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Markets experienced a mixed mood as inflation debates take centre stage ahead of a busy week. The dollar was downbeat ahead of the FOMC member line-up. ECB’s President Lagarde’s speech remains the key focus of the day amid an empty US economic docket. Commodity markets took a hit as Chinese anti-lockdown protests heats up amidst worrying weak global sentiment.
AUDJPY was down by -1.83% early European session weighed down by negative (MoM) Retail Sales for October. The Retail Sales MoM dropped to -0.2% against 0.5% surveyed while RBA Governor Lowe’s speech failed to lift the risk-sensitive currency. The Chinese anti-lockdown protests caused investors to flee risky assets. The Japanese Yen advanced as it gained increased safe-haven bids amidst market unrest. The pair slumped towards the 92.00 level after the bulls lost steam at the 94.00 level. A break below the near-term support could reinforce selling pressure towards the 91.00 level.
EURCAD soared by +1.22% on hawkish remarks by the ECB’s Knot. The ECB member Knot indicated that inflation risks remain tilted to the upside and a pivot on tightening is far-fetched. The Euro advanced during the early European session ahead of the ECB lineup including ECB President Lagarde’s speech ahead of Euro CPI data later during the week. The Canadian dollar remains downbeat as oil markets continue to plunge ahead of oil price cap data. Bulls breached the near-term resistance at the 1.3980 level, an 8-month high and the 1.4150 level is a key level, a previous support-turned-resistance.
USDCHF plunged by -0.37% as the dollar struggles to hold on to gains ahead of the FOMC line-up. FOMC members Bullard and Williams are scheduled to speak later in the New York session. There is nothing much on US economic docket as investors come back from the Thanksgiving holiday. The CHF advanced ahead of Switzerland’s GDP data release on Tuesday. Bulls are capped by the 0.9480 resistance level while 0.9380 remains the near-term support. A break to the upside could give bulls the 0.9600 psychological level, while a break below the 0.9380 could open the way for the 0.9300 level.
European stocks plunged on Monday weighed down by the energy sector. FTSE100 tanked by -0.55% as the 7500-resistance level held and the next key level is the 7400. CAC40 lost -1.04% and critical levels to watch out for are the 6560-support level and 6700 resistance. DAX plummeted by -0.96% from a 14550 resistance and the next key support level is at 14300.
US stock futures drop on unrest in China and weak global sentiment. S&P500 futures slumped by -0.85% as bears break below the 4000 near-term support level and the key area to watch out for is the 3950 area. Nasdaq100 futures extended their drop by -1.06% towards the 11600-support level after bulls failed to challenge the 11900-resistance level. DJIA index futures edged lower by -0.66% and a break below the 34000 psychological support level could trigger selling pressure towards the 33500 level.
Commodities took a hit early Monday morning as Chinese protests underpin further lockdown measures. USWTI dropped by -3.54% after breaking below the 76.00 support level, reinforcing selling pressure towards the 70.00 level. Brent crude oil slumped by -3.34% as bears take control below the 83.00 level, a 10-months low and short-term targets are at 77.00, a yearly low.
