Technical Outlook and Review

IC Markets

Forex

Stocks

Commodity

Cryptocurrency

DXY

The DXY (US Dollar Index) chart currently maintains a bearish overall momentum, indicating the potential for a bearish continuation towards the 1st support.

The 1st support at 102.63 is identified as an overlap support with a 61.80% Fibonacci retracement, signifying its importance as a significant level where buying interest may emerge. This level adds to its significance as a potential area for buyer activity, providing potential support for the US Dollar Index.

The 2nd support at 101.67 is categorized as pullback support, reinforcing its importance as a level where buying interest may intensify.

On the resistance side, the 1st resistance at 103.43 is noted as an overlap resistance, representing a notable barrier where selling interest could intensify, potentially hindering DXY's upward movement.

EUR/USD

The EUR/USD chart currently exhibits a bullish overall momentum, suggesting potential price action where it may experience a bullish bounce off the 1st support and move towards the 1st resistance.

The 1st support at 1.0825 is identified as an overlap support, signifying its importance as a significant level where buying interest may emerge, potentially providing essential support for EUR/USD.

The 2nd support at 1.0729 features a 50% Fibonacci retracement, adding to its significance as a potential area for buyer activity, strengthening the support.

On the resistance side, the 1st resistance at 1.0937 is categorized as a pullback resistance, representing a notable barrier where selling interest could intensify, potentially hindering EUR/USD's upward movement.

Additionally, there is a 2nd resistance at 1.1013, noted as a swing high resistance, further reinforcing potential resistance factors for the currency pair.

Furthermore, an intermediate resistance level at 1.0882 is identified as a pullback resistance, adding to its significance as a potential resistance level.

EUR/JPY

The analyzed instrument is EUR/JPY, and the overall momentum of the chart is currently bearish.

There is a potential for the price to make a bearish break off the 1st support and drop towards the 2nd support.

The 1st support level is identified at 159.86, and its favorable characteristic is attributed to being an overlap support.

The 2nd support level is situated at 157.94, and its favorable aspect is derived from being a swing low support.

On the resistance side, the 1st resistance is positioned at 161.76, and it is considered significant due to being a pullback resistance.

The 2nd resistance is located at 164.21, and its significance is derived from being a swing high resistance.

EUR/GBP

The analyzed instrument is EUR/GBP, and the overall momentum of the chart is currently bearish. This bearish momentum is attributed to the fact that the price broke below an ascending support line, triggering a potential bearish move.

There is a potential for the price to make a rise towards the 1st resistance in the short term before reversing off it and dropping towards the 1st support.

The 1st support level is identified at 0.8559, and its favorable characteristic is attributed to being a swing low support.

The 2nd support level is situated at 0.8511, and its favorable aspect is derived from being a multi-swing low support.

On the resistance side, the 1st resistance is positioned at 0.8614, and it is considered significant due to being a pullback resistance.

The 2nd resistance is located at 0.8702, and its significance is derived from also being a pullback resistance.

GBP/USD

The GBP/USD chart currently maintains a bullish overall momentum, suggesting potential price action where it may continue its bullish movement towards the 1st resistance.

The 1st support at 1.2627 is identified as an overlap support, signifying its importance as a significant level where buying interest may emerge, potentially providing essential support for GBP/USD.

The 2nd support at 1.2404 is also noted as an overlap support, reinforcing its significance as another potential area for buyer activity.

On the resistance side, the 1st resistance at 1.2825 is categorized as an overlap resistance, representing a notable barrier where selling interest could intensify, potentially hindering GBP/USD's upward movement.

Furthermore, an intermediate resistance level at 1.2714 is identified as an overlap resistance with a 61.80% Fibonacci retracement, adding to its significance as a potential resistance level.

