose 0.9% but still managed to secure a weekly close above the key trendline, which will now provide support if the pullback occurs. Looking forward to this week, the Consumer Confidence report is out on Tuesday. On Wednesday, the Q3 GDP reading is expected to be released. A set of inflation-focused data is set to be out on Thursday, including personal income data for October. Manufacturing PMI and ISM manufacturing data is scheduled for Friday. Fed’s speakers, including Governor Waller and Presidents Goolsbee and Mester, are all scheduled to speak this week. On the earnings front, the most notable reporters include Zscaler (NASDAQ:ZS), Intuit (NASDAQ:INTU), Workday (NASDAQ:WDAY), Crowdstrike (CRWD), Salesforce (NYSE:CRM), and Snowflake (NYSE:SNOW). The list also includes Dollar Tree (NASDAQ:DLTR), Dell Technologies (NYSE:DELL), Marvel (MRVL), Kroger (NYSE:KR), Ulta Beauty (NASDAQ:ULTA), and UiPath (NYSE:PATH). What analysts are saying about US stocks Analysts at Oppenheimer: “Our feel is that bearish investors that largely missed S&P 500 gains in 2023 are gravitating towards the Russell 2000 in belief there’s greater potential in lagging benchmarks—we disagree. We maintain our preference for the S&P 500 given its weighting to Technology.” Analysts at BofA: “We expect CTA buying in the S&P 500 [this] week as the index has gained greater than 1% in each of the last four weeks turning its trend strength positive for the first time since early October. Our model initiated a long position [the] past week that will rapidly increase along any price path [this] week.” Analysts at Citi: “More S&P 500 companies are expected to positively contribute to index-level growth, fewer are projected to be significant detractors, and underlying EPS growth variation is set to decline… Ultimately, it supports our view that S&P 500 EPS can turn higher even as macro concerns linger.” Analysts at BTIG: “The Short-term Volatility Index (VIX9D) closed below 10 last week, the lowest reading since Jan. 2020. Volatility is a funny thing because it is often mean reverting, unless we are in a new regime… While we continue to expect some rotation into laggards, we don't think we are in a new regime and therefore as we head into December, a sub-13 VIX is likely a yellow light.” Analysts at Roth MKM: “As we enter the last few trading days of November, we find the S&P 500 could put in its best monthly gains of the year. Seasonal tailwinds often blow into December. The question becomes, can the indices hold their ground into year-end… We found when discretionary experienced an extremely strong November, similar to this month, positive returns were likely to follow in December.”
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I pass these challenges in less than 1 hour if you need any help let me know
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Investing.com-- Most Asian currencies weakened slightly on Monday, while the dollar steadied as traders hunkered down before a string of key economic readings due this week. Mixed signals from China weighed on sentiment, as data showed a sustained, albeit narrowing decline in industrial profits. Top Chinese government officials called on Beijing to unlock more financial support for local businesses amid a slowing economic recovery. The yuan fell 0.1%, following a slightly weaker daily midpoint fix by the People’s Bank of China. Focus this week was on purchasing managers index (PMI) data for November, due on Thursday, for more cues on business activity. PMI readings for October had largely missed expectations. Still, Beijing has more stimulus measures lined up in the coming months, specifically a 1 trillion yuan ($139 billion) bond issuance, which is expected to shore up growth. But near-term sentiment towards China remained largely weak, which in turn kept broader Asian markets subdued. The Australian dollar fell 0.2%, with focus also turning to key inflation and retail sales data due later in the week. Reserve Bank of Australia Governor Michele Bullock is also set to speak on this week, after she warned that inflation will likely remain sticky in the coming months. South Korea’s won fell 0.1% before a Bank of Korea rate decision this week, with the central bank widely expected to keep rates on hold. The Indian rupee hovered around record lows, while the Thai baht led gains across Southeast Asia with a 0.4% rise, even as data showed the country swinging to a surprise trade deficit in October. The Japanese yen was among the better performers for the day, rising 0.4%. Japanese industrial production and retail sales data is also on tap this week. Most Asian currencies marked strong gains through November, amid growing optimism that the U.S. Federal Reserve was done raising interest rates. This trend had also battered the dollar, putting it close to three-month lows. But markets were now awaiting a fresh batch of economic readings for more cues on monetary policy. Dollar steady as inflation, GDP data looms The dollar index and dollar index futures moved little in Asian trade on Monday, as markets awaited key economic readings from the country this week. PCE price data- the Fed’s preferred inflation gauge- is due on Thursday, as is a second reading on gross domestic product for the third quarter. Any signs of cooling inflation and economic growth are expected to further bets on a less hawkish Fed, denting the dollar and benefiting Asian markets. U.S. consumer confidence and PMI readings for November are also due this week, offering more cues on the world’s largest economy.
