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The markets rebounded on Tuesday following Chinese reopening optimism. Investors maintained a risk-on mood ahead of US Consumer Confidence data for November. The dollar was lower as weakness overtook the hawkish Fed amidst inflation worries. BoE Governor Bailey and MPC member Mann will be speaking later in the New York session. Traders will also be closely watching the German Inflation data despite Spanish inflation easing.
EURUSD soared by +0.47% early Tuesday morning as investors shifted focus to US Consumer Confidence data. The Euro recovered Monday’s losses ahead of the German inflation data release. Hawkish ECB remarks on higher rates boosted the Euro despite, Spanish Inflation ease, dropping to 6.8% against 7.4% surveyed. The US dollar remains downbeat as Consumer Confidence is forecasted to drop to 100 from a previous 102.50. The pair recovered Monday’s losses as the 1.0350 support level held and a break above the 1.0480 level could reinforce buying pressure towards the 1.0600 level.
AUDCAD surged by +0.82% as bulls rallied on Chinese reopen optimism ahead of RBA Kearns speech. The risk-sensitive Australian dollar found a boost as markets calmed down over China lockdown worries. The Canadian dollar lagged behind ahead of its Q3 GDP data. The rally in Oil markets failed to boost the Canadian dollar as investors shift attention to the OPEC+ meeting later in the week. Bulls made a fresh 4-months high after breaking above the 0.9040 level after bouncing off a 0.8970 level. Upside gains are capped by the 0.9100 level, a 5-months high.
GBPNZD plunged by -0.79% as BoE Consumer credit data indicate that higher interest rates are limiting consumer borrowing. The BoE consumer credit dropped to 0.769B against 0.900B surveyed. BoE Governor Bailey and MPC member Mann will be speaking later in the New York session.
The New Zealand dollar advances on China rally and investors should closely watch New Zealand Building Consent later in the day. The pair is rangebound between the 1.9480 resistance and 1.9200 support. A break below the near-term support could trigger selling pressure towards the 1.9000 level.
European stocks recovered from losses on the Chinese reopen optimism. FTSE100 soared by +0.80% as bulls gather momentum above the 7500 level. Upside gains are capped by the 7570 resistance and a break above that level could give bulls the 7600 handles in the near term.
The CAC40 rose by +0.45% as bulls find support above the 6650 level and the next key level is 6700. DAX advanced by +0.14% and critical levels to watch out for is the 14550 resistance and 14300 support level.
US stock futures were steady ahead of US Consumer Confidence data. S&P500 futures were up +0.15% as sellers lose momentum towards the 3950-support level. Upside gains are capped by the 4000 level and a break below the near-term support could trigger selling pressure towards the 3850 level.
Nasdaq100 futures gained by +0.28% as bulls defends the 11600 level. A failure to hold above near-term support, 11000 psychological level could be the next target. On the upside 11950 remains a critical challenge for the bulls. DJIA index futures rallied by +0.16% after bouncing off a 33800 level and upside gains are capped by the 34400 level.
Gold surged by +0.80% as dollar weakness offset rate hike fears. The yellow metal rebounded from 1740, a daily low and upside gains are capped by the 1760 and 1780 levels. A breach of those intermediate levels could see bulls reclaim the 1800 level, a 4-months high.
