Analytics

News, Trends, & Analytics 24.11.2021

Jerome Powell for Second Term

Today the focus is on the New Zealand Interest Rate, the US economic data and Jerome Powell’s destiny with the Fed.

 

Calendar

02:00 UTC

The New Zealand Interest Rate. The data may keep affecting NZD during the day.

Assets to trade: EUR/NZD, AUD/NZD, GBP/NZD


13:30 UTC

US Initial Jobless Claims. Forecast: 260K. If the results are higher than predicted, USD might go down.

Assets to trade: EUR/USD, GBP/USD, USD/JPY


19:00 UTC

FOMC Meeting Minutes. An upbeat economic outlook may support USD.

Assets to trade: EUR/USD, GBP/USD, USD/JPY

 

News

US stocks have recently dropped on the possibility that Joe Biden nominates Jerome Powell for another term as the Fed Chair. Affects S&P 500


In addition to Salvadorans ability to pay for anything in El Salvador in Bitcoin, a city powered by a volcano with Bitcoin as its title theme may soon be built in the country. Affects Bitcoin


Amazon’s planned $8.5B acquisition of MGM was requested to be blocked for streaming competition reasons. Affects Amazon


Alibaba was fined by the Chinese regulator for violations dating back to the beginning of the 2010’s. Affects Alibaba

 

Technical Analysis

S&P 500

Investors are worried about who will lead the US Fed further. The recent slide of the S&P 500 doesn’t have to be interpreted as their disappointment about Jerome Powell’s planned re-nomination by Joe Biden. General emotional preoccupation may be the core factor here, and it may keep pressing on stocks for a while.

We believe the index may drift downwards possibly to 4,600 because it comes back up to retest the resistance level of 4,720.

Bitcoin

Bitcoin doesn’t seem to be happy about the Bitcoin city planned in El Salvador. It seems likely to slide down to $50,000 in the near future.

Alibaba

This stock will almost certainly cross the support level of $140 it left in October. The odds are now against the company. We believe this stock may keep dropping.

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