Market sentiment is improving

29 November, 2017

Market sentiment is improving

On Tuesday, global markets were able to change the mood and moved to gain, with some of the European markets recovering all Monday's losses amid a weaker euro and demand for energy and oil sectors. The metal sectors continue to remain under pressure amid fears of Chinese demand. Yesterday US indices also returned to growth and could even show the rally, updating the historical highs. (SP 500 + 1%, DOW + 1.1%, NASDAQ + 0.5%). The speech of the new head of the Fed supported the mood of the markets and was able to set a new growth driver. The index of consumer confidence has set a maximum for the past 17 years and reached a level of 129.5.

On Wednesday, the oil market is trading under pressure, but the market has so far traded above the $ 63 level of the main support level this week. There were rumors on the market that at the OPEC meeting, the negotiators could extend the agreement, but with the option of reviewing it in June 2018. That is, in fact, the agreement may not be substantial. The oil market, which has been in the growing trend since the middle of the year and got ready for a positive decision by OPEC, may be disappointed, and decline to fix profit. In this case, the next level of support is at $ 61.30. Today, the focus is on data from the US Department of Energy and data on the OPEC meeting.

Yesterday at FOREX, European currency fell to Eur 1.1825 level, but today the pair is consolidating and growing to the level of Eur 1.1880. Yesterday, like today, the European news background is relatively light. The dynamics of the pair is affected by the trend of the US dollar. Yesterday, all the attention of market participants was riveted to the speech of Jerome Powell, but ultimately his speech did not contribute to strengthening of the dollar, eventually market rated it neutrally in the context of the impact on the change of USD dollar. The future head of the Federal Reserve spoke in favor of normalizing interest rates, which is a hint at maintaining the trend for a gradual increase in interest rates in 2018, but at the same time, he took a rather tough position in terms of regulating banking activities, which disappointed markets a bit.

Today, the day is full of important events, primarily in the United States. Today, there will be very important data on changes in US GDP for the third quarter, and speeches by a number of FOMC members led by Janet Yellen, the publication of the so-called "Beige Book" of the Fed and a number of other factors could significantly affect the volatility of forex market.


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