Open: New York Session | Forex, Metals, Oil, Agriculture November 29, 2022

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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. The dollar fell for the first time in three days, boosting most Group-of-10 currencies. 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 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. 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. 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.
The US Senate is expected to pass a bill today that would federally recognize same-sex marriages. Fed hikes Federal Reserve policymakers stressed on Monday that they will raise borrowing costs further to curb inflation. 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.

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