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Additionally do you have any thoughts on using option price charts to pick prices for stop losses?
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@PivotBoss #P I V O T B O S S
**PivotBoss Pre-Market Video [November 22, 2023]: Crude Oil Bears Sell Rip** NOVEMBER 22, 2023 — WEDNESDAY AM HOLIDAY NOTE: US Markets are closed Thursday Nov 23, and close at 1pm CT on Friday Nov 24. This is the last pre-market video until Monday, Nov 27. Have a great Thanksgiving Holiday! The ES, NQ, and YM remain within narrow ranges at the top of the recent rally, and continue to show signs of strength. Look for sideways-to-up action over the next several days, as the markets look to reach the next highest resistance levels. Any pullbacks could offer buying opportunities ahead. Crude Oil is down big this morning, as another sell-the-rip opportunity occurred within the bearish PEMA trigger zone. Look for CL to continue to the previous quarter's low price of 69.69 over the next couple of weeks. Gold remains within the 1940 to 2020 range, and may reach the top soon.
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Investing.com-- Gold prices steadied in Asian trade on Wednesday after briefly touching key highs as the prospect of no more rate hikes by the Federal Reserve spurred continued flows into the yellow metal. But a rally in gold prices now appeared to have cooled, as the minutes of the Fed’s late-October meeting, released on Tuesday, showed the bank sticking to its higher-for-longer outlook on interest rates. While markets remained convinced that the Fed will raise rates no further, the Fed minutes spurred some doubts over when the central bank will begin trimming rates. CME Group’s Fedwatch tool showed traders reconsidering expectations of a March 2024 rate cut. Spot gold was flat at $1,999.39 an ounce, while gold futures expiring in December steadied at $2,000.65 an ounce by 00:21 ET (05:21 GMT). Futures had risen as high as $2,009.80 an ounce on Tuesday, before cutting some gains after the Fed minutes. Fed rate cut outlook uncertain as minutes reiterate higher-for-longer outlook Gold saw a series of strong gains in recent sessions, as weak U.S. labor and inflation data spurred increased bets that the Fed was done raising interest rates. But the outlook for the yellow metal remained uncertain, especially given that the Fed likely plans to keep rates higher for longer. The central bank has signaled that rates will remain above 5% until at least end-2024. The prospect of higher-for-longer rates bodes poorly for gold, given that rising rates push up the opportunity cost of investing in the yellow metal. This notion had battered gold over the past year, as the Fed embarked on one of its most aggressive rate hike cycles. Higher rates are also expected to keep gold gains limited in the coming months, or at least until the Fed signals a clear plan to begin loosening policy. The dollar paused a recent losing streak on Wednesday, and recovered slightly from near three-month lows, which also pressured gold prices. Still, the yellow metal was trading up nearly 10% so far in 2023, aided by some safe haven demand as global economic conditions worsened. Copper dips from two-month high, more China, supply cues awaited Among industrial metals, copper prices fell from two-month highs on Wednesday as traders awaited more economic cues from top importer China. Copper futures fell 0.4% to $3.7897 a pound. While media reports said that Beijing was planning to roll out more stimulus measures, particularly for the property sector, traders were now awaiting actual moves from the Chinese government. Traders were also watching for any more disruptions in global copper supply, following major mine closures in Peru and Panama, which are expected to tighten markets in the coming months.