GBP/JPY

The overall momentum of GBP/JPY is bearish. There is potential bearish continuation towards the 1st support at 183.69. If this support level is breached, the 2nd support at 178.36 could be the next significant level to watch for potential price reactions. Conversely, if there's a reversal in the price, the 1st resistance at 187.88 may act as a barrier to any bullish movement.

1st support at 183.69: This level is considered a pullback support, and it may provide a potential area where buyers could step in, leading to a temporary halt or bounce in the bearish trend.

2nd support at 178.36: This level is identified as a multi-swing low support, indicating that it has held as a significant support level multiple times in the past. If the price continues to move lower, this level could act as a stronger support area.

1st resistance at 187.88: This level is seen as a pullback resistance, and it may serve as a point where sellers could become active, potentially causing the price to reverse or consolidate.

USD/CHF

The USD/CHF chart currently exhibits a bearish overall momentum, suggesting potential price action where it may continue its bearish movement towards the 1st support.

The 1st support at 0.8556 is identified as a multi-swing low support, signifying its importance as a significant level where buying interest may emerge, potentially providing essential support for USD/CHF.

Additionally, traders may await downside confirmation around 0.8702, which is noted as an overlap support with a 78.60% Fibonacci retracement, further strengthening the support zone.

On the resistance side, the 1st resistance at 0.8778 is categorized as an overlap resistance, representing a notable barrier where selling interest could intensify, potentially hindering USD/CHF's upward movement.

USD/JPY

The USD/JPY chart currently exhibits a bearish overall momentum, suggesting potential price action where it may continue its bearish movement towards the 1st support.

The 1st support at 144.80 is identified as an overlap support, signifying its importance as a significant level where buying interest may emerge, potentially providing essential support for USD/JPY.

Additionally, traders may await downside confirmation around 147.29, which is noted as an overlap support, further strengthening the support zone.

On the resistance side, the 1st resistance at 148.38 is categorized as an overlap resistance, representing a notable barrier where selling interest could intensify, potentially hindering USD/JPY's upward movement.

USD/CAD

The USD/CAD chart currently has a bearish overall momentum, which has been fueled by a break below an ascending support line, suggesting a potential bearish move.

The price could potentially continue its bearish movement towards the 1st support at 1.3371. This support level is identified as a pullback support, indicating its significance as a potential level where buying interest may emerge, providing some support for USD/CAD.

On the resistance side, the 1st resistance at 1.3565 is categorized as an overlap resistance, which suggests it's a significant level where selling interest may intensify, acting as a potential barrier to further upward price movement. The 2nd resistance at 1.3647 is noted as a pullback resistance, adding to the potential resistance factors for the pair.

AUD/USD

The AUD/USD chart currently exhibits a bullish overall momentum, suggesting the potential for a bullish continuation towards the 1st resistance.

The 1st support at 0.6594 is identified as an overlap support level, indicating its significance as a potential level where buying interest may emerge and provide support for the AUD/USD pair.

Similarly, the 2nd support at 0.6517 is another overlap support level, adding to its importance as a potential area where buyers might become active.

On the resistance side, the 1st resistance at 0.6722 is categorized as an overlap resistance, suggesting that it's a significant level where selling interest may intensify, potentially acting as a barrier to further upward price movement.

NZD/USD

The NZD/USD chart currently exhibits a bullish overall momentum, suggesting the potential for a bullish continuation towards the 1st resistance.

The 1st support at 0.6053 is identified as a pullback support level, indicating its significance as a potential level where buying interest may emerge and provide support for the NZD/USD pair.

On the resistance side, the 1st resistance at 0.6276 is categorized as a swing high resistance, and it aligns with the 78.60% Fibonacci Retracement level, adding to its importance as a potential barrier where selling interest may intensify.

Additionally, the 2nd resistance at 0.6389 is noted as a multi-swing high resistance, further reinforcing its role as a significant level where selling pressure could potentially increase.

DJ30

The DJ30,the momentum of the chart is the overall momentum of the chart is bullish. In this scenario, there is a potential short-term bearish move followed by a bounce.

