– US indices finished yesterday’s trading higher. S&P 500 gained 0.31%, Dow Jones added 0.10% and Nasdaq moved 0.64% higher. Russell 2000 jumped 0.91%
– Mixed sentiment prevails in Asia. Nikkei fell 0.27%, S & P / ASX 200 dropped 0.28% and Kospi rose 0.56%. Indices from China also moved higher
– DAX futures point to a slightly higher opening of the European cash session
– China Communist Party anticorruption agency have visited PBOC headquarters
– US House passes bill to restrict imports from China on concerns over forced labour
– Pentagon official says China’s coercive military moves around Taiwan increase risks
– Morgan Stanley expects a rate hike from FED in September and December 2022 followed by 3 hikes in 2023
– According to Reuters survey from November, analysts shifting their Federal Reserve rate hike projections to Q3 2022 from Q4
– China November CPI 2.3% y / y (expected 2.5%) and PPI 12.9% y / y expected 12.4%)
– The Brazilian central bank increased the borrowing cost by 150 bps to 9.25% as expected, and also announced another rate hike of the same margin in its next meeting
– Bitcoin dropped below $50,000 handle, while Ethereum is testing $4350 level
– Oil and precious metals move slightly higher
– AUD and GBP are the best performing majors. CAD and EUR lag the most
AUDUSD broke above local resistance at 0.7165 which coincides with the earlier broken lower limit of the 1:1 structure. If current sentiment prevails, upward move may accelerate towards 0.7235 level which is strengthened by 23.6% Fibonacci retracement of the downward wave launched in February 2021.
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