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@PivotBoss #P I V O T B O S S
**PivotBoss Pre-Market Video [November 20, 2023]: 4-Day Narrow Ranges** NOVEMBER 20, 2023 — MONDAY AM HOLIDAY: US Markets are closed Thursday Nov 23, and close at 1pm CT on Friday Nov 24. The ES, NQ, and YM are currently trading within super narrow pre-market ranges, which have developed within 4-day narrow ranges ahead of this week's holiday-shortened trading. We could see lower volume and volatility this week, with a modest upward bias. Any pullback could offer a modest buying opportunity for a bounce into the end of the week. Crude Oil is seeing countertrend bounce, and could still see further weakness into 69.69 below.
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Rest assured we are here and most are also busy with other stuffs like you and we are ready to support one another as nobody knows it all we learn from each other. > @CharlesW said: it is sad as there seems to be very few participants in this chat room or most of them are very shy or reserved. I have wasted a lot of time and money chasing so called gurus and such other self proclaimed professionals and I have not found any of them to provide the depth of training that your course has. Once I have completed it and can put my education from your course to good use becoming a full time forex trader I will be encouraging all I know to take your course so they to can get out of this rat race working for others to help make them rich!
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it is sad as there seems to be very few participants in this chat room or most of them are very shy or reserved. I have wasted a lot of time and money chasing so called gurus and such other self proclaimed professionals and I have not found any of them to provide the depth of training that your course has. Once I have completed it and can put my education from your course to good use becoming a full time forex trader I will be encouraging all I know to take your course so they to can get out of this rat race working for others to help make them rich!
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any big earnings next week
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Investing.com -- U.S. stocks are rising, trying to rebound from their first down day in nine after Federal Reserve Chair Jerome Powell said he isn't ready to declare an end to interest rate increases. At 09:36 ET (13:36 GMT), the Dow Jones Industrial Average rose 69 points or 0.2%, while the S&P 500 rose 0.2% and the NASDAQ Composite rose 0.4%. The benchmark U.S. equity indices ended sharply lower Thursday, with the broad-based S&P breaking an eight-day winning streak, its longest series of consecutive positive days in two years, after Fed head Powell dashed investor enthusiasm over the end of interest rate increases. The S&P 500 closed 0.8% lower, the tech-heavy Nasdaq dropped 0.9% and the 30-stock Dow fell 0.7%. Powell punctures hopes of monetary easing Powell, speaking at an International Monetary Fund event in Washington, D.C., suggested that the Fed may have more work to do to bring inflation down to its medium-term target. "[The Fed] is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2% over time," Powell said. "We are not confident that we have achieved such a stance. If it becomes appropriate to tighten policy further, we will not hesitate to do so." This dashed any hopes of an impending rate cut, and resulted in a jump in Treasury yields, with the longer-dated 10-year and 30-year yields both edging up by over 10 basis points. There are more Fed speakers scheduled Friday, including Dallas Fed President Lorie Logan and Atlanta’s Raphael Bostic, while the main economic data release will be the University of Michigan's consumer sentiment index for November. Apple agrees to $25 million settlement The quarterly earnings season is coming to an end, but Plug Power (NASDAQ:PLUG) traded sharply lower, down 37%, after the hydrogen fuel-cell firm's third-quarter revenue missed estimates. Illumina (NASDAQ:ILMN) stock also slumped 14% as the gene-testing company trimmed its full-year profit forecast for the second straight quarter. Additionally, Apple (NASDAQ:AAPL) is set to pay up to $25 million to settle claims from the Justice Department that the tech giant favored hiring immigrant workers over American citizens and legal green card holders for some jobs. Shares rose 1.1%. Oil heads for another losing week Oil prices rose Friday, but were still heading for a third straight week of steep losses on persistent concerns over slowing global demand and resurgent fears of rising U.S. interest rates. Both benchmarks are currently down over 5% this week, and on course for the longest weekly losing streak since a four-week drop from mid-April to early May. (Peter Nurse and Oliver Gray contributed to this item.)
