IC Markets Global: Daily market analysis(2023-12-04)

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This post was finally written by ICMarkets to 2023-12-7 17:34 edit

IC Markets Global: Daily market analysis(2023-12-04)913 / author:ICMarkets / PostsID:1726980

The market started well this week, with the Dow Jones index rising0.8%

On Friday, optimism once again swept through the US market as Federal Reserve Chairman Jerome Powell confirmed that he believed the risks of the next steps in interest rates were becoming "more balanced". This is enough to once again encourage investors to follow the bullish trend, causing the stock market to rise while yields and the US dollar decline. Three major factorsstock market indexAll recorded substantial growth, with the Dow Jones leading the way and closing higher0.82%Standard&Poor's500The index and NASDAQ index followed closely behind, closing higher respectively0.59%and0.55%. The yield of treasury bond bonds was hit,10Annual decline13One basis point, falling back to near4.2%，2Annual decline16Basis points, down to4.55%. The US dollar index has declined0.25%, andgoldThe price skyrocketed to a historic high.

get into 12 At the time of monthly trading, the currency is at a critical point

Last Friday, Federal Reserve Chairman Jerome Powell's more moderate remarks helped curb the two-day recovery momentum of the US dollar. Now, some major currencies and commodities are at a critical turning point, which will be a key point for us to enter a new trading week. The Australian dollar, New Zealand dollar, pound sterling, and yen are currently at key resistance levels against the US dollar. Once they break through these levels, the currency may enter a new range, which could pose new challenges for bullish traders in the US dollar. The Federal Reserve is now entering a "lockdown period" before its next meeting, so we will not receive more updates from Federal Reserve members to affect market expectations, but we do have some important data releases. But for now, unless the United States releases some significant strong data results, traders will look for levels to sell the US dollar, which may happen in hours rather than days for breakthrough traders.

For traders, today's market schedule is scarce

From the perspective of macroeconomic data releases or central bank actions, the market calendar today is very scarce, so traders expect the positive momentum in the US market last Friday to continue into the next few trading days. Today, both Asia and the United States have only released some small-scale data, while Europe will briefly focus on the Swiss economy as we will release the latest monthly consumer price index data. However, overall, investors expect the trend in the first few trading days of this week to continue the existing trend.