Location & Language

Zenfinex Global Limited regulated by the Financial Services Authority (FSA) of Seychelles (SD092)

The most important events of the past week

By Samir Al Khoury,

United States of America

• The headline CPI fell year-on-year, recording 3.0%, which is lower than expectations (3.1%) and the previous reading (3.3%). The core consumer price index (which excludes food and energy) recorded an annual rate of 3.3%, which is lower than expectations and the previous reading (3.4%).

• The Producer Price Index rose on an annual basis, recording 2.6%, which exceeded expectations (2.3%) and the previous reading (2.2%).

• The initial jobless claims index declined, recording 222K, which is lower than expectations (236K) and the previous reading (239K).

• US crude oil inventories recorded a decline of about 3.443 million barrels, which is lower than expectations (0.700M) but higher than the previous reading (-12.157M).

• The Michigan Consumer Confidence Index declined, recording 66.0 points, which is lower than expectations (68.5) and the previous reading (68.2).

United Kingdom

• The GDP index rose on a monthly basis, recording a growth of 0.4%, which exceeded expectations (0.2%) and the previous reading (0.0%).

• The industrial production index recorded a monthly growth of 0.2%, which is lower than expectations (0.3%) and the previous reading (-0.9%).

New Zealand

• The New Zealand Central Bank decided to keep interest rates unchanged, with the main interest rate remaining at 5.50%, in line with market expectations.

China

• The headline CPI decreased year-on-year, registering a growth of 0.2%, which is lower than expectations (0.4%) and the previous reading (0.3%).

• The producer price index recorded an annual contraction of 0.8%, which was in line with expectations but higher than the previous reading (-1.4%).

• The export index rose on an annual basis, registering a growth of 8.6%, a rate that exceeded expectations (8.0%) and the previous reading (7.6%).

• The import index decreased on an annual basis, recording a contraction of 2.3%, which is lower than expectations (2.8%) and the previous reading (1.8%).

• The new loans index rose, recording 2,130 billion yuan, which exceeded expectations (1,050B) and the previous reading (950B).

The most important events of this week

This week, financial markets are eagerly awaiting the release of several key economic indicators:

• Today, indicators of gross domestic product, investment in fixed assets, industrial production, retail sales, and the unemployment rate in China are released, in addition to the producer price index in Switzerland, industrial production in the Eurozone, and the Empire State manufacturing index in New York State.

• On Tuesday, the markets are awaiting the retail sales index in the United States of America and the consumer price index in Canada.

• On Wednesday, the markets are awaiting the consumer price index in Britain and the Eurozone, indices of building permits, industrial production, and US crude oil inventories in the United States of America.

• Regarding Thursday, the markets are awaiting the interest decision issued by the European Central Bank amid expectations that it will keep interest rates unchanged at the level of 4.25%. Attention is turning to the speech and tone of European Central Bank President Christine Lagarde regarding the interest rate path in the next stage.

It issues indices of exports and imports in Japan, rates of change in employment and unemployment in Australia, rates of income including bonuses and unemployment in Britain, and indices of initial jobless claims and Philadelphia manufacturing industries in the United States of America.

• Finally, on Friday, the consumer price index in Japan and retail sales in Britain and Canada will be released.

Technical Analysis:

EUR/USD: 

If the euro against the dollar breaks the pivot point of 1.0868, it may potentially target and test the support levels of 1.0826, 1.0748, and 1.0706. Conversely, if it surpasses the pivot point, it is likely to test resistance levels of 1.0946, 1.0988, and 1.1065.

GBP/USD: 

The pound against the dollar, if it breaks the pivot point of 1.2917, has the potential to test the support levels of 1.2844, 1.2704, and 1.2631. However, if it exceeds the pivot point, it may test resistance levels of 1.3057, 1.3130, and 1.3270.

USD/JPY: 

If the pivot point of 159.02 is broken for the dollar against the yen, there is a possibility that it will target the support levels 156.23, 154.58, and 151.80. But if it exceeds the pivot point, it is likely to target the resistance levels 160.67, 163.45, and 165.10.