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Investing.com-- Gold prices fell slightly on Friday and were set for steep weekly losses after a string of hawkish comments from Federal Reserve officials saw markets rethink bets for a pause in more interest rate hikes. Diminishing safe haven demand, in the face of waning concerns over the Israel-Hamas war, also kept appetite for gold largely muted. After a 10% jump in October, gold prices were hit with a heavy degree of profit taking in early-November, pulling the yellow metal to over three-week lows this week. But prices still remained around the mid-$1900 mark. Spot gold fell 0.1% to $1,957.01 an ounce, while gold futures expiring in December fell 0.4% to $1,961.90 an ounce by 00:11 ET (05:11 GMT). Both instruments were set to lose about 2% this week- their worst week since late-September. Still, gold prices had seen some gains on Thursday after a disappointing Treasury auction spurred more selling in government bonds, with some traders pivoting into gold. But a corresponding spike in Treasury yields kept any gains in gold limited. Hawkish Powell pushes up dollar, yields The dollar rebounded from six-week lows this week, following a string of hawkish comments from Fed officials. Chair Jerome Powell warned on Thursday that the Fed remained unconvinced that monetary policy remained sufficiently restrictive, and also warned that sticky inflation could invite more rate hikes. His comments came on the heels of several similar comments from other Fed officials, which had chipped away at gold prices through the week. Expectations for an end to the Fed’s rate hike cycle rose substantially last week after traders interpreted Powell’s comments at a meeting as seemingly less hawkish. While a bulk of these bets still persisted, markets now grew less confident that the bank will trim rates by a wide margin in 2024. High interest rates bode poorly for gold, given that they push up the opportunity cost of investing in bullion. This trade has kept any major gains in gold limited, and with the Fed set to keep rates higher for longer, the near-term outlook for the yellow metal remained uncertain. Copper set for weekly losses as China sentiment worsens Among industrial metals, copper prices fell slightly on Friday, and were headed for their first weekly loss in three after a string of disappointing economic readings from China. Copper futures expiring in December fell 0.1% to $3.6303 a pound, and were set to lose 1.4% this week. China- the world’s biggest copper importer- slipped into disinflation territory for the second time this year, data showed on Thursday. This data was preceded by disappointing trade readings, which pointed to more headwinds for China’s biggest economic engines.
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By Nate Raymond BOSTON (Reuters) - U.S. prosecutors on Wednesday charged three people with running a high-end brothel network out of apartment complexes in greater Boston and northern Virginia whose customers included elected officials, tech and pharmaceutical executives, lawyers, professors and military officers. Federal prosecutors in Boston did not identify any of the "wealthy and well-connected clientele" that they say paid up to $600 per hour for sexual encounters with predominantly Asian women who were being exploited through sex trafficking. The brothels' alleged operators -- Han Lee, 41, and Junmyung Lee, 30, of Massachusetts and James Lee, 68, of California -- were arrested and charged with conspiring to coerce and entice women to travel to engage in illegal sexual activity. Acting U.S. Attorney Josh Levy said the probe was "just getting started" and that law enforcement was gathering more evidence after executing search warrants on locations in Massachusetts, Virginia and California. Those searches included of active brothels and uncovered financial documents, cash and women believed to be engaging in prostitution, according to court records. "We're committed to working closely with our federal, state and local partners to hold accountable the people who both ran this ring and the people who fueled the demand for this ring," Levy said at a press conference. Han Lee and Junmyung Lee, who are both Korean, were ordered by a judge to be detained following a hearing in Massachusetts. Han Lee's lawyer declined to comment. Other defense lawyers either did not respond to requests for comment or could not be identified. According to charging documents, the defendants, led by Han Lee, used high-end apartment complexes as brothels in Cambridge and Watertown, Massachusetts, and Fairfax and Tysons, Virginia. Two websites advertised appointments with Asian women, and customers underwent a vetting process that included providing their driver's license photos and employers' names, prosecutors said. The U.S. government has seized those sites' domains. Authorities said they believed the brothel network had potentially hundreds of customers, who Levy said "often paid a monthly fee to be part of this illicit club." Customers included politicians, pharmaceutical and technology executives, doctors, military officers, professors, lawyers, business executives, scientists and accountants, prosecutors said.
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any biases now?