1st support at 35,713.98: This level is identified as a multi-swing low support, suggesting that it aligns with historical swing lows and is likely to be a strong support level. Traders may expect the price to find buying interest near this level.

2nd support at 34,997.31: The 2nd support level is marked as a pullback support, indicating that it may provide additional support if the price experiences a short-term pullback. It reinforces the potential for a bounce from lower levels.

Intermediate resistance at 36,519.78: This intermediate resistance level may act as a barrier to further upward movement. Traders should watch for signs of a breakout above this level for a potential bullish continuation.

2nd resistance at 36,958.53: The 2nd resistance level is marked as a swing high resistance, suggesting that it could be a point where selling pressure may increase temporarily.

GER40

The GER40 overall momentum is the overall momentum of the chart is bearish. There is a potential rish price movement with a focus on key support and resistance levels:

1st sbeaupport at 15,996.8: This level is identified as a pullback support, indicating that it may serve as a significant support level where buyers could potentially step in to prevent further downside movement.

2nd support at 15,523.4: The 2nd support level is considered a multi-swing low support, suggesting that it has historical significance as a support level. Traders should monitor this level for potential buying interest.

1st resistance at 16,524.3: The 1st resistance level is marked as a pullback resistance, signifying that it could act as a barrier to further upward movement. Traders may expect selling pressure to potentially increase near this level. Technical Outlook and Review_13

US500

The overall momentum of US500 is the overall momentum of the chart is bearish. There is a possibility of a bearish reaction off the 1st resistance level, with a potential drop towards the 1st support.

1st support at 4,521.7: This level is identified as a pullback support and may act as a significant support level where buyers could potentially step in to prevent further downside movement.

2nd support at 4,385.6: The 2nd support level is also considered a pullback support, suggesting that it has historical significance as a support level. Traders should monitor this level for potential buying interest.

1st resistance at 4,605.6: The 1st resistance level is marked as a pullback resistance and is associated with the 61.80% Fibonacci Projection, indicating that it could act as a barrier to further upward movement. Traders may expect selling pressure to potentially increase near this level.

2nd resistance at 4,643.6: The 2nd resistance level is identified as a swing high resistance, which suggests that it has previously acted as a significant barrier to price advancement. Technical Outlook and Review_14

BTC/USD

The analyzed instrument is BTC/USD, and the overall momentum of the chart is currently bullish.

There is a potential for the price to make a bullish continuation towards the 1st resistance.

The 1st support level is identified at 40111, and its favorable characteristic is attributed to being a pullback support.

The 2nd support level is situated at 37922, and its favorable aspect is derived from also being a pullback support.

On the resistance side, the 1st resistance is positioned at 43175, and it is considered significant due to being a swing high resistance. Technical Outlook and Review_15

ETH/USD

The analyzed instrument is ETH/USD, and the overall momentum of the chart is currently bullish.

There is a potential for the price to make a bullish breakthrough of the 1st resistance and rise to the 2nd resistance.

The 1st support level is identified at 2149.81, and its favorable characteristic is attributed to being a pullback support.

The 2nd support level is situated at 2094.56, and its favorable aspect is derived from also being a pullback support.

On the resistance side, the 1st resistance is positioned at 2229.47, and it is considered significant due to being associated with the 50% Fibonacci Retracement.

The 2nd resistance is located at 2364.15, and its significance is derived from being a pullback resistance.

WTI/USD

The WTI (West Texas Intermediate) chart currently exhibits a bearish overall momentum, driven by its position below a major descending trend line, indicating a continuation of the bearish sentiment.

The 1st support at 72.63 is identified as a multi-swing low support and coincides with a 78.60% Fibonacci Retracement level, adding significant weight to its role as a crucial support level for WTI.

Furthermore, the 2nd support at 67.16 is another multi-swing low support level, reinforcing its importance in potentially providing support for WTI.

