<ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/us-indices-close-higher-led-by-the-dow-30-20221118/“>US indices close higher led by the Dow 30</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/technical-analysis/wti-crude-oil-settles-at-8008-worst-week-since-march-2022-20221118/“>WTI Crude oil settles at $80.08. Worst week since March 2022.</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/bakers-hughes-oil-rig-count-1-to-623-20221118/“>Bakers Hughes oil rig count +1 to 623</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/european-equity-close-strong-day-to-mark-another-week-of-gains-20221118/“>European equity close: Strong day to mark another week of gains</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/g7-plans-to-announce-russian-oil-price-cap-on-wednesday-20221118/“>G7 plans to announce Russian oil price cap on Wednesday</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/feds-collins-inflation-expectations-are-reasonably-well-anchored-20221118/“>Fed’s Collins: Inflation expectations are reasonably well anchored</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/us-october-existing-home-sales-443m-vs-438m-expected-20221118/“>US October existing home sales 4.43m vs 4.38m expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/copper-is-the-simplest-investment-thesis-anywhere-20221118/“>Copper is the simplest investment thesis anywhere</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/technical-analysis/the-us-morning-technical-report-for-november-18-2022-20221118/“>The US morning forex technical report for November 18, 2022</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/feds-collins-fed-likely-needs-to-hike-interest-rates-more-20221118/“>Fed’s Collins: Fed likely needs to hike interest rates more</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/canada-october-producer-price-index-24-vs-04-expected-20221118/“>Canada October producer price index +2.4% vs +0.4% expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/technical-analysis/the-nzd-is-the-strongest-and-the-chf-is-the-weakest-as-the-north-american-session-begins-20221118/“>The NZD is the strongest and the CHF is the weakest as the North American session begins</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/forexlive-european-fx-news-wrap-dollar-a-touch-softer-amid-mixed-markets-20221118/“>ForexLive European FX news wrap: Dollar a touch softer amid mixed markets</a></li></ul><p>The NZD was the strongest and the CAD was the weakest of the major currencies to end the trading week. The USD was mostly higher with declines only vs the GBP and the NZD. The greenback moved the most vs the CAD at 0.47%. The dollar rose 0.43% vs the EUR. </p><p>Of note late in the day was that the commitment of traders showed speculators position in the USD moved to net short for the first time since July 2021 and that the EUR also net longs in the EUR rose to the largest since June 2021. </p><p>This week, the dollar was mixed:</p><ul><li>EUR +0.31%</li><li>GBP -0.42%</li><li>AUD, +0.44%</li><li>NZD -0.55%</li><li>JPY +1.10%</li><li>CHF +1.43%</li><li>CAD +1.00%</li></ul><p>In the US debt market, the </p><ul><li>2 year yield rose 7.7 basis points to 4.530% </li><li>5 year yield rose 7.2 basis points to 4.008%</li><li>10 year yield rose 5.6 basis points to 3.828%</li><li>30 year yield rose 3.8 basis points to 3.926%</li></ul><p>With the Fed officials maintaining their hawkish bias this week, with Fed’s Bullard putting the terminal Fed rate between 5% and 7%, the 2-10 year spread moved to the most negative on record at -70 basis points indicative of the expectations for higher shorter rates but not for long. </p><p>In other markets today </p><ul><li>Spot gold fell 9.38 or -0.52% at $1750.68. For the trading week, the price of gold fell -1.15% </li><li>Spot silver is unchanged at $20.94. For the week, it fell -3.42%</li><li> WTI crude oil is trading at $80.14 after settling at $80.08. The price of crude oil closed below its 100 week moving average tilting the bias to the downside on that chart. The price fell -9.88% on the week. </li><li>Bitcoin is trading at $16,633. That is little changed on the day. For the week, the price recovered 2.0% after last weeks -22% plunge.</li></ul><p>Existing home sales were lower than last month at 4.43M annualized pace vs 4.71M last month, but was higher than expectations at 4.38M. The decline was the 9th straight month decline. October sales fell 28.4% from a year earlier, the biggest annual decline since February 2008.</p>

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

<p>The CFTC net speculators position report for the current week (using closing positions on Tuesday) swings to new short in the USD for the first time since July 2021.</p><p>EUR net longs rose to the largest position since June 2021. </p><p>The EURUSD is trading marginally lower this week (-0.25%). Last week the index moved up 3.95%. Remember the data goes from Tuesday close to Tuesday close. So the rally last week, likely helped contribute to the shift to upside and helped to fuel that rally as well. The CPI was released on Thursday of last week. That day saw the EURUSD move up nearly 2%. On Friday it moved up 1.4%. </p>

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

<p>The US indices are closing higher on the day. The Dow was near unchanged for the week. The S&P and Nasdaq fell.</p><p>The near closing levels are showing:</p><ul><li>Dow rose 200.07 points or +0.60% at 33745.90</li><li>S&P rose 18.94 points or 0.48% at 3965.43</li><li>Nasdaq rose 1.11 points or 0.01% at 11146.07</li><li>Russell 2000 rose 10.61 points or 0.58% at 1849.73</li></ul><p>For the trading week:</p><ul><li>Dow close last week at 33747.87. The closing level today is 33745.90. Closing within 2 points is as close to „kissing your sister“ as you can get for the Dow</li><li>S&P fell -0.69%. Last week, the index rose 5.9%</li><li>Nasdaq fell -1.57% after rising last week by an oversized 8.1%</li><li>Russell 2000 fell -1.75% after rising 4.6% last week. </li></ul><p>Leading the Dow 30 this week was Cisco. The top 5 are:</p><p>The bottom 5 are:</p>