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Investing.com-- Gold prices moved little in Asian trade on Wednesday, but were nursing steep losses over the past two sessions as hawkish comments from Federal Reserve officials saw traders reconsider expectations for more interest rate hikes. This put an upcoming speech by Fed Chair Jerome Powell squarely in focus, after his comments at a meeting last week were seen as somewhat less hawkish by markets. Gold saw some gains in the past week after the Fed meeting and a softer-than-expected nonfarm payrolls reading pushed up hopes for an end to the central bank’s rate hike cycle. But several Fed officials downplayed expectations for a pause, citing the need for more hikes amid strength in the economy and sticky inflation. This dented the outlook for gold, given that higher rates diminish the opportunity cost of investing in the yellow metal. Spot gold fell 0.1% to $1,967.78 an ounce, while gold futures expiring in December were flat at $1,973.85 an ounce by 23:33 ET (04:33 GMT). Powell speech in focus as Fed officials downplay pause bets Powell is set to speak twice this week, once on Wednesday and once on Thursday. Any more comments on the U.S. economy and monetary policy will be squarely in focus, especially following a softer-than-expected nonfarm payrolls reading for October. But before Powell, several Fed officials, including Governor Michelle Bowman, Minneapolis Fed President Neel Kashkari and Chicago Fed President Austan Goolsbee noted that inflation still remained too high, and that rates could potentially rise further in the coming months. Even if the Fed pauses, it is only expected to begin trimming rates by mid-2024, limiting any major near-term gains in gold. The central bank signaled that U.S. rates will remain higher for longer- likely remaining above 5% until end-2024. This scenario bodes poorly for the yellow metal in the near-term. Gold also saw receding safe haven demand amid easing market concerns over the Israel-Hamas conflict. Copper creeps lower amid China concerns Among industrial metals, copper prices fell slightly on Wednesday, extending recent losses after weak Chinese economic data raised more concerns over the world’s largest copper importer. Copper futures expiring in December fell 0.1% to $3.6822 a pound. After Chinese trade data largely disappointed markets on Tuesday, focus is now on inflation readings from the country, due Thursday, for any signs of a pick-up in spending. Copper investors took some relief from reports that Chinese regulators had met with several major property developers in the country to gauge their financial conditions, potentially heralding more policy support for the sector.
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By Shadia Nasralla LONDON (Reuters) -Oil prices hit fresh 2-1/2-month lows on Tuesday as mixed economic data from China offset the impact of Saudi Arabia and Russia extending output cuts. Brent crude futures were down $1.45, or 1.7%, to $83.73 a barrel as of 1242 GMT while U.S. West Texas Intermediate crude was at $79.58 a barrel, down $1.24, or 1.53%. Both hit their lowest levels since late August. The premium on front-month loading Brent contracts over ones loading in six months' time was also at a 2-1/2-month low, indicating market participants are less concerned with current supply deficits. While China's crude oil imports in October showed robust growth both year on year and month on month, its total exports contracted at a quicker pace than expected. Expectations of crude run reductions by China-based refiners between November and December could also limit oil demand and exacerbate price declines. World shares, which often trade in tandem with oil, lost steam on Tuesday as investor enthusiasm about a peak in global interest rates faded. In addition, the U.S. dollar has ticked up from recent lows, making oil more expensive for holders of other currencies. [MKTS/GLOB] On the supply side, markets are waiting to see if Saudi Arabia and Russia are ready to rein in production voluntarily beyond the end of the year in addition to a broader deal among the OPEC+ producer group. "Looking ahead to 2024, Saudi Arabia will probably find it difficult to withdraw its production cuts at the end of this year – after all, any expansion of Saudi Arabian oil production would risk generating an oversupply in the first half of next year," Commerzbank (ETR:CBKG) said in a note. API industry data on U.S. crude stockpiles is expected after 2000 GMT on Tuesday. [API/S]
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By Ankur Banerjee SINGAPORE (Reuters) - The dollar eased on Friday and was on course for a weekly decline against a basket of currencies as traders wagered that the U.S. Federal Reserve was most likely done with rate increases, lifting risk sentiment. The dollar index, which measures the U.S. currency against six rivals, was down 0.122% at 106.07, not far from the one-week low of 105.80 it hit on Thursday. The index is on course to drop 0.4% for the week, just its third week of losses in the last 16 weeks. Markets are now pricing in less than a 20% chance of a rate increase in December compared with 39% earlier, CME FedWatch tool showed, in the wake of the U.S. central bank's holding interest rates steady on Wednesday. The Fed, however, left the door open to a further increase in borrowing costs in a nod to the economy's resilience. "Fed is now walking a tightrope between financial conditions and rate hikes," said Moh Siong Sim, currency