Markets await important economic data in US

27 Nov 2019 11:19 AM


The global markets are awaiting important economic data in the United States this evening, which may have a strong impact on the movements of the US dollar, whether the improved data will support the US Federal Reserve to keep interest rates unchanged in the coming period and not only until the end of this year, which will support the strong dollar A break of 98.30 resistance levels. Alternatively, the negative data will support the greenback's strong declines to 98.00 levels again.
However, most expectations remain for the US economy to improve, with GDP in the third quarter rising from 1.6% to 1.7% year on year. However, consumer spending growth may slow slightly from 1.3% to 1.2%.
Gold has seen some slight rise with yesterday's decline in the dollar and profit-taking, but the overall selling pressure is still dominating gold trading as more optimism in the markets towards a preliminary documented agreement in the near future, especially with statements by US President Donald Trump on Tuesday evening that The opponent finally reached an agreement after a war that lasted more than 16 months.
Thus, the bearish scenario for the yellow metal is the closest period ahead especially in case the US data is positive and may return to the levels of 1445 dollars per ounce. Keep in mind any comments from both sides due to their strong impact on the near-term gold movements.
Risk appetite continued to dominate the markets and demand for stocks and major indices increased, as the German DAX returned to 13300 levels before the European session started to retreat, but our positive outlook remains valid especially in case of a breach of 13300.
The Dow Jones rose strongly with most of the stocks, led by Apple, Amazon, Microsoft, Ali baba, where the Dow Jones reached 28163 levels and is expected to reach 28500 levels.
Finally, data from the American Petroleum Institute yesterday evening showed that US oil inventories rose by 3.6 million last week, compared to the previous reading of 5.9 million barrels, while it was expected to 418 thousand. This comes at a time when the market is waiting for hours within the inventory data on the management of energy information, which is expected to decline by 0.5 million barrels against 1.4 million barrels.
Overall, the positive scenario is still the closest to oil trading to $ 60 a barrel, with optimism over improving demand in the coming period.

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