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

<p>The price of WTI crude oil settled at $80.08 which is down -$1.56 on the day or -1.91%. The low for the day scooted to $77.24. That was the lowest level since September 28. The price is settling below the 100 week MA at $80.95. The last time the price of crude oil closed below the 100 week MA was back on the week of December 28, 2020. </p><p>For the week, the price is down -$9.05 or -10.17%. That is the sharpest % decline since the week of March 28, 2022 when the price tumbled 11.79%.</p><p>Bearish week, and bearish close for the week technically for crude oil.</p>

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

<p>The EURUSD fell to a new low for the day taking out the early NY session low at 1.03255.The low just reached 1.03229. </p><p>The US session high extended back toward the 100 hour MA. There were a couple of briefs look above the MA level but not by much. The next downside targets come in the 1.0273 ot 1.02934 area. The rising 200 hour MA comes in at 1.02593. </p><p>It would take a move with momentum above the 100 hour MA and then the falling 200 day MA (green line at 1.04126) to tilt the bias in the short term back to the upside. </p><p>The technical levels are clear. Sellers making a play. They have work to do, however. </p>

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

<p style=““ class=“text-align-justify“>The joint statement echoes what we saw from the G20 in Indonesia earlier this week, which was signed off by China president Xi Jinping. At the time, one wonders whether or not that signals a change in stance by China towards Russia but the headline above is perhaps meant to reflect a more accurate picture of Xi’s position. With the G20, one can understand that a show of unity is very much needed towards the Russia-Ukraine situation but with APEC, China is the boss.</p>

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

<ul><li>S&P 500 futures +0.4%</li><li>Nasdaq futures +0.5%</li><li>Dow futures +0.4%</li><li>Eurostoxx +1.1%</li><li>Germany DAX +1.1%</li><li>France CAC 40 +1.0%</li><li>UK FTSE +0.6%</li></ul><p style=““ class=“text-align-justify“>Equities are finding a modest uptick now in European trading, with regional indices pushing gains towards 1% while US futures are also seen rising to the highs for the day with S&P 500 futures being up 17 points, or 0.4%, currently.</p><p style=““ class=“text-align-justify“>There’s not much in terms of a catalyst for the move but it is providing some appetite for the dollar to soften slightly. Perhaps this is one that is <a target=“_blank“ href=“https://www.forexlive.com/news/a-crucial-moment-for-equities-in-the-final-stretch-of-the-week-20221118/“ target=“_blank“>more technical-related</a>?</p><p style=““ class=“text-align-justify“>In any case, just be wary that bond yields are also moving higher at the same time. Typically these days, yields tend to move lower in corroborating with a more positive look for broader market sentiment. 10-year Treasury yields are up 4.3 bps to 3.815% so that might be something to keep the optimism in check.</p>

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

<p style=““ class=“text-align-justify“>The pound was unimpressed by the Autumn Statement yesterday but Hunt delivered as expected, so there wasn’t much to get excited nor upset about considering it was very much the opposite of the ‚mini-budget‘ in September. Instead, dollar sentiment continues to be the key driver in GBP/USD and we’re still in the midst of sorting that out for the moment.</p><p style=““ class=“text-align-justify“>The pair is holding higher today, erasing the drop from yesterday but it hardly means much with the notable resistance point at 1.2000 still holding since the earlier half of the week. Unless buyers have appetite to break past that, only then can we start to talk about a push towards its 200-day moving average (blue line), seen at 1.2221 currently.</p><p style=““ class=“text-align-justify“>For now though, most of the look among dollar pairs are one in the same i.e. a bit of a stall in momentum earlier in the week before some consolidation and chop over the past few days. The same levels pointed out <a target=“_blank“ href=“https://www.forexlive.com/news/dollar-selloff-runs-into-a-checkpoint-20221117/“ target=“_blank“>here</a> are very much still in play.</p>

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

<p style=““ class=“text-align-justify“>European equities may be slightly higher but the overall mood remains more pensive, with US futures not really hinting at much. S&P 500 futures are down 3 points, or 0.08%, currently as <a target=“_blank“ href=“https://www.forexlive.com/news/a-crucial-moment-for-equities-in-the-final-stretch-of-the-week-20221118/“ target=“_blank“>it is a crucial moment</a> for stocks in general ahead of the weekend.</p><p style=““ class=“text-align-justify“>Elsewhere, bonds are a touch lower with 10-year Treasury yields up 1.3 bps to 3.785% and the dollar is keeping more mixed on the session so far. EUR/USD is down 0.1% to 1.1350 levels and remains in a pondering state after the upside move stalled at the 200-day moving average this week:</p><p style=““ class=“text-align-justify“>Meanwhile, USD/JPY is flattish around 140.15 currently while GBP/USD is up a touch by 0.2% to 1.1890. Looking over to commodity currencies, AUD/USD is up 0.3% to 0.6700 and NZD/USD up 0.6% to 0.6165 but the slight nudge higher comes after sellers have already wrestled back some near-term momentum.</p><p style=““ class=“text-align-justify“>AUD/USD is still trading in between its 100 and 200-hour moving averages now and pivoting in and around its 100-day moving average at 0.6693:</p>

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

<ul><li>Inflation is far too high</li><li>Recession is unlikely to bring down inflation significantly</li><li>Interest rates are, and will remain, main tool for adjusting our policy stance</li></ul><p style=““ class=“text-align-justify“>She is just reaffirming the ongoing narrative and it is more of the case that they will keep saying so for as long as they can get away with it. But the headline remark in itself is already a step down from the previous communique of ‚hiking rates over the next several meetings‘.</p>

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