On the resistance side, the 1st resistance at 78.46 is categorized as an overlap resistance, representing a significant barrier where selling interest could intensify, potentially hindering WTI's upward movement.

XAU/USD (GOLD)

The XAU/USD (Gold) chart currently maintains a bullish overall momentum, indicating potential price action where it may experience a bullish bounce off the 1st support.

The 1st support at 2047.82 is categorized as a pullback support, signifying its importance as a significant level where buying interest may emerge, potentially providing crucial support for XAU/USD.

Moreover, the 2nd support at 2008.83 is also identified as a pullback support, adding further significance to this support level.

On the resistance side, the 1st resistance at 2075.43 is characterized as a swing high resistance with a 61.80% Fibonacci Projection and a 78.60% Fibonacci Projection, indicating Fibonacci confluence, making it a formidable barrier where selling interest could intensify.

Additionally, the 2nd resistance at 2139.71 is noted for its 127.20% Fibonacci Extension and 100% Fibonacci Projection, further reinforcing its potential as a strong resistance level. Technical Outlook and Review_18

Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

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Warren Takunda

Economic

The upcoming week promises a flurry of economic data and events that will influence global financial markets. In the United States, focus remains on the eagerly awaited labor report, while international attention turns to monetary policy decisions in major economies such as Australia, India, Canada, and Poland. Additionally, a slew of inflation rate releases from China to Mexico and GDP growth updates from countries like South Korea, South Africa, Brazil, and Australia will keep investors on their toes. As markets navigate these developments, key indicators spanning services PMIs, industrial production, and trade data will provide crucial insights into the state of the global economy.

As the global economy continues its path to recovery, the upcoming week presents a myriad of economic events and data releases that are poised to impact financial markets worldwide. Here's a comprehensive preview of what to watch for in the week ahead.

United States: Labor Report and More

The United States takes center stage with a spotlight on the US labor report, JOLTs job openings, and the ISM Services PMI survey. The nonfarm payrolls for November are expected to show an acceleration from the previous month, with projections around a 170,000 increase. Attention will also be on the jobless rate, expected to remain unchanged at 3.9%, and wage growth, which is anticipated to slow to 4%. The ISM Services PMI survey is projected to reveal a slight acceleration in service sector growth.

Other critical data points include the ADP employment change, foreign trade figures, factory orders, the economic optimism index, and final readings for both third-quarter productivity and November's S&P Global Services PMI.

Americas: Bank of Canada and Economic Indicators

In Canada, the Bank of Canada is expected to maintain current interest rates, considering signs of inflation moderation and labor market adjustments. Key data includes Canada's Ivey PMI and foreign trade, Mexico's inflation data, consumer morale, and Brazil's third-quarter GDP, S&P Global Services PMI, and business morale.

Europe: German Trade Data and Euro Area Figures

Germany takes the European spotlight, with anticipated trade data for October indicating potential declines in exports and imports. Industrial production is expected to rebound marginally, and factory orders are projected to show no growth. The Euro Area will release retail sales data, expected to increase in October, and GDP figures confirming a slight contraction in Q3. France, Italy, Spain, and Switzerland will contribute additional economic indicators, including industrial output, retail sales, services PMI, CPI, and unemployment figures.

Asia: China's Trade Figures and RBI Decision

In Asia, China's trade figures for November will offer insights into the impact of recent economic stimuli. The focus also turns to consumer and producer inflation prints. Japan's attention centers on the December Tankan index and October's current account. The Reserve Bank of India (RBI) is expected to maintain its interest rate, with markets watching for cues on accommodation withdrawal and potential bond sales. South Korea and the Philippines will unveil November's inflation print, while Australia anticipates the RBI's unchanged interest rate decision after October's surprising inflation rate.

As global markets navigate these crucial developments, investors and analysts will closely monitor the outcomes for their implications on currency movements, equity markets, and overall economic sentiment.

