<p>The major US stock indices are closing the session with mixed results today:</p><ul><li>Dow industrial average rose 152.95 points or 0.45% at 34347.04</li><li>S&P index fell -1.16 points or -0.03% at 4026.11</li><li>NASDAQ index fell -58.97 points or -0.52% at 11226.35</li><li>Russell 2000 rose 5.67 points or 0.30% at 1869.19</li></ul><p>For the trading week, the major indices are higher:</p><ul><li>Dow industrial average rose 1.78%</li><li>S&P index rose 1.53%</li><li>NASDAQ index rose 0.72%</li><li>Russell 2000 rose 1.05%</li></ul>

This article was written by Greg Michalowski at forexlive.com.

<p>What are the key events and releases for next week’s trading:</p><p>Tuesday, November 29:</p><ul><li>Canada GDP 8:30 AM ET. Estimate 0.2% versus 0.1% last month</li><li>US consumer confidence 10 AM ET. Estimate 100.0 versus 102.5 last month</li></ul><p>Wednesday, November 30:</p><ul><li>US ADP nonfarm employment change estimate, 8:15 AM ET. Estimate 195K versus 239K last month</li><li>US preliminary GDP for Q3. 8:30 AM ET. Estimate 2.7% versus 2.6% flash</li><li>US JOLTs job openings. 10 AM ET. Estimate 10.33M versus 10.72M last month</li><li>Fed chair Powell speaks at the Brookings institute. 1:30 PM ET</li></ul><p>Thursday, December 1</p><ul><li>Swiss the CPI month-to-month, 2:30 AM ET. Estimate 0.2% versus 0.1% last</li><li>OPEC meeting all day</li><li>US core PC price index, 8:30 AM ET estimate 0.3% versus 015% last</li><li>US ISM manufacturing PMI. Estimate 49.8 versus 50.2 last</li></ul><p>Friday, December 2</p><ul><li>RBA Gov. low speaks, 9:40 PM ET Thursday</li><li>RBNZ Gov. or speaks, 11:30 PM ET Thursday</li><li>US nonfarm payroll, 8:30 AM ET. Estimate 200K versus 261K last month</li><li>US unemployment rate, 8:30 AM ET. Estimate 3.7% versus 3.7% last month</li><li>US hourly <a target=“_blank“ href=“https://www.forexlive.com/terms/e/earnings/“ target=“_blank“ id=“cd852b85-3a1d-45ed-8691-cef64b568bed_1″ class=“terms__main-term“>earnings</a>, 8:30 AM ET. Estimate 0.3% versus 0.4% last month</li><li>Canada employment change, 8:30 AM ET. Last month 108.3 K</li><li>Canada unemployment rate, 8:30 AM ET. Last month 5.2%</li></ul>

This article was written by Greg Michalowski at forexlive.com.

<p>With 30 minutes to go in US trading, the major indices are mixed with the Dow industrial average rising, the S&P near unchanged at the NASDAQ moving lower.</p><p>The snapshot of the market currently shows:</p><ul><li>Dow industrial average up 180 points or 0.53% at 34373.80</li><li>S&P index is up 2.86 points or 0.07% at 4029.90</li><li>NASDAQ index -41.5 points or -0.37% at 11243.97</li></ul><p>The Russell 2000 of small cap stocks are up 9.72 points or 0.52% at 1873.24.</p><p>In the US at that market, yields are marginally change from early New York levels:</p><ul><li>two year 4.485% versus 4.489% near the start of the New York session</li><li>five year 3.897% versus 3.909% near the start of the New York session</li><li>10 year 3.714% versus 3.716% near the start of the New York session</li><li>30 year 3.766% versus 3.748% near the start of the New York session</li></ul>

This article was written by Greg Michalowski at forexlive.com.

<p>The major European stock indices are closing the day modestly higher (Italy’s stocks fell fractionally).</p><ul><li>German Dax +0.01%</li><li>Frances CAC +0.08%</li><li>UK’s FTSE 100 +0.27%</li><li>Spain’s Ibex +0.34%</li><li>Italy’s FTSE MIB bucked the trend with a -0.05% decline</li></ul><p>for the trading week:</p><ul><li>German Dax, +0.76%</li><li>Frances CAC, +1.02%</li><li>UK’s FTSE 100, +1.37%</li><li>Spain’s Ibex, +3.55%</li><li>Italy’s FTSE MIB +0.14%</li></ul><p>Looking at the weekly chart of the Spain’s Ibex, and moved back up to retested 200 and 100 week moving averages. The 200 week moving averages at 8424.69. The 200 week moving averages at 8478.20. The high price today reached 8425.30 between the levels.</p><p>Looking at the German Dax, it also closed near a key weekly moving average. For it, the 100 week moving average comes in at 14556.06. The high price today reached 14571.66 just above that level, but backed off into the close. </p><p>That 100 week moving average will be a key barometer for that index in the new trading week. Move above is more bullish. Stay below is more bearish.</p>

This article was written by Greg Michalowski at forexlive.com.

<p style=““ class=“text-align-justify“>The gap between the 2-year and 10-year German bund yields fell to -27 bps yesterday, which was the widest inversion since October 1992. That gap has narrowed slightly now to -24 bps but long story short, an inversion of the yield curve as such is typically a signal that recession fears are building.</p><p style=““ class=“text-align-justify“>As we look towards next year, soaring inflation pressures and the ongoing energy crunch will continue to put the pressure on the European outlook. The only consolation so far is that the start of winter has presented with milder weather than anticipated.</p><p style=““ class=“text-align-justify“>But as long as price pressures stay elevated, the ECB will be locked between a rock and a hard place in trying to keep with tightening policy further or look towards pausing as the economy starts to run into the ground.</p>

This article was written by Justin Low at forexlive.com.

