https://forextk.com/wp-content/uploads/2022/08/BRENT.png 1600 2000 TK Analysis https://forextk.com/wp-content/uploads/2022/07/logo-white-300x151.png TK Analysis2022-11-16 10:51:202022-11-16 10:51:20Daily analysis 16November 2022
- US indices finished yesterday’s session higher following a jump triggered by lower-than-expected US PPI reading for October. However, part of the gains was later erased on reports saying that Russian missiles landed in Poland
- US and other NATO officials say that it does not look like it was a deliberate strike on Poland, a NATO member country. It also remains uncertain whether it really was a Russian missile that overshoot Ukraine or Ukrainian anti-air missile that missed its target
- NATO will, however, hold an emergency meeting today and it is expected that Poland will trigger Article 4, that means launching joint consultations on security matters
- S&P 500 finished yesterday’s trading 0.87% higher, Dow Jones gained 0.17% and Nasdaq added 1.45%. Russell 2000 traded 1.50% higher
- Asian session today was downbeat with major benchmarks from the region trading lower. S&P/ASX 200 dropped 0.3%, Kospi moved 0.1% lower, Nifty 50 traded flat and indices from China traded up to 1% lower. Nikkei was outperformer with a 0.1% gain
- DAX futures point a lower opening of the European cash session
- Former US President Donald Trump has officially entered 2024 US presidential race
- Prices of residential buildings in China dropped 1.6% YoY in October
- Australian wages increased 1% QoQ in Q3 2022 (exp. +0.9% QoQ)
- Japanese machinery orders dropped 4.6% MoM in September (exp. +0.6% MoM)
- API report pointed to a 5.83 million barrel draw in US oil inventories (exp. +1.4 mb)
- Oil and natural gas trade lower following yesterday’s gains made on geopolitical headlines
- Precious metals underperform – palladium drops 0.6%, platinum trade 0.1% lower, gold declines 0.3% and silver trades flat
- EUR and GBP are the best performing major currencies while JPY and USD lag the most
Brent (OIl) jumped on increase in geopolitical tensions and briefly traded above 200-hour moving average yesterday (purple line on the chart above). However, gains started to be erased as NATO played down the incident and said it was unlikely to be a deliberate Russian attack on Poland.
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