To stay updated on all economic events of today, please check out our Economic calendar

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Stocks

US stock markets kicked off a new month in style, as fixed income and equity markets reacted to the more dovish elements within Fed chair Jerome Powell's speech, including rates being "well into restrictive territory."

Before we look at what the year's final month might bring, it's worth revisiting some of November's key highlights.

US two-year note yields fell 41 bp from 5.09% to 4.68%

US 10-year note yields fell 60bp from 4.93% to 4.33%

US rates markets are now pricing 125bp of Fed rate cuts in 2024

The Nasdaq gained 10.67%

The S&P500 gained 8.92%

The Dow Jones gained 2898 points or 8.77%

Can the November rally extend into December?

The correlation is clear. US equity markets ripped higher in November, driven by falling rates. Behind the fall in rates was a dovish pivot by the Federal Reserve and a patch of cooler data. Rarely, if ever, has a central bank executed such an exquisitely timed pivot.

With November's astonishing moves as the starting point for December, the risk-reward of expecting more of the same has reached a more extreme point. While inflation data has been cooler in recent weeks, the market will want to see labour market data this week to support the cooling narrative and another leg higher in equities into year-end.

What is expected from Jolts and Non-Farm Payrolls data?

JOLTS Job Openings – The market expects job openings to decrease in October to 9.3 million from 9.55 million in September. NB While considered an accurate gauge of the labour market, JOLTS runs one month behind NFP.

Non-Farm Payrolls - The market expects a gain of 180,000 jobs in November, up from 150,000 in October. The unemployment rate is expected to hold steady at 3.9%, and average hourly earnings to ease to 4% YoY from 4.1% in October.

If either of these job numbers is much hotter than expected, it will likely cause the rates market to have second thoughts around the timing of Fed rate cuts, with the first cut currently fully priced for May. December Outlook - US Markets Ride Dovish Momentum_1

December Outlook - US Markets Ride Dovish Momentum_1

S&P 500 technical analysis

The S&P 500 remains the only one of the three key indices yet to break above its year-to-date highs.

While we remain bullish into year-end, we would not contemplate opening fresh longs at these levels. Instead, we would prefer to use dips back towards support at 4450/30, in anticipation of a retest and break of the July 4634.50 high. Above the 4634.50 high there is blue sky towards the November 2021, 4740.50 high, followed by the January 2022, 4808 high.

Aware that a sustained break below the support of the 200-day moving average at 4312 would warn that the rally has run its course, and that a deeper pullback is underway. December Outlook - US Markets Ride Dovish Momentum_2

December Outlook - US Markets Ride Dovish Momentum_2

Nasdaq technical analysis

The Nasdaq has followed the road map to perfection in recent months, bottoming as expected in the 14,200/14,000 support zone, before a stunning recovery to new highs.

Although we remain bullish into year-end, we would not contemplate opening fresh longs at these levels. Instead, we would prefer to use dips back towards support in the 15,700/450 area in anticipation of a push towards 16,400/500.

Aware that should the Nasdaq see a sustained break of support at 15,450, it would warn that the rally has run its course and that a deeper pullback is underway towards the 200-day moving average at 14,450. December Outlook - US Markets Ride Dovish Momentum_3

December Outlook - US Markets Ride Dovish Momentum_3

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Kevin Du

Cryptocurrency

Bitcoin topped US$40,000 (RM186,500) as the largest digital asset extended a 2023 rebound on expectations of interest-rate reductions and greater demand from the exchange-traded funds (ETF) sector.

The token added as much as 2.9% to reach US$40,867, and was just shy of that mark as of 10.33am on Monday in Singapore, taking its 2023 jump to 146%. Bitcoin was last at such levels in April 2022, before the TerraUSD stablecoin collapse that contributed to a US$2 trillion rout in digital assets.

Investors are increasingly convinced that the Federal Reserve (Fed) is done with rate hikes as inflation cools, turning the focus to the likely extent of cuts next year. The changed backdrop has fuelled a rally across global markets.

