Market Updates at a Glance 11/8/22 (Thursday)
☛Markets Fueled by Risk-On Move after the CPI miss. Eyeing the PPI.
➤US stocks soared after July CPI came in below expectations, as markets expect a less aggressive FED rate hike in September. Headline inflation was 0.0% vs 0.2% m/m (estimate), hence the CPI slowed down from 9.1% to 8.5% y/y. Dow +1.63%, S&P +2.13% & Nasdaq +2.89%
➤The US dollar index plunged more than 1% to 105.20. Treasury yields initially fell sharply but pared some of their losses afterwards. The 10-year treasury yield was little changed at 2.785%, while the 2-year treasury yield was down to 3.21% after hitting intraday low of 3.08%. US PPI number is due out tonight.
➤EUR, GBP & AUD jumped amid the dollar weakness. AUD surged 1.7% to 0.7080 as commodity currencies benefited from the improved sentiment. GBP rose to 1.2217(+1.19%) and EUR ended higher at 1.0299 (+0.84%).
➤Gold prices hit a one-month high of $1,808 on the CPI data released. However, the precious metal reversed and finished lower at $1792 as treasury yield quickly pared some of its losses afterwards.
➤Oil (Brent) rose to $96.98 (+0.75%) helped by higher demand for U.S. gasoline and weaker USD.
➤Cryptocurrencies were higher amid a risk-on mood. ETH soared nearly 9% to $1854 and BTC rose 3% to below $24,000. While XRP was up nearly 4% to $0.3817.
☛Join Channel in Telegram for Free market updates:
Market Updates at a Glance
https://lnkd.in/eFV9i3N3
☛Learn from a Certified Financial Technician. Get my Free Video course on Udemy. For a limited time only.
Mastering High Probability Price Action Candlestick Patterns.
https://lnkd.in/dyX6XHDJ
If you like the course, please consider giving a review on Udemy for support. Thank you
Created by ce83lim | Aug 01, 2022
Created by ce83lim | Jul 27, 2022
Created by ce83lim | Jul 26, 2022
Created by ce83lim | Jul 05, 2022
Created by ce83lim | Jul 01, 2022