The daily Trade

your weekly update!

November 04, 2024

🌐 The Daily Trade: Futures & Forex Weekly Highlights 🌐

Edition: First Week of November

Welcome, Traders!
Happy November! In this week's edition of The Daily Trade, we're gearing up for a busy start to the month with pivotal updates from central banks, fresh economic data, and crucial technical levels. Check out the highlights below to stay informed and ready to navigate the week!

📈 USD Performance & Inflation Data

  • Strengthening Dollar: The U.S. Dollar remains on solid footing, bolstered by anticipated U.S. inflation data. Look for key support around 103.80, with resistance near 105. If inflation shows signs of cooling, it could temper Fed rate expectations — stay tuned for possible USD volatility!

  • FOMC and BoJ on Watch: USD/JPY is approaching a technical resistance at 155, with the Bank of Japan’s (BoJ) policy potentially impacting the yen if there's any signal of policy shifts​

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🇪🇺 EUR/USD Outlook

  • Euro Zone Action: The EUR/USD pair has stabilized but faces pressure as the European Central Bank (ECB) signals its next move. Key support lies around 1.07, with investors watching ECB statements closely to gauge economic recovery and inflation management.

💷 GBP/USD: Pound Update

  • Pound Under Pressure: With the British economy showing signs of slowing, GBP/USD is vulnerable. Economic data could either bolster or weaken the pair depending on the Bank of England’s response to inflationary challenges.

🛢️ Futures Markets Snapshot

  1. Oil Prices Climbing:
    Crude oil has broken above the $85 mark, showing resilience amid geopolitical tensions. Traders eyeing a potential move toward $90 should be alert to any developments from the OPEC+ meeting and the Middle East.

  2. Gold & Silver Movement:

    • Gold: Currently finding support near $1,970, gold is trending as a safe haven but faces competition from high U.S. Treasury yields.

    • Silver: With recent gains above $25, silver’s rally shows promise, but traders should watch for price stability amid anticipated interest rate adjustments.

  3. Equities & Indices Volatility:
    The S&P 500 is in focus as inflation and employment data are released this week. With both bond and stock markets sensitive to economic indicators, this week could bring swings depending on inflation signals and Fed outlooks​

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📅 Key Economic Events:

  • Wednesday: U.S. inflation data and the FOMC’s much-awaited statement

  • Thursday: Statements from the ECB and BoJ, plus U.S. jobless claims

  • Friday: Nonfarm Payrolls Report — a big indicator for forex and equity futures!

Thank you for tuning into The Daily Trade!
Make sure to manage your trades carefully as we enter a dynamic November. Catch you next week with more essential updates.

Happy Trading! 📉📈