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Markets Week Ahead: Dow Jones, Nasdaq, Crude Oil, OPEC, GBP/USD, Brexit Talks

Markets Week Ahead: Dow Jones, Nasdaq, Crude Oil, OPEC, GBP/USD, Brexit Talks

Daniel Dubrovsky, Strategist
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Global equity markets experienced rotation-trade dynamics. Investors piled capital into more traditional industries. In the US, the Dow Jones outperformed the S&P 500 as the tech-heavy Nasdaq Composite declined. Real US Treasury yields (inflation-indexed bonds) climbed as traders felt more optimistic about the long-run path for world growth. Anti-fiat gold prices tumbled.

This occurred as Pfizer announced that its Covid vaccine was over 90% effective in preventing the disease. Growth-linked crude oil prices gained, also boosted by news that OPEC+ could further delay raising production into next year. Energy prices are eyeing a key meeting between these oil-producing nations on Tuesday for further insight.

Yet, there remain obstacles for economic activity going forward. Covid cases are rising exponentially in the US, with Europe seeing spikes. A reintroduction of isolated lockdowns could derail global growth prospects, boosting haven-linked currencies like the US Dollar and Japanese Yen. This is as policymakers in the US appear to remain stalled over another fiscal package.

Australian Dollar, Euro and US Dollar traders should watch out for speeches from chiefs of the RBA, ECB and Fed respectively ahead. For the British Pound and FTSE 100, Brexit talks continue after Boris Johnson’s top aide, Dominic Cummings, resigned. That could mean that a deal is closer than seemed. US retail sales and Chinese economic activity are also on tap. What else?

Fundamental Forecasts:

Euro Forecast: EUR/USD May Extend Last Week's Losses

The falls in EUR/USD early last week came as a surprise to many analysts, but an extension of those declines this week would be no shock as easier Eurozone monetary policy comes closer.

GBP/USD Weekly Forecast: Sterling Eyes Final Stages of Brexit Negotiations

GBP eye another showdown between the UK and EU with time running out for a UK-EU trade deal.

Australian Dollar Eyeing Yearly High Ahead of RBA Minutes, Jobs Data

The Australian Dollar is eyeing a push to fresh yearly highs on positive Covid-19 developments ahead of the RBA meeting minutes and employment data for October.

US Dollar Forecast: Covid Cases, Retail Sales May Keep DXY, Yen and Franc Afloat

The US Dollar gained this past week. Covid-induced safe-haven bids on the Yen and Franc look to keep the DXY Index trading near its current 93 handle.

Crude Oil Forecast: JMMC, Lockdowns, Vaccine News in Focus

Crude oil price action remains mired by conflicting fundamental drivers like renewed COVID-19 lockdown measures and positive vaccine news, but outlook could stay constructive more broadly if OPEC curbs oversupply concerns.

Mexican Peso Fundamental Forecast: USD Claws Back Losses as a Reality Check Kicks In

After a week dominated by vaccine euphoria, USD/MXN looks for further guidance in economic data

Gold Price Forecast: XAU/USD May Remain Afloat Despite Covid Vaccine Hopes

Gold prices tumbled this past week as Covid-19 vaccine hopes sent real Treasury yields higher. But, rising coronavirus cases and US fiscal stimulus woes may keep XAU/USD afloat.

Dow Jones, DAX 30, FTSE 100, S&P 500 Forecasts for the Week

Global equity markets enjoyed a remarkable jump higher last week after news of a potential coronavirus vaccine worked to lift some of the stocks that the pandemic has pressured most. Can it continue?

Technical Forecasts:

Dow Jones Drifts Lower From All-Time High, Eyeing 28000 for Support

The Dow Jones Index retreated after hitting an all-time high of 29,933 on November 9th as profit taking kicked in. Bearish momentum appears to be prevailing with an eye on 28,000 for an immediate support.

Gold Price (XAUUSD) Forecast - Setting Up a New Trading Range

After Monday’s heavy sell-off, gold is making baby steps higher but resistance lies ahead and further gains may prove difficult.

USD/JPY Technical Outlook Appears Neutral to Negative in Week Ahead

USD/JPY explosion off the lows has a familiar level of resistance in play within the context of a generally negative trend.

Euro Strikes Balance as Vaccine Hopes Offset by European Covid Spread

Hope was the big item to start the week and it couldn’t come at a better time as Europe continues to struggle with Covid.

Sterling Outlook: Pound Rally Falters at Resistance- GBP/USD Levels

A multi-week rally in Sterling remains vulnerable as Cable stalls at key technical resistance. Here are the levels that matter on the GBP/USD weekly technical chart.

US DOLLAR WEEKLY PERFORMANCE AGAINST CURRENCIES AND GOLD

USD vs gold, Aud, CAD, YEN, EUR, GBP, NZD

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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