GOLD: 

If the pivot point of 2402 is broken for gold, there is a possibility that it will target the support levels 2374, 2327, and 2300. But if it exceeds the pivot point, it is likely to target the resistance levels 2448, 2476, and 2523.

BRENT CRUDE OIL:

If the pivot point of 83.52 for crude oil is broken, there is a possibility that it will target the support levels of 83.72, 82.40 and 80.80. If it exceeds the pivot point, it is likely to target the resistance levels 86.64, 88.24, and 89.56.

US30:

If the pivot point of 40,107 for the Dow is broken, there is a possibility that it will target the support levels 39,643, 38,985 and 38,521. If it exceeds the pivot point, it is likely to target the resistance levels 40,765, 41,229, and 41,887.

Please note that this analysis is provided for informational purposes only and should not be considered as investment advice.

Taurex is the trading name of Zenfinex Global Limited, Stochastic Africa SL Ltd, Zenfinex Global LLC, and Zenfinex Limited.

Zenfinex Global Limited is registered in the Republic of Seychelles with registration number: 8428731-1 and is regulated by the Financial Services Authority of Seychelles (license number SD092). Its registered office address is F20, 1st Floor, Eden Plaza, Eden Island, Seychelles.

Stochastic Africa (SL) Limited is a company registered in Sierra Leone with Company Number: SL270319STOCH05271 and is licensed by the Bank of Sierra Leone under license number BSL/SAL/2023 and with the registered office at 148D Wilkinson Road, Freetown, Sierra Leone.

Zenfinex Global LLC is a company registered with the Financial Services Authority in Saint Vincent and the Grenadines under registered number 138 LLC 2019. Its registered office is Hinds Building, Kingstown, Saint Vincent, and the Grenadines.

Zenfinex Limited is a company registered in England and Wales under registered number: 11077380. Authorised and regulated by the Financial Conduct Authority under firm reference number 816055. Its registered office is 4th Floor, 4 Eastcheap, London, EC3M 1AE, United Kingdom.

*All trading involves risk.

Back

Popular Posts

Reserve Bank of Australia Holds Interest Rates at 4.35% Amidst Declining Australian Dollar

Brief Overview of Key Economic Events from the Past Week

Optimism and Challenges: Supporting and Pressuring Factors on the U.S. Stock Market

Continued Rise of Cryptocurrencies and the Emergence of Ripple as a Strong Competitor

Lorem Ipsum

Lorem ipsum dolor sit amet, consectetur adipiscing elit.

Here are some related articles you may find interesting:

Market Insights​

December 10, 2024

Reserve Bank of Australia Holds Interest Rates at 4.35% Amidst...

The Reserve Bank of Australia (RBA) kept interest rates unchanged at 4.35% in its meeting today, marking the eighth consecutive month at this level. The...

Market Insights​

December 9, 2024

Brief Overview of Key Economic Events from the Past Week

Last week witnessed several significant economic events globally. In the United States, economic data showed mixed results. The Manufacturing Purchasing Managers' Index (PMI) rose to...

Market Insights​

December 6, 2024

Optimism and Challenges: Supporting and Pressuring Factors on the U.S....

The U.S. stock markets have recently experienced a strong sense of optimism, with the VIX index dropping to 12.89 points two days ago, marking its...

Market Insights​

December 5, 2024

Continued Rise of Cryptocurrencies and the Emergence of Ripple as...

Cryptocurrency markets are known for their significant volatility, but recently, we've witnessed sharp fluctuations, particularly after the announcement of Trump's victory in the U.S. presidential...

Ready to Elevate Your Trading Journey?

Open a Taurex account and start trading today.

We’re Sorry

Access to tradetaurex.com
is unavailable in your region

tradetaurex.com is required to abide by global laws and therefore the information on this site is not directed at residents of the United States, Canada, North Korea, Iran, Myanmar, Belgium, Spain, France, Japan, South Korea or any particular countries and is not intended for distribution to, or use by, any person in an country or jurisdiction where such distribution or use would be contrary to local law or regulation.

This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.