Lots of economic data coming out in the US today ahead of tomorrow's holiday - 23.11.2022

On Tuesday, the US dollar index corrected down after a 3-day rise. There was no particularly important economic news in the US. This morning the Reserve Bank of New Zealand raised the rate to 4.25% from 3.5% as expected. This contributes to the increase in NZDUSD. In Australia, the S&P Global Manufacturing PMI for November fell. This may slightly slow down the strengthening of the Australian dollar. Note that similar indicators S&P Global Manufacturing PMI for November will be published today in Germany, the Eurozone, Britain and the United States. In addition, important materials from the November meeting of the Federal Open Market Committee (FOMC) Minutes will be released in the US today. Investors hope that they will help refine the outlook for future Fed action. Yesterday, the Federal Reserve Bank of Cleveland President Loretta Mester said that reducing inflation is the most important goal of the US regulator. Also today, other economic indicators will be published in the US: Durable Goods Orders, New Home Sales, weekly unemployment, Michigan Consumer Sentiment Final.

Bitcoin quotes are growing today for the 2nd day in a row and are about $16,500. Players look forward to the continued operation of Genesis Trading, one of the largest crypto companies in the US. Earlier it was reported that she may be in financial difficulties.

Yesterday, US stock indices showed a noticeable increase. This was mainly due to positive corporate information. Retail chain Best Buy improved its sales forecast for the current year and its shares soared almost 13%. Medical device manufacturer Agilent Technologies (+8%), Dick's Sporting Goods Inc (+10.1%) and Abercrombie & Fitch (+21.4%) reported higher revenues. In comparison by sectors, yesterday the leader of growth was the Dow Jones Oil & Gas index (+3.3%). This is how investors reacted to strong fluctuations in world oil prices on Monday. Deere & Company, a manufacturer of agricultural and construction equipment, will release its financial statements today.

Today, oil prices are rising for the 2nd day in a row. The American Petroleum Institute (API) reported an unexpectedly large drop in US oil inventories for the week by 4.8 million barrels. An additional positive was the announcement by Saudi Arabia that OPEC + does not plan to increase production at a meeting on December 4. Earlier this possibility was mentioned by some Western news agencies. Recall that in October OPEC + decided to cut production by 2 million barrels per day. Among the negative factors, it is necessary to note the reduction in oil imports by China for 9 months of 2022 by 4.3%. This happened due to anti-coronavirus restrictions on transport and tourism. In addition, the developed countries of the G7 are going to limit the price ceiling for Russian oil as part of the tightening of economic sanctions (cap Russian oil prices).

Natural gas quotes in Europe on ICE Dutch TTF are growing for the 3rd day in a row and have now risen to $1,400 per 1,000 cubic meters. This is facilitated by the emerging cooling in Europe and the US, since gas is used for heating.

Coffee rises in price against the backdrop of a drought in Brazil and the risk of reducing its exports from South America.