strategist at Bank of Singapore, noting that the Fed said rising bond yields are doing some work for it and it can afford to wait and see. But since the Fed's policy decision, the yield on 10-year Treasury bonds have dropped over 20 basis points. A holiday In Japan meant cash Treasuries were untraded in Asia on Friday. "There's still this underlying tension here that could be a worry but for now market has become more relaxed," said Sim. Data on Thursday showed the number of Americans filing new claims for unemployment benefits increased moderately last week as the labour market continued to show few signs of a significant slowdown. Investor focus will switch to October non-farm payrolls data later in the day, with the U.S. expected to have added 180,000 jobs in October, according to a Reuters poll of economists. A weaker result will likely put further pressure on the dollar. "Even if October nonfarm payrolls were to come ahead of expectations, this wouldn’t necessary support calls for the Fed to hike in December," said Julien Lafargue, chief market strategist at Barclays Private Bank. "Indeed, the central bank appears to be more focused on inflation rather than jobs and economic growth." Analysts said upcoming economic data will likely determine whether the weakness in dollar will be sustained. Christopher Wong, currency strategist at OCBC, said a more entrenched disinflationary trend, and a material easing of U.S. labour market tightness and activity data are needed for the dollar to trade softer. But for now, Wong said, the dollar still retains a "significant yield advantage and is a safe haven proxy to some extent." In other currencies, sterling was at $1.2198, down 0.02% on the day, having risen 0.4% on Thursday, and was on course for a 0.5% weekly gain. The euro was up 0.05% at $1.0625, also set to clock a weekly gain of 0.5%. The Bank of England joined other major central banks in holding rates steady on Thursday and stressed that it did not expect to start cutting them any time soon. The European Central Bank last week snapped a streak of 10 straight rate increases, with the discussion shifting to how long rates would stay high. ECB board member Isabel Schnabel said on Thursday the "last mile" of disinflation may be the toughest, and the central bank cannot yet close the door on further rate rises. The yen strengthened 0.11% to 150.28 per dollar, keeping traders nervous and looking for signs of intervention from Japanese authorities. The yen has had a whirlwind week, touching a one-year low against the dollar and 15-year low against the euro on Tuesday after the Bank of Japan tweaked its yield curve control policy. Kazuo Ueda, the central bank's governor, will continue to dismantle its ultra-loose monetary policy and look to exit the decade-long accommodative regime next year, Reuters reported on Thursday, six sources familiar with the central bank's thinking. The Australian dollar was little changed at $0.6434, just shy of the over one-month high of $0.6456 it touched on Thursday. The New Zealand dollar was 0.12% higher at $0.5901. Both the Aussie and the kiwi are up 1.6% for the week, their best weekly performance since mid-July.
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By Robert Harvey London (Reuters) - Oil gained 1% on Thursday to snap a three-day decline as risk appetite returned to financial markets after the U.S. Federal Reserve kept benchmark interest rates on hold. Brent crude futures were up 91 cents, or 1.08%, at $85.54 a barrel by 1250 GMT, while U.S. West Texas Intermediate crude futures gained 83 cents, or 1.03%, to $81.27 a barrel. Oil's rally tracked gains across financial assets after the Fed kept its benchmark interest rate unchanged at 5.25%-5.50% at its latest meeting on Wednesday. "Asset markets reacted positively to the Fed yesterday, and I think oil has followed that by moving a bit higher," said Callum Macpherson, head of commodities at Investec. U.S. policymakers struggled at a two-day policy meeting this week to determine whether financial conditions may be tight enough already to control inflation, or whether an economy that continues to outperform expectations may need still more restraint. The Bank of England held interest rates at 15-year highs of 5.25% at its latest meeting on Thursday, the second straight month of steady rates after 14 back-to-back hikes. But it also stressed that it is not expecting to make rate cuts any time soon. "Inflation is still too high. We will keep interest rates high enough for long enough to make sure we get inflation all the way back to the 2% target," Bank of England Governor Andrew Bailey said. Elsewhere in the U.S., new unemployment claims increased slightly to 217,000 in the week to Oct. 28, according to Labor Department data released on Thursday, but showed few signs of significant slowdown. "The world’s biggest economy remains resilient. That much was acknowledged by the Fed as they left benchmark rates untouched," Tamas Varga, analyst at broker PVM, said. In Europe, a contraction in manufacturing activity in the euro zone deepened in October, with its Purchasing Managers' Index (PMI) falling by 0.3 points on the month to 43.1. A score of below 50 signals contraction. Investors will also be watching for developments in the Middle East, which have kept oil markets on edge as a wider conflict could disrupt supplies around the region. Fighting raged on around Gaza City on Thursday as advancing Israeli tanks and troops encountered fierce resistance from Hamas militants.
