{"id":36997,"date":"2022-11-07T12:50:00","date_gmt":"2022-11-07T12:50:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=36997"},"modified":"2022-11-07T15:00:21","modified_gmt":"2022-11-07T15:00:21","slug":"midday-brief-investors-cling-to-gains-ahead-of-us-midterm-elections","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/midday-brief-investors-cling-to-gains-ahead-of-us-midterm-elections\/","title":{"rendered":"Midday Brief – Investors cling to gains ahead of US Midterm elections"},"content":{"rendered":"\t\t
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Markets advanced higher extending their Friday rally as investors maintain a risk-on mood early Monday. The US dollar<\/a> suffered further losses against major rivals ahead of the US Midterm elections. There will be a line-up of Fed members\u2019 speeches later in the day ahead of this week\u2019s US inflation data. Commodity pairs suffered weakness as China sticks with Covid Zero Policy amid deteriorating economic outlook.<\/p>

The New Zealand dollar<\/a> traded -0.19% lower than the US dollar following downbeat Chinese data. The Chinese Trade Balance [USD] came in less than anticipated at 85.15 billion vs 95.95 billion indicating a deepening slowdown. China says it is sticking with its Covid zero policy scraping out speculations that they were relaxing the measures. This weighed on the Kiwi which established a low at 0.5864 and may face resistance at 0.6000<\/p>

GBPCHF<\/a> gained +0.26% after sliding to 1.1257 following a lower unemployment rate in Switzerland. In October the unemployment rate dropped to 1.9% vs the 2.0% expected. Moreso, the risk-on tone underpinned the CHF strength in the short term. The pound rose but the gloomy economic outlook remains a major headwind for near-term bulls. House prices in the UK fell to 8.3% from 9.8% on a yearly basis. The pair bounced off a 1.1250 level, a 3-week support and upside gains are capped by the 1.1450, a previous support-turned-resistance.<\/p>

EURAUD<\/a> rallied by +0.32% ahead of Australia\u2019s Westpac Consumer Sentiment. The risk-sensitive Australian dollar lagged, while Euro advanced on positive economic data. The Sentix Investor Confidence rose to -30.9 vs -35.0 surveyed. Traders continue to digest the ECB members\u2019 speeches delivered early morning. Bulls face a near-term barrier at 1.55000 level after bouncing off the critical support level at 1.5350 level, a monthly low. A break above the near-term high could see bulls rally 1.5700 level.<\/p>

European stocks were steady after a release of mixed Euro area economic data. FTSE100<\/a> was down by -0.31% as bulls lose steam below the 7350 level and critical levels to watch for are 7400 resistance and 7200 support. DAX<\/a> edged higher by +0.87% after breaking the 13500 level and the next target is at 13900 resistance. CAC40<\/a> was slightly lower by -0.07% as bulls struggle to break above the 6450 level but with a breach above that level, bulls could reach the 6600 level.<\/p>

US stock futures rallied as investors shift their focus to the US Midterm elections. S&P500<\/a> futures extended gains by +0.69% after bouncing off a 3700 near-term support and bulls face a near-term barrier at the 3800 level. A break above that level could see extended targets at the 3900 psychological level. Nasdaq100 futures<\/a> surged by +0.65% as bulls attempt to challenge the 11000 near-term barriers and a breach of that level could reinforce the bullish outlook towards the 11600 level. DJIA index futures<\/a> soared by +0.60% after claiming the 32500 level and the next critical level is the 33000 level.<\/p>

Gold<\/a> took a corrective pattern early European session after a big 3% jump on Friday. Bulls retreated from the 1680 level ahead of FOMC member Mester, Barkin and Fed speaker Collins. The 1670 level remains near-term support to maintain the bullish outlook. Bulls could reclaim the 1700 and 1725 levels ahead of US inflation data later this week.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Markets advanced higher extending their Friday rally as investors maintain a risk-on mood early Monday. The US dollar suffered further losses against major rivals ahead of the US Midterm elections. There will be a line-up of Fed members\u2019 speeches later in the day ahead of this week\u2019s US inflation data. Commodity pairs suffered weakness as […]<\/p>\n","protected":false},"author":4,"featured_media":36999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[39,301,28,53,601,67,517],"yoast_head":"\nMidday Brief - Investors cling to gains ahead of US Midterm elections - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/midday-brief-investors-cling-to-gains-ahead-of-us-midterm-elections\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Midday Brief - Investors cling to gains ahead of US Midterm elections Midday Brief - Investors cling to gains ahead of US Midterm elections\" \/>\n<meta property=\"og:description\" content=\"Markets advanced higher extending their Friday rally as investors maintain a risk-on mood early Monday. 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