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The post Ex-Dividend 22/11/2024 first appeared on IC Markets | Official Blog.

• Prior month Year on year -1.0%
• PPI MoM 1 .2% versus -0.8% last month
• PPI YoY 1.1% versus -1.0% last month
• Raw material price MoM was 3.8% versus -3.2% last month
• Raw material prices YoY -2.8% versus -8.8% last month

This article was written by Greg Michalowski at www.forexlive.com.

• Prior 10.3
• Philly Fed Business index -5.5 vs 8.0 estimate
• 6 month index 56.6 versus 36.7 last month
• Capital expenditures 24.9 versus 23.5 last month
• employment 8.6 versus -2.2 last month.
• Prices paid 26.6 versus 29.7 last month.
• New orders 8.9 versus 14.2 last month

This article was written by Greg Michalowski at www.forexlive.com.

• Prior week 217K (revised to 219K)
• Initial jobless claims 213K vs 220K estimate
• 4-week moving average initial jobless claims 217K vs 221K prior
• Continuing Claims 1.908M vs 1.873M estimate
• Prior week of continuing claims 1.873M (revised to 1.872M)
• 4-week moving average of continueing claims 1.879M vs 1.874M prior

The largest increases in initial claims for the week ending November 9 were in California (+5,906), New Jersey (+2,439),
New York (+2,327), Minnesota (+1,889), and Texas (+1,275), while the largest decreases were in Michigan (-4,072),
Kansas (-599), Wisconsin (-436), Ohio (-305), and North Dakota (-284).

This article was written by Giuseppe Dellamotta at www.forexlive.com.

Headlines:

• USD/JPY sticks with the push and pull mood on the week
• US futures pare losses ahead of the open later
• Gold Technical Analysis – New highs as rate cuts repricing pauses
• Fed’s Barkin says does not want to prejudge December meeting
• Fed’s Williams: The disinflationary process will continue
• ECB’s Stournaras vouches for a 25 bps rate cut in December
• ECB’s Patsalides: If Dec projections confirm baseline scenario, there is room to cut rates
• ECB’s Villeroy: The balance of risks on growth, inflation is shifting to the downside
• BOJ governor Ueda: We don’t make comments on short-term FX moves
• France November business confidence 96 vs 97 prior
• UK November CBI trends total orders -19 vs -27 prior
• Japan’s largest insurer to raise expected interest rates for the first time in 40 years
• Zelensky says Russia used new missile in attack on Ukraine today

Markets:

• JPY leads, EUR lags on the day
• European equities mixed; S&P 500 futures up 0.2%
• US 10-year yields down 1.4 bps to 4.392%
• Gold up 0.6% to $2,665.93
• WTI crude up 2.2% to $70.30
• Bitcoin up 3.4% to $97,712

It was a bit of a mixed session with broader markets not really acting in unison in European morning trade.

The dollar is sitting a little more mixed, though the Japanese yen is the notable mover on the day thus far. USD/JPY fell from around 155.15 in the handover from Asia to a low of 154.10, with little major catalysts. Russia-Ukraine tensions continue to offer something to chew on but I would argue that’s more reflected in oil prices.

Besides the yen, other major currencies aren’t showing much cohesion. EUR/USD is down 0.2% to 1.0525 while AUD/USD is up 0.3% to 0.6523 currently. The pound, franc, and loonie all remain little changed against the dollar with not much to really stir the pot.

In the equities space, European indices remain a little sluggish at the balance. Meanwhile, US futures were down earlier with tech shares feeling heavy after Nvidia’s earnings overnight. But as the session progressed, dip buyers stepped in and we’re now seeing US futures sit marginally higher ahead of the open later.

As for the bond market, yields are sitting lower but nothing outstanding so it’s also tough to tie in the outsized move in USD/JPY on the day to this.

All in all, it makes for quite a mix of flows in broader markets during the session.

Elsewhere, gold is marked higher as the rebound continues while Bitcoin continues to flirt with fresh all-time highs in a brief push above $98,000 for the first time.

This article was written by Justin Low at www.forexlive.com.

S&P 500 futures are now up 0.2% while Nasdaq futures have pared earlier losses to be up 0.1%. Meanwhile, Dow futures are seen up 0.3% on the day currently. In Asia and large periods of European morning trade, investors remained cautious after Nvidia’s earnings release overnight. The revenue figures were a beat but other details including softer guidance were seen as disappointment as shares of the chip giant fell after hours.

For now, NVDA is still down 0.8% pre-market but broader market sentiment is starting to perk up.

We’ll see if this can hold ahead of the Wall Street open later but if anything else, it shows that dip buyers are certainly making their presence known.

This article was written by Justin Low at www.forexlive.com.

The missile was reportedly fired from Astrakhan and targeted critical infrastructure in the central Ukrainian city of Dnipro. The city was also hit by other strikes involving several cruise missiles and a medium range ballistic missile.

