Close: London Session | Forex, Metals, Oil, Agriculture November 29, 2022

672z311_1593188016_CMC-Markets-brokers-traders

Currencies

Dollar shift Former dollar bulls including JPMorgan Asset Management and Morgan Stanley say the era of dollar strength is ending. Stocks in Hong Kong and the Chinese mai View in browser China stocks rally, Wall Street sours on the dollar and the Federal Reserve signals more rate hikes. There s room for currencies like the euro and yen to recover, said Kerry Craig, a strategist at JPMorgan Asset, which oversees $2.5 trillion. The dollar fell for the first time in three days, boosting most Group-of-10 currencies.
The dollar is no longer the straight, one-way buy we ve seen this year.

Metals

Treasuries were little changed, while oil and gold climbed.

Oil

The Biden administration moved Monday to stifle methane releases from oil and gas wells on public land after a federal court tossed out earlier requirements. Commodities have come in a lot, particularly oil.

United States

Stronger-than-anticipated demand in the economy and the labor market suggest a modestly higher path for policy relative to September, New York Fed President John Williams told reporters. Fed hikes Federal Reserve policymakers stressed on Monday that they will raise borrowing costs further to curb inflation. One member of parliament is calling for a national holiday if Iran beats the US, giving pro-government forces a chance to portray themselves in control.
The US Senate is expected to pass a bill today that would federally recognize same-sex marriages. Pence, who may challenge Trump for the Republican Party presidential nomination in 2024, is the most prominent GOP member to criticize the former president for the meeting. US housing busts | The decade-long housing boom in the US is over, and the market has gone eerily quiet. More than 80% of Mexico’s exports go to the US, the country s main trading partner. Nasdaq 100 futures saw steeper gains of 0.4%.

China

One Beijing-based environmentalist rushed to fundraise ahead of her trip: China s tight travel controls and days-long hotel quarantine requirements had made the cost of attending exorbitant. A demonstrator holds a blank sign, a common act of defiance, during a protest in Beijing on Nov. 28. To hear Beijing tell it, all is well on China s climate front. Covid-prevention workers guard the entrance of a residential building placed under lockdown in Beijing on Nov. 26.
A protest against strict Covid measures in Beijing.

Europe

Italian Prime Minister Giorgia Meloni is ready to meet with French President Emmanuel Macron to try and resolve a diplomatic spat over rescue ships carrying migrants, local media reported.

0