Macro Events & News – November 24 2020

<h3><strong>Market News Today </strong></h3>
<p><b>USD recovered after better than expected PMI’s. </b><strong>–</strong>  Earlier AstraZeneca vaccine hopes lifted stocks, EZ PMIs worse than expected, UK’s better than expected but both poor. Trump acknowledged that Biden transition should start – Equities rallied further (Nikkei back and up 2.5%) &amp; riskier currencies gained a bid. Biden to name Yellen as Treasury Secretary &amp; Kerry as Climate Tsar. In total a triple whammy for sentiment and risk appetite. USOil followed stocks higher and Gold trades  $50 lower than Friday’s close.  German GDP revised higher to 8.5% in final reading, from 8.2%.</p>
<p><strong>Shortened Thanksgiving Week</strong> Ahead – Highlights – <strong>FOMC mins</strong> – more significance, after Mnuchin removed emergency funding – possibility of action at their Dec. meeting. Plus –  Consumer Confidence, Durable Goods &amp; <strong>GDP</strong></p>
<p><strong>USDIndex </strong>– Sank to support at <strong>92.00 </strong>yesterday <strong>– </strong>rallied to<strong> 92.70, </strong>post PMI’s. back under PP now at <strong>92.35. </strong>S1 92.10, R1 92.90.<strong>                      </strong></p>
<p><strong>EUR</strong> – Rejected <strong>1.1900</strong> &amp; tested down to <strong>1.1800</strong>, again yesterday. Now<strong> 1.1855 </strong>(PP)   <strong>JPY </strong>– down to <strong>103.67 </strong>lows yesterday. Rallied to <strong>104.60,</strong> now back to <strong>104.40</strong>. PP 104.25.</p>
<p><strong>GBP</strong> – rallied to a smidge shy of <strong>1.3400, &amp; </strong>down to<strong> 1.3262. </strong>Back to<strong> 1.3340 (PP)now </strong>all in anticipation of EU-UK Trade announcement this week?</p>
<p><strong>AUD </strong>– <strong>0.7340 – 0.7270 </strong>range yesterday. Trades at 0.7320 now (R1), PP 0.7295               <strong>NZD</strong> – down to test <strong>0.6900 </strong> yesterday, another good Asian session for king Kiwi, back to test R2 <strong>0.6990 </strong>earlier, now at 0.6975.</p>
<p><strong>CAD </strong>– Back to <strong>1.3040 (S1) ;  </strong>R1 &amp; 200Ma cap at 1.3090, S2 1.3015<strong>                    </strong>          <strong>CHF </strong>–  <strong>0.9075</strong> lows to <strong>0.9150</strong> yesterday. Back to PP and 200Ma now <strong>0.9115, </strong>s1 0.9093</p>
<p><strong>BTC – Holds bid at </strong><strong>$18,400 (PP). </strong> Tested to 18k low yesterday.<strong>   </strong>   <strong>   </strong></p>
<p><strong>GOLD </strong>– Collapsed 3% from <strong>1876</strong> to test S1 at <strong>1820</strong> earlier – now 1830 – PP <strong>1850</strong>    <strong>USOil </strong>– Rallied over R1 to <strong>$43.70. </strong> Vaccine hopes &amp; OPEC+ production cut noises continue to support prices. R2 today 43.90. Private inventories later, official EIA data tomorrow.</p>
<p><strong>USA500 – </strong>Closed +20 (+0.56%) <strong>3577 – </strong>USA500 FUTS now at<strong> 3605. </strong></p>
<p><strong>Today –</strong> German IFO, <strong>US Consumer Confidence</strong>, BoE’s Haskel, Fed’s Bullard, Williams, ECB’s Schnabel, <strong>Lagarde</strong>, Lane,</p>
<p><strong>Biggest (FX) Mover </strong>@ (07:30 GMT) <strong>NZDJPY </strong>(+0.79%) –. Holds rally from yesterdays sub <strong>72.00</strong> open, ran to test R3 at <strong>73.05</strong> earlier.  Fast MA’s aligned higher but cooling at R2, RSI 68 moving below OB zone, MACD histogram &amp; signal line aligned higher, breached 0-line last week. Stochs. lowering from OB H1 ATR 0.2565 Daily ATR 0.7411.</p>
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<p><strong>Stuart Cowell</strong></p>
<p><strong>Head Market Analyst</strong></p>
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