Oil

Oil steadies after 3-days of losses. Easing tension in the Middle East saw the geopolitical risk premium fall. However, OPEC+ pushing back its December 1st meeting raises optimism the group will postpone unwinding oil production cuts. Volumes will likely remain low owing to the US Thanksgiving holiday.

U.S. stocks are mixed after stronger than forecast data and ahead of the key core PCE inflation report. US GDP was revised higher to 1.9% in Q3, up from 1.8%, boosted by solid consumer spending as inflation continued to cool. Meanwhile, jobless fell to 213k. The data points to the US economy being in a good place raising questions over the Fed's ability to cut rates. US core PCE is expected to rise to 2.8% YoY in October.

Oil prices reversed from yearly open resistance this week with the bears aiming back towards multi-month range lows. A multi-timeframe view of the oil technical charts.

U.S. stocks are heading higher, building on recent gains, as investors weigh up the implications of Trump's tariffs on its top trade partners. President-elect Trump said he would impose a 25% tariff on Canadian and Mexican imports and an additional 10% tariff on imports from China. Looking ahead, the minutes of the November Fed meeting will be released later and could provide more insight into the Fed's outlook for rates.

How could a potential Israel-Lebanon ceasefire impact oil prices and what are the key levels to watch?

U.S. stocks are pointing to a stronger open on Monday amid a sign of relief on Wall Street following President-elect Trump's nomination for Treasury Secretary - Scott Bessent, who favours less stringent trade tariffs.. The move higher comes after gains last week, which saw investors shift into cyclical stocks while rotating out of technology.

EUR/USD recovers from a 2-year low but gains could be limited, Oil steadies after 6% gains last week.

U.S. stocks are heading for a soft open, ending a broadly positive week on a more cautious tone ahead of the release of PMI data. The Dow Jones is on track to rise 1% this week, while the S&P 500 is set for 1.3% gains. The Nasdaq is up 1.6%. Attention is on US PMI data which is expected to show services and manufacturing PMIs rising in November.

U.S. stocks fall as investors digest stronger-than-expected US retail sales and more hawkish comments from Federal Reserve chair Jerome Powell. Powell said the Fed was in no rush to cut rates due to the solid economy, resilient jobs market, and interest still holding above 2%. As if on cue, US retail sales came in stronger than expected.

Oil prices plunged more than 8% off the monthly high with WTI approaching critical support near the yearly lows. A multi-timeframe view of the Oil technical charts.

US stocks are edging lower after losses in the previous session as investors digest the latest US inflation data while looking ahead to more Fed speakers later today. US inflation was in line with forecasts, rising 0.2% MoM (2.6% YoY), while core inflation was also as expected, rising 0.3% MoM (3.3% YoY). The data supports a December rate cut.

U.S. stocks are set to open higher, extending gains from last week. Trump's victory continues to boost the market as investors await the next round of economic data, which could decide whether the rally can continue. US inflation data is due later in the week. Tesla and Bitcoin-related stocks are outperforming as the Trump trade shows few signs of slowing.

EUR/USD falls to a 4.5-month low on trade tariff worries. Oil falls as Hurricane Rafael weakens & China stimulus disappoints.

U.S. stocks are at a record high after Donald Trump won the election to become the 47th president of the United States. Republicans are on course to take both the Senate and the House, pointing to the possibility of a Republican sweep. This would give Trump a strong platform to implement his policies, including tax cuts and deregulation, as well as trade tariffs against China. USD trades at its highest level since June.

U.S. stocks are falling as the markets weigh up big tech earnings and US inflation data and look ahead nervously to the US elections. Meta & Microsoft beat forecasts but warned over higher AI costs, highlighting risks of the AI trade. US core PCE was hotter than forecasts and jobless claims were lower than expected. The data comes ahead of tomorrow's NFP.

Oil prices plunged nearly 15% off the monthly high with WTI now approaching key technical support at the yearly lows. A multi-timeframe view of the Oil technical charts.

Sr. Technical Strategist Michael Boutros highlights the targets & invalidation levels that matter on the USD Majors, commodities & stocks into the weekly open.