USD/JPY Outlook: The Yen Gains Strength and Approaches 156.00
As November comes to an end, a growing weakness in the U.S. dollar has begun to emerge, allowing the Japanese yen to regain ground in the short term. Over the past five trading sessions, the pair has depreciated by nearly 0.8% in favor of the yen, approaching levels not seen since mid-November.
US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/JPY
It was a pull back week in the USD as the key resistance zone held again, but given the bearish drivers of building expectations for a rate cut along with the possible successor at the Fed, the still-bullish structure on the daily chart stands out as we move towards the FOMC rate decision in two weeks.
Gold firm above $4,200 on broad dovish repricing for December
Gold firm above $4,200 on broad dovish repricing for December
Silver Price Forecast: XAG/USD surges to record high above $56 amid bullish momentum
Silver Price Forecast: XAG/USD surges to record high above $56 amid bullish momentum
Eight Counterparties Participate in Fed Reverse Repo Operation Totaling $7.561 Billion
The Federal Reserve conducted a reverse repurchase agreement operation with eight counterparties, absorbing $7.561 billion, a significant increase from the previous $2.217 billion across six bids. This move indicates the Fed's ongoing efforts to manage short-term liquidity in the financial system.
US Offshore Gulf Oil Production Hits Highest Level Since February 2020 in September
US federal offshore Gulf oil production increased to 1.98 million barrels per day in September, marking the highest output since February 2020, according to EIA data. This rise reflects a recovery in oil production following pandemic-related disruptions.
ECB’s Lagarde Says Interest Rates Are at Right Level, Situation ‘Good’
European Central Bank President Christine Lagarde stated that current interest rates are appropriate and described the economic situation as favorable. This suggests a steady monetary policy stance moving forward.
Silver Reaches New Record High Surpassing October Peak
Silver prices surged to a fresh record high, surpassing the previous peak reached during the October squeeze. This marks a significant bullish momentum in the precious metals market, reflecting strong investor demand.
Silver Weekly Price Outlook – Silver Rallies Again This Past Week
Silver surged sharply this week, though thin post-Thanksgiving trading and a CME outage distorted the weekly candle. Strong bullish pressure persists, but declining volume and a short-squeeze dynamic make cautious position sizing essential.
Nigeria Lowers Qua Iboe Crude Oil Official Selling Price for December
Nigeria has reduced the Official Selling Price (OSP) for Qua Iboe crude oil to dated plus $0.91 per barrel for December shipments. This adjustment reflects changes in the country's oil pricing strategy amid market conditions.