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Daily summary: US stocks waver after Fed’s Minutes

  • Mixed moods in Europe
  • US jobless claims reached 5-decade low
  • FOMC Minutes did not bring much surprise 

European indices finished today's session mixed, with DAX 30 fell to a three-week low of 15,896, while CAC40 finished slightly lower and FTSE100 rose 0.27%. Investors digested disappointing German business morale figures amid a resurgence in COVID cases and fears of rising interest rates. Elsewhere, Social Democrat Olaf Scholz announced he had reached a coalition deal to form Germany’s next government. New coalition rejected chancellor Merkel's proposal to introduce a lockdown in the country.

US indices fell slightly after publication of FED minutes which showed policymakers indicated that uncertainty about the inflation outlook had increased and that significant inflation pressures should last for longer than previously expected due to persistent supply constraints. Some officials also suggested that reducing the pace of net asset purchases by more than $15 billion each month could be warranted. Meanwhile rising Treasury yields jumped to 1.68% early in the session which continues to put pressure on tech shares. Also investors digest fresh economic data, which showed that the US economy slowed to 2.1% in Q3, slightly better than earlier estimates, weekly jobless claims fell to the lowest level since 1969 and durable goods orders unexpectedly dropped. Meanwhile both personal income and spending beat analysts’ estimates and PCE inflation came in line with forecasts. Additionally disappointing quarterly results from GAP and Nordstrom also weighed on the retail sector. The stock market will be closed on Thursday and will close early on Friday for the Thanksgiving holiday.

WTI crude price reversed early gains and is trading 0.40% lower while Brent crude futures rose 0.30% as investors weigh the possibility that OPEC+ could retaliate on the USA and other countries by holding back more oil than planned at a meeting next week. US crude oil inventories increased by 1.017 million barrels, after a 2.101 million decline in the previous week and compared with market forecasts of 0.481 million decrease, data from the EIA Petroleum Status Report showed.  Meanwhile bearish moods still prevail on the precious metals market. Gold price fell more than 0.20% below $1,790 an ounce and silver dropped over 0.60% amid stronger dollar and elevated treasury yields. 

GBPUSD pair has been trading under pressure recently and today price is testing major support at 1.3350 which coincides with lower limit of the wedge formation. If current sentiment prevails downward move may accelerate towards next support at 1.3170, which is marked with 38.2% Fibonacci retracement of the upward wave launched back in March 2020. On the other hand, if buyers manage to regain control, then an upward impulse towards resistance at 1.35 may be launched. Source: xStation5

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