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Blink and you miss it. December has arrived and we are entering the last trading month of the calendar year. We have been living with this pandemic for almost two years now, but it seems like an eternity, doesn’t it?

Fed Chairman Powell’s remarks yesterday were arguably the most important development so far this week as he pushed to withdraw the narrative of “transitional” inflation and advocated a quicker timetable for the reduction, opening up the potentially faster rate hikes.

As much as omicron’s fears still ring, so much of Powell’s confidence certainly takes some of the sting out of it. Stocks didn’t see much comfort amid rate hike fears yesterday, however, but are rebounding today with S&P 500 futures now up around 1%.

Risk trades in general are doing better with the Aussie and Kiwi holding key support levels on the daily chart from August lows, both erasing their post-Powell losses.

Trade sentiment today will continue to be driven by risk sentiment for the most part, but Powell’s remarks will likely keep the dollar equally strong, especially against the euro and arguably the yen (the latter depends on always in the mood of the market).

Elsewhere, oil is seeing a decent rebound of around 3% to over $ 68 now as we start to focus on OPEC +, but after yesterday’s plunge there is a feeling that the latest downdraft could be overdone and bargain hunters are likely to step in slowly. .

What is your view of the market now? Share your thoughts / ideas with the ForexLive community here.


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