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No trading here, just intro's you will need to know the room your looking for... your welcome to join us > @Tylerrrrrq said: any traders here?
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By Wayne Cole SYDNEY (Reuters) - Asian share markets were mixed on Monday as Israel's push into Gaza stirred fears of a wider conflict ahead of central bank meetings in the United States, Britain and Japan, the latter of which might see a policy tightening. The earnings season also continues with Apple (NASDAQ:AAPL), Airbnb, McDonald's (NYSE:MCD), Moderna (NASDAQ:MRNA) and Eli Lilly & Co (NYSE:LLY) among the many reporting this week. Results so far have been underwhelming, contributing to the S&P 500's retreat into correction territory. "The price action is bad as SPX could not defend a key 4,200 level; risk is it heads to the 200-week moving average of 3,941 before a trading rally," BofA analysts said. S&P 500 futures did edge up 0.4% on Monday to 4,153.5, while Nasdaq futures added 0.5%. EUROSTOXX 50 futures slipped 0.1% and FTSE futures gained 0.2%. Risk appetite was dulled by Israel's push to surround Gaza's main city in a self-declared "second phase" of a three-week war against Iranian-backed Hamas militants. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.04%, having hit a one-year low last week. Chinese blue chips firmed 0.6%. China Evergrande (HK:3333) Group's shares fell as much as 23% in the morning session, though later trimmed losses to 5% after Hong Kong's High Court adjourned a request to wind up the embattled property developer. Japan's Nikkei fell 0.95% amid speculation the Bank of Japan (BOJ) might tweak its yield curve control (YCC) policy after its two-day policy meeting wraps up on Tuesday. Many analysts expect the central bank will lift its inflation forecast to 2.0%, but are unsure whether it will finally abandon YCC in the face of market pressure on bonds. "Remaining uncertainty about the wage outlook, combined with stresses in global bond markets could prompt the BOJ to err on the side of caution, making our view that YCC will be scrapped a very close call," said analysts at Barclays. "The BOJ could still opt to revise policy but less drastically, perhaps by raising the ceiling for 10-year yields as it did in July." Yields are already at their highest since 2013 at 0.89% and abandoning YCC altogether would likely add to pressure on global markets already bruised by a vicious sell-off in U.S. Treasuries. FED ALL DONE? Yields on 10-year Treasuries stood at 4.8751% on Monday, having climbed 30 basis points so far this month and touched 16-year peaks at 5.021%. Sentiment will be tested further this week when Treasury announces its refunding plans, with more increases likely. NatWest Markets expects $885 billion of marketable borrowing in the fourth quarter and $700 billion in the following quarter. The sharp rise in market borrowing costs has convinced analysts the Federal Reserve will stand pat at its policy meeting this week, with futures implying a full chance of rates staying at 5.25-5.5%. The market has also priced in 165 basis points of easing for 2024, starting around mid-year. "The Fed appears to have coalesced around the view that the recent tightening in financial conditions led by higher long-term interest rates has made another hike unnecessary," said analysts at Goldman Sachs, who estimated the rise in yields was the equivalent of 100 basis points of rate increases. "The story of the year so far has been that economic reacceleration has not prevented further labor market rebalancing and progress in the inflation fight," they added. "We expect this to continue in coming months." Job figures due Friday are forecast to show U.S. payrolls rose a still solid 188,000 in October, after September's blockbuster gain, but annual growth in average earnings is still seen slowing to 4.0% from 4.2%. The Bank of England is also expected to stay on hold this week, with markets pricing around a 70% chance it is done tightening altogether. Oddly the ascent of U.S. yields has not helped the dollar any higher recently. "Likewise, the fall in global equity markets and the ongoing uncertainty around the Hamas-Israel conflict has not done much to drive the dollar higher against risk-sensitive currencies," Capital Economics analysts wrote in a note. "This reinforces our sense that a relatively optimistic assessment of the outlook in the U.S. is by now largely discounted in the dollar." The dollar was steady against a basket of currencies at 106.56, having bounced between 105.350 and 106.890 last week. It was flat on the yen to 149.60, and short of last week's top of 150.78. The euro idled at $1.0563, and is almost unchanged on the month so far. [FRX/] In commodity markets, gold was steady at $1,998 an ounce. [GOL/] Oil prices eased as worries about demand outweighed risks to Middle East supplies, at least for the moment. [O/R] Brent lost $1 to $89.45 a barrel, while U.S. crude fell $1.13 to $84.41.
