Matker Update – November 16

USDIndex up and currently settled to 95.49.
Further signs of rising inflation pressures from RBA, BoE and FOMC.
RBA: Governor Lowe stressing that he will not hike rates to control house prices and that even an underlying inflation rate of 2.5% would not be enough for a rate hike.
Biden and Xi: Played down hopes of a big breakthrough.
BoE’s Bailey said he is “very unease about the inflation situation”, after tight labour market. UK ILO unemployment dropped to 4.3% in September – He had fuelled speculation of an early rate hike,
US Treasury Yields restored their safe haven allures, as the 30-year tested 2.00%, the highest since the November 3 FOMC selloff, and the 10-year rose to 1.62%, the highest since late October, while the 2-year jumped to challenge 0.54%, not seen since early 2020. Currently eased lower.
Equities: USA30 holding on to small gains, largely due to component Boeing, which has surged nearly 5% following freighter orders received at the Dubai air show. USA100 down 0.2%, as higher Treasury yields weigh on big tech, while Tesla has dropped another 4%, after falling 15% last week on CEO Musk’s sale of nearly $7.0 bln of the stock. The USA500 is trading on either side of flat.
China warns state firms on crypto mining.
JPMorgan Chase & Co (JPM.N) on Monday sued Tesla Inc (TSLA.O) for $162.2 million, accusing Elon Musk’s electric car company of “flagrantly” breaching a contract related to stock warrants after its share price soared. – Renaissance, other big hedge funds increase stakes in Tesla in Q3.
Turkey’s lira weakened nearly 0.8% on Tuesday to a new record low of 10.14 against the U.S. dollar, weighed down by expectations of another unorthodox rate cut from the central bank this week.
USOil up to 80.66.  Gold steady within 1861.79-1868.87
FX markets – EURUSD down ro 1.1358,  GBPUSD bounced to 1.3464, and AUDUSD down ro 0.7342.
Focus today:Geopolitical tensions remain in focus, as the calendar is focused on the second reading for EU Q3 GDP, US retail sales and industrial production and lot of speeches

Biggest FX Mover @ (07:30 GMT) GBPAUD (+0.49%) topped to 1.8341. Faster MAs alighed higher,  MACD lines turn positive but signal line remains below 0, while RSI is at 72 and rising. H1 ATR 0.00226, Daily ATR 0.01248.

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Andria Pichidi

Market Analyst

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