The crypto industry is also awaiting the outcome of applications from the likes of BlackRock Inc to start the first US spot bitcoin ETFs. Bloomberg Intelligence expects a batch of these products to win Securities and Exchange Commission approval by January.

Weathering crackdown

"Bitcoin continues to be supported by optimism around SEC approval for an ETF and Fed rate cuts in 2024," Tony Sycamore, a market analyst at IG Australia Pty Ltd, wrote in a note. Technical chart patterns pointed to US$42,330 as the next level to watch for, he added.

Bitcoin's revival from the 2022 crypto crash has weathered a US crackdown that put Sam Bankman-Fried behind bars for fraud at FTX, and handed top crypto exchange Binance and its founder Changpeng Zhao rap sheets and big fines.

Optimists argue the drive to curb dubious practices and the prospective ETFs signal a maturing crypto industry and the potential for a wider investor base.

Recent enforcement actions "have instilled confidence among investors", said Su Yen Chia, a co-founder of the Asia Crypto Alliance. Bitcoin "is aping momentum in traditional finance with Fed rate-hike expectations fading", she added.

Lingering risks

A reset in rate bets or unexpected snarls for the ETFs could yet derail bitcoin, while some technical indicators suggest the virtual currency's rally is stretched.

For instance, bitcoin's weekly relative strength index (RSI), a momentum gauge, closed above 75 for the past two weeks. Readings above 70 are viewed as signalling "overbought" conditions. At the same time, bitcoin in the past decade rose an average 15% over the subsequent month after printing a weekly RSI of more than 75, according to data compiled by Bloomberg.

In the short term, "'long' trader positioning implies that further price appreciation may be harder to come by", crypto fund provider Grayscale Investments LLC's research team wrote in a Dec 1 note. Still, the financial and economic backdrop is set to stay positive for digital assets, the team added.

Bitcoin's jump in 2023 has outstripped assets such as global stocks and gold. In the derivatives market, open interest recently advanced to landmark levels at the CME Group for bitcoin futures, and at the Deribit platform for options on the most high-profile crypto coin.

Bitcoin halving

One prop for sentiment is the so-called bitcoin halving due next year, which will cut in half the amount of tokens that bitcoin miners receive as reward for their work. The quadrennial event is part of the process of capping bitcoin supply at 21 million tokens. The coin hit records after each of the last three halvings.

Bitcoin and smaller tokens such as Ether and BNB are still some way below the all-time highs achieved during the pandemic-era crypto bull run. The largest token peaked at almost US$69,000 in November 2021.

The lift in digital-asset prices at the start of the week filtered across crypto-linked stocks in Asia. Japan's Monex Group and Woori Technology Investment Co in South Korea were among the beneficiaries.

In the US, digital-asset exchange Coinbase Global Inc and software firm MicroStrategy Inc — the largest publicly-traded corporate holder of bitcoin — are both up more than 270% year-to-date. MicroStrategy last month bought US$593 million more of the token, taking its pile to roughly US$6.5 billion.

Source: Bloomberg

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Owen Li

Economic

UN urges rich nations to honor financial commitments, help vulnerable states

As COP28 takes place in the UAE, this page looks at the efforts and the initiatives the UN conferences have championed as well as the global pledge to fight climate change.

Although a new Loss and Damage Fund has been operationalized for the most vulnerable poor nations in the face of climate change, countries in the Global South are still confronted with huge financial gaps in coping with the climate crisis, officials of the United Nations and developing countries say.

Addressing the G77 and China Leader's Summit on Saturday, which was held on the sidelines of the COP28 United Nations Climate Change Conference in Dubai, the United Arab Emirates, UN Secretary-General Antonio Guterres expressed grave concerns over the fulfillment of financial commitments made by developed countries to support climate actions in developing countries.

The developed countries must honor the commitment of delivering $100 billion, he said.