Going back to the ICBM, it would be the first that such a long range weapon has been used in the conflict between the two countries. So far, Moscow has just said that they have “nothing to say on this topic”.

The ongoing tensions here have added something extra to the flows in markets this week. There were some safety bids earlier in the week but if anything else, it is at least propping up oil prices again. WTI crude is seen up 2% today to touch $70 again.

This article was written by Justin Low at www.forexlive.com.

UK industrial orders improved slightly on the month but remains weak overall, with output in the last three months slumping further to a -12 reading – down from -6 in the three months to October. But at least output expectations are seen improving, with the index up to 9 on the month, compared to -1 in October.

This article was written by Justin Low at www.forexlive.com.

The price action in the pair has been rather up and down on the week, with levels now returning back to the weekly pivot around 154.21. Earlier in the day, USD/JPY was trading around 155.15 in the handover from Asia to Europe. So, we’re roughly 100 pips down from there currently.

There’s no real catalyst in terms of headlines as traders are still trying to weather the post-election momentum this week. The dollar perked up again yesterday but failed to really secure any major technical breaks, so it’s not leading to much of anything on the week itself.

In the case of USD/JPY, we’re moving back to familiar levels seen earlier in the week but also keeping within the range seen during last week as well. From the daily chart, there’s not too much to scrutinise as the pair is doing battle in and around the 155.00 mark for now.

However, the near-term chart above might offer a hint for traders to work with. There is the crossover of the 100-hour moving average (red line) back under the 200-hour moving average (blue line). It’s not much but it could be a signal that price momentum is starting to shift the other way.

For now, lower Treasury yields is also helping to pin down the pair with 10-year yields down nearly 2 bps to 4.39%.

But again, I’d be more willing to want to see the dollar lose pace against the other major currencies to really call for any material turnaround in sentiment for the greenback.

As things stand, the dollar is still sitting decently comfortable elsewhere. EUR/USD is down 0.2% today to 1.0525 while GBP/USD is down 0.2% to 1.2630 currently. Both are also lingering near the lows.

That suggests the dollar is keeping more mixed as it seen down slightly against the franc and aussie for now. In terms of risk flows, there might be some suggestion of softer sentiment with S&P 500 futures now down 0.4%. That is largely led by a drop in tech shares after investors are feeling disappointed by Nvidia’s earnings overview.

This article was written by Justin Low at www.forexlive.com.

• Eurostoxx flat
• Germany DAX +0.2%
• France CAC 40 -0.1%
• UK FTSE +0.3%
• Spain IBEX +0.2%
• Italy FTSE MIB -0.2%

The overall market mood is rather tentative now with US futures also sitting marginally lower. S&P 500 futures are down 0.2% with Nasdaq futures down 0.4% but that owes more to tech sentiment feeling more sluggish after Nvidia’s earnings release. The revenue figures were a beat but investors seem to be less convinced of the other details amid their own lofty expectations. Dow futures are also seen down 0.1% currently.

This article was written by Justin Low at www.forexlive.com.

• Prior 97
• Services confidence 99
• Prior 101
• Manufacturing confidence 97
• Prior 92; revised to 93

The overall business climate eased as services confidence fell amid a decline in expected activity and poor demand. That more than offset the slight bounce back in manufacturing activity after the fall in the month before. The good news at least is that employment conditions picked up a little, with the index there seen at 99 – up from 97 previously.

This article was written by Justin Low at www.forexlive.com.

This is but another sign that perhaps things are starting to change in Japan with the BOJ looking to hold interest rates at a higher level amid their recent policy shift. Nippon Life Insurance is now reportedly set to raise the expected interest rates for its annuities and whole life insurance for the first time in 40 years. The move will go into effect in January 2025.

The change is to apply to pension insurance, whole life insurance, education insurance, and other types of insurance where premiums are paid monthly.

The interest rates for annuity insurance will increase from 0.60% currently to 1.00%. Meanwhile, for whole life insurance from 0.25% to 0.40%, and for education insurance from 0.85% to 1.00%.

Now that the BOJ is starting to normalise monetary policy, things are starting to reverberate as Japan’s largest insurer is also taking a big step up. The higher expected interest rates means that life insurance holders will pay less in premiums for those affected by the change. The examples provided by Nikkei:

“For example, if a 20-year-old male pays insurance premiums for 45 years and signs a contract to receive a total pension of 10 million yen from age 65, the monthly premium will fall by 4.7%, from 17,190 yen to 16,380 yen. The total accumulated contribution will fall from 9.28 million yen to 8.85 million yen, reducing the burden on the policyholder. If a 30-year-old woman takes out a whole life insurance policy with a payout of 5 million yen, the monthly premium will be reduced by 1.2%, from 14,990 yen to 14,815 yen.”

Now that Nippon Life has made the first move, other insurance companies in Japan are also likely to follow suit in doing so.

This article was written by Justin Low at www.forexlive.com.