NAGA’s Weekly Recap | November 21 - 25

This week, investors focused on several important economic events:

• Signals from the Fed and the ECB to reduce the interest rate’s growth.
• Continued decline in Crude oil amid OPEC and Covid-situation in China.
• Mixed earnings reports from major retailers, etc.

Let’s take a closer look at how these events were able to leave a mark on the financial markets 💰

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USD and Crude Oil prices crashing on poor data

Investors were mainly intrigued by two developments within the trading markets.

First was the US Dollar again significantly declining after more poor economic data from the US. And the second was related to another strong decline in the price of crude oil, which fell by 4.5% during yesterday’s trading session.

The decline in the price of crude oil was largely linked to more COVID-related news from China and the current EU negotiations on an Oil price cap.

However, there is an important week ahead that will set the record straight…

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Dow Jones rises on slower rate hike signals

On November 24, the volatility level was lower due to the Thanksgiving bank holiday. However, investors still have plenty of signals about market asset movements. For example, the US dollar price continues to decline for a fourth consecutive day but has shown signs in the past 24 hours of finding resistance.

At the same time, the main news in the market continues to be China’s “Zero COVID-19” policy. So far, the government has not placed any cities in lockdowns as we have seen in the past. This is positive for the price of Oil and global supply chains.

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Trading involves significant risk of loss.

Best Buy ($BBY) shares surge after retailer sticks with its holiday-quarter outlook

Best Buy reported quarterly results that topped Wall Street’s expectations, as inflation-dented demand for pricey consumer electronics came in better than feared.

Here’s how the retailer did for the three-month period:

• Earnings per share: $1.38 adjusted vs. $1.03 expected
• Revenue: $10.59 billion vs. $10.31 billion expected

The consumer electronics retailer, which had cut its forecast this summer, reiterated its outlook for the holiday quarter. It raised its full-year forecast to reflect the beat, saying it expects comparable sales to decline about 10%.

Shares of the company closed more than 12% higher after the earnings release.

Trade $BBY

Oil down almost 4% as “generous” Russia price cap snuffs OPEC cut speculation

Crude prices ($OIL.WTI) tumbled 4% on reports that the Group of Seven nations, or G7, was looking at imposing a much-higher-than-thought range of $65-$70 per barrel as a cap for the selling price of Russian oil.

The price cap and a proposed EU embargo on Russian oil are expected to begin simultaneously on Dec. 5, a day after the OPEC+ alliance of oil producers meets to review output quotas for the 23 nations in the coalition.

“WTI’s decline could extend towards its 200-month Simple Moving Average of $72.50 and follow through with the 50-month Exponential Moving Average of $70.96,” said Sunil Kumar Dixit, chief technical strategist at SKCharting.com.

Trade $OIL.WTI

EUR/USD holds above 1.0400 after ECB accounts

EUR/USD continues to trade modestly higher on the day above 1.0400 as trading action turns subdued on Thanksgiving day. The ECB’s October meeting account showed that some members preferred a 50 bps hike but this comment had no impact on the Euro.

Accordingly, the EUR/USD pair extended its weekly gains, as the US Dollar extended its post-FOMC slide during Asian trading hours. Discouraging growth-related data added to the Greenback’s broad weakness, as the S&P Global November PMIs indicated that the American economy contracted by more than anticipated, according to preliminary estimates.

Trade $EURUSD

What’s up next week?

Check out the real-time NAGA Economic Calendar, which covers financial events and indicators from all over the world!

This concludes our weekly recap.

Have a great weekend and see you next week!