<p class=“MsoNormal“>Bitcoin failed to build on the gains, rolling back to the levels of two days ago, losing 1.2% in the past 24 hours to $16.5K. </p><p class=“MsoNormal“>Global markets have been quiet due to US holidays and few meaningful economic publications, allowing the cryptocurrency to continue balancing in a tight range for almost two weeks.</p><p class=“MsoNormal“>The cryptocurrency market’s capitalisation fell by 1% to $827bn overnight. Without a solid positive stock index performance, crypto has nowhere to draw strength for future purchases.</p><p class=“MsoNormal“><a target=“_blank“ href=“https://www.forexlive.com/terms/b/bitcoin/“ target=“_blank“ id=“40c895b3-a119-446c-9ead-2735a79a3f80_2″ class=“terms__secondary-term“>Bitcoin</a> has failed to exploit the inverted head-and-shoulders pattern fully. </p><p class=“MsoNormal“>Perhaps the reason for that is the lack of big players due to the holidays. </p><p class=“MsoNormal“>However, the chances are high that it is still because of the ongoing cautious selling in the sector: the big players continue to reduce their positions, probably forgetting about it again for a couple of years. </p><p>News background</p><p class=“MsoNormal“>The New York Times reported that the troubled cryptocurrency lender Genesis Global Capital is not ruling out bankruptcy. </p><p class=“MsoNormal“>Genesis has hired investment bank Moelis & Company to explore <a target=“_blank“ href=“https://www.forexlive.com/terms/o/options/“ target=“_blank“ id=“d0430eb9-1764-409c-ab53-4952eb20940d_1″ class=“terms__main-term“>options</a>, including filing for insolvency.</p><p class=“MsoNormal“>Ripple chief technology officer David Schwartz said the community was unlikely to learn a lesson from the FTX collapse and would be cautious going forward. </p><p class=“MsoNormal“>Changpeng Zhao, head of Binance, allowed for the possibility of buying FTX assets. In an interview with Bloomberg, he said that some of them could still be saved.</p><p class=“MsoNormal“>The 10,000 BTC stolen from the Mt.Gox exchange, which has been dormant for seven years, is on the move. </p><p class=“MsoNormal“>Ki Young Ju, a crypto analyst and head of CryptoQuant, made the announcement. In doing so, he commented that it was criminal money. The transaction was the largest since August 2017.</p><p class=“MsoNormal“>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ rel=“nofollow noopener noreferrer“ target=“_blank“ class=“article-link“>FxPro</a>’s Senior Market Analyst Alex Kuptsikevich.</p>

This article was written by FxPro FXPro at forexlive.com.

<p style=““ class=“text-align-justify“>The lull from the Thanksgiving holiday is continuing into today but the dollar is finding itself advancing slightly across the board in European trading. Equities remain tentative with European indices seen down around 0.2% while 10-year Treasury yields are now flat at around 3.707% after having been down by as much as over 5 bps earlier in the day.</p><p style=““ class=“text-align-justify“>USD/JPY is the main mover as such, up over 0.5% to 139.40 levels currently:</p><p style=““ class=“text-align-justify“>The pair is holding just above daily support around 138.45 with the 15 November low at 137.65 also still in play. These are levels pointed out yesterday <a target=“_blank“ href=“https://www.forexlive.com/news/usdjpy-holds-lower-in-thin-trading-so-far-today-20221124/“ target=“_blank“>here</a>.</p><p style=““ class=“text-align-justify“>Meanwhile, EUR/USD is down a touch but keeping in and around its 200-day moving average (blue line):</p><p style=““ class=“text-align-justify“>Elsewhere, AUD/USD is down 0.3% to 0.6740 and NZD/USD down 0.5% to 0.6230 currently. The moves aren’t anything to shout about though as the dollar did saw quite the retreat on Wednesday. AUD/USD is also still keeping just below its 61.8 Fib retracement level at 0.6767 for now:</p>

This article was written by Justin Low at forexlive.com.

<p style=““ class=“text-align-justify“>The move will go into effect as of 5 December as the central bank says that it wants to keep liquidity ample and strengthen implementation of prudent monetary policy. This was already pre-empted by Eamonn in his earlier posts this week:</p><ul><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/pboc-rrr-cut-may-be-in-the-next-few-days-20221124/“ target=“_blank“>PBOC RRR cut may be in the next few days</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/chinese-state-financial-media-says-an-rrr-cut-for-all-banks-is-likely-20221125/“ target=“_blank“>Chinese state financial media says an RRR cut for all banks is likely</a></li></ul>

This article was written by Justin Low at forexlive.com.

<p style=““ class=“text-align-justify“>The Chinese has already resorted to community lockdowns as the country’s Covid cases hit a record high and the situation is continuing to escalate ahead of the weekend. Here’s a look at the trend in cases for Beijing over the past week (measured in the 15 hours to 3pm local time each day):</p><p>18 November – 232 new local cases21 November – 316 new local cases22 November – 634 new local cases23 November – 913 new local cases24 November – 863 new local cases</p><p style=““ class=“text-align-justify“>Expect the tighter restrictions to continue in China until they get a grip of the situation. In the meantime, any major re-opening talk or pivot away from its zero-Covid policy will be put on hold surely. For financial markets, this isn’t good news for oil at least.</p>

This article was written by Justin Low at forexlive.com.

<ul><li>Prior -4</li></ul><p style=““ class=“text-align-justify“>UK industrial orders weakened a little in November as the monthly order books balance fell to -5, though still just above the long-run average of -13. The outlook also continues to remain gloomy as manufacturers remain less confident about the situation in the coming months.</p>

This article was written by Justin Low at forexlive.com.