In 2009, developed countries pledged to mobilize $100 billion per year by 2020 to support climate action in developing countries. The promise, however, has not yet been fully honored.

"We need to see much greater support for the new Loss and Damage Fund," Guterres said. "It started well but with not much money."

First agreed during COP27, which was held in Egypt late last year, the fund has been a long-standing demand of developing nations to help them cope with the costs of the devastation caused by climate change.

The fund was operationalized on Thursday when the two-week-long annual UN climate gathering in Dubai opened.

Several countries, led by the UAE, made financial commitments to the fund, with the UAE and Germany each contributing $100 million.

"Climate finance still has a long way to go," Guterres stressed. "Up to 18 times more finance is needed for adaptation to meet the current needs of developing countries."

The International Energy Agency estimates that the transition to net zero in emerging markets and developing economies will cost more than $2 trillion annually by 2030, he said.

Dennis Francis, the president of the 78th Session of the General Assembly, called for further actions from developed countries to ensure the sufficiency of resources in the new fund.

The severe economic, social and environmental devastation from climate change creates more debilitating consequences for developing countries, he emphasized at the G77 and China Leader's Summit.

"Despite having made a minuscule contribution to this crisis, naturally this is most worrisome in the least developed countries, landlocked developing countries and small island developing states," he said.

Accelerating adaptation

It is thus essential that COP28 deliver an ambitious series of climate action outcomes that accelerate climate adaptation to assist and support those most vulnerable struggling on the front lines, he said.

"Now that the (loss and damage) fund is established, it is hoped that other countries will follow the strategic leadership of the UAE and Germany and ensure the sufficiency of resources in the fund to underwrite the financial requirements for the adoption of adequate adaptation mechanisms," he said.

At a dialogue session discussing the sustainable development of enterprises on Friday, Xie Zhenhua, China's special envoy for climate change, said the operationalization of the Loss and Damage Fund marked "big progress".

"We are happy for that," he said.

In accordance with the UN Framework Convention on Climate Change, and its 2015 Paris Agreement, developed countries should provide financial and technological support to developing nations and now there has been progress in this regard, he said.

"We hope for more contributions to the fund. And the developed nations should make even greater efforts for that," he said.

Wilber Khasilwa Ottichilo, the governor of Kenya's Vihiga County and the chairman of the Environment and Climate Change Committee at the Council of Governors in the African nation, also welcomed the fund, but he said a lot more is still needed.

"It's a very necessary fund, particularly for developing countries and Africa because we are bearing the brunt of climate change, but we contribute very little," he told China Daily.

The commitment from a few countries to the Fund is a welcome move. But he said that's "a drop in the ocean".

"We hope that more countries will come in and commit, particularly the countries that have contributed to the overall problem of climate change in the world," he said.

Source: ChinaDaily

To stay updated on all economic events of today, please check out our Economic calendar

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Titan FX

Forex

EUR/USD Technical Analysis

The Euro started a strong increase above the 1.0820 resistance against the US Dollar. EUR/USD even spiked above 1.1000 before the bears appeared.

EUR/USD Holds Support but Can It Increase Again?_1

Looking at the 4-hour chart, the pair above the 1.0850 pivot level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).

A high was formed near 1.1017 before the pair corrected lower. There was a move below the 1.0950 and 1.0920 level. It is now testing the 1.0880 support. There is also a major bullish trend line forming with support near 1.0880 on the same chart.

The next key support is near 1.0825 or the 38.2% Fib retracement level of the upward move from the 1.0516 swing low to the 1.1017 high.

The next key support sits at 1.0765, below which the pair could test the 1.0720 pivot level in the near term. Any more losses might call for a move toward 1.0660.

On the upside, immediate resistance is near the 1.0900 level. The next key resistance is near the 1.0920 level. A close above the 1.0920 zone could open the doors for more upsides. The next stop for the bulls might be 1.1020.