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By Lawrence Delevingne and Naomi Rovnick (Reuters) -Global shares were mixed and benchmark bond yields were steady on Friday after a U.S. core inflation report signalled price pressures are continuing to abate. U.S. core personal consumption expenditure, the U.S. Federal Reserve's favoured inflation measure, declined to 3.7% in September from 3.9% a month earlier, a report Friday said. "Core inflation continues to lose speed," Jeffrey Roach, Chief Economist for LPL Financial (NASDAQ:LPLA) in Charlotte, said in an email. "This report will not likely change the Fed's view that inflation will slow in the coming months as demand slows." The Dow Jones Industrial Average fell 0.14%, to 32,737, the S&P 500 gained 0.31%, to 4,150 and the Nasdaq Composite added about 1%, to 12,722. Amazon (NASDAQ:AMZN) advanced after beating sales estimates to gain 6.5% in early trading, while Intel Corp (NASDAQ:INTC) shares extended gains, last up about 10%. MSCI's all-country equity gauge rose 0.3% following reassuring news on Thursday that the U.S. economy expanded at its fastest rate for almost two years in the third quarter, while the European Central Bank (ECB) also held interest rates steady. Europe's Stoxx 600 share index was 0.14% lower and MSCI's broadest index of Asia-Pacific shares outside Japan closed 1.2% higher after hitting a fresh 11-month low on Thursday. SOFT LANDING? The yield on the 10-year U.S. Treasury, which moves inversely to the price of the debt security and functions as a benchmark for global borrowing costs, was little changed at 4.849% after scaling 5% earlier in the week. Still, bond markets held off applauding the news ahead of the Federal Reserve's interest rate setting meeting next week and as oil prices climbed in response to geopolitical tensions. Bank of America strategists said that despite unexpectedly strong U.S. economic growth in the third quarter, a slow down to end the year still made "a soft landing more likely than no landing". In a note Friday they wrote that globally "markets continue to hope for disinflation to continue smoothly, but don't take disinflation for granted." The Fed is widely expected to keep its funds rate in a range of 5.25%-5.5% next week, although chair Jay Powell has said a strong economy and tight jobs market could warrant more rate rises. The ECB on Thursday also held its deposit rate at a record high of 4%, although president Christine Lagarde signalled in comments after the decision that further monetary tightening was possible. Oil prices rose around 1% a barrel as investors priced in fears of an escalation of conflict in the Middle East which could disrupt oil supplies, after reports that the U.S military had struck Iranian targets in Syria. U.S. crude was last up 0.97% to $84.02 per barrel and Brent was at $88.63, up 0.8% on the day. CURRENCY MOVES In currency markets, the euro was steady at 1.058 per dollar, now down almost 14% in the last three months. Thanks to rate rises and a robust U.S. economy, the index that measures the dollar's strength against competing currencies has risen almost 5% in three months and was on Friday on track for a weekly gain, even as it ticked down slightly on the day. The yen hit a new one-year low of 150.77 per dollar overnight and was last at 149.7. That put it not far off the three-decade low of 151.94 it touched in October last year that led Japanese authorities to intervene to prop up the currency. In recent weeks the Bank of Japan (BoJ) has also intervened heavily in its bond market to suppress yields, pitting itself against market forces as global rates have risen. The BoJ will face pressure at its meeting next week to shift away from bond-yield control, with any nod to tighter Japanese policy potentially strengthening the yen and encouraging domestic investors to sell overseas assets.
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