Looking at Gold, there was a strong increase above the $2,100 resistance before the bears appeared and there was a downside correction.

Economic Releases

ECB's President Lagarde speech.

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FastBull Featured

Daily News

[Quick Facts]

1. Gold opened up $75 on Monday morning.

2. Timiraos: Fed's rate hikes are probably over, but officials are reluctant to say so.

3. Powell pushes back on rate-cut bets, but markets push back harder.

4. Russia plans to raise diesel exports in December.

5. Brazil will join OPEC+, but won't limit oil output.

[News Details]

Gold opened up $75 on Monday morning

Gold opened up $75 or about 3.54% on Monday morning to a new high of $2146.79, and it currently has fallen back to around $2091.23. For reasons, first, the Israeli army attacked the Gaza Strip after the breakdown of the temporary truce, so the market is increasingly worried about the expansion of the Middle East war, thus shoring up the gold price. Second, although Fed's Jerome Powell tried to push back on rate-cut bets in his speech last Friday, weak U.S. economic data and declining inflation made the market push back harder, boosting gold.

Timiraos: Fed's rate hikes are probably over, but officials are reluctant to say so

The Wall Street Journal's reporter Nick Timiraos shared his latest research last Friday, December 1, local time, that he believes that the Federal Reserve's interest rate hikes are probably over, but officials are reluctant to say so. Federal Reserve officials are increasingly confident that they don't need to keep raising interest rates to defeat inflation. But they aren't satisfied enough to declare an end to hikes - let alone to start a discussion about lowering rates, Timiraos wrote. Looking ahead to the December policy meeting, Timiraos expected the central bank to keep its benchmark rate unchanged for a third consecutive time at between 5.25% and 5.5%, and to reiterate that it would be more likely to hike than to cut rates afterward.

Powell pushes back on rate-cut bets, but markets push back harder

It's too early to discuss a rate cut, and the Fed is prepared to tighten monetary policy further if it becomes appropriate to do so.

Inflation has come down, but core inflation is still too high. To achieve the inflation target, the recent core progress must continue. We are on track to "avoid severe job losses while bringing inflation back down toward 2%".

The Fed's monetary policy is at a restrictive level to contain the economy, so the right thing to do is to let the data tell us what's going on and whether the Fed's tightening is sufficient or whether the Fed needs to do more. So far, the Fed is advancing cautiously as the risks of insufficient and excessive tightening are becoming more balanced.

Powell tried to push back on interest rate-cut bets, but markets believe the Fed is done raising rates and will soon cut them.

The CME FedWatch tool shows a less than 3% probability of another Fed rate hike, and an over 60% probability of the first rate cut by March 2024, which was 30% before Powell's speech.

Russia plans to raise diesel exports in December

Russia plans to boost overseas diesel supplies from its major western ports in December by over a quarter after the government eased further export restrictions and Black Sea storms pushed back November loadings of the fuel. Including some batches from Belarus, Russia plans to export a total of 2.83 million metric tons of fuel from its main Black Sea and Baltic ports in December. Calculated from Kpler's historical data, it is about 681,000 barrels per day, 28% higher than last month's exports. December's port flows will also be the highest since July, the data showed.

Brazil will join OPEC+, but won't limit oil output

Brazil is expected to join the OPEC+ group in January next year but it will not participate in the group's production cuts, said Paul Prates, chief executive of Petrobras, Brazil's national oil company. The organization's surprise announcement on Thursday that Brazil would join OPEC+ immediately raised doubts about whether Brazil would cut production after the OPEC+ countries agreed to voluntarily cut output by nearly 2 million barrels a day early next year. Paul Prates said, "We would never be part of an organization that imposes (production) quotas to Brazil, Petrobras is a publicly-traded company and we cannot have quotas." "Brazil would start participating in the meetings as some kind of observer member, which I think is really nice," Prates said. He expects Brazil to formally accept the invitation in June.