US Dollar, Chinese Yuan & Lockdowns | Morning Express | 11/21/2022

Posted: Nov. 21, 2022, 8:08 a.m.

  • Do not miss our Top Things to Watch this Week, out every Sunday.
  • U.S. Dollar gains ground on momentum from hawkish Fed speak in the back half of last week and a virus U-turn from China.
  • Virus cases in China spike and lockdowns ensue. The first virus-related death in six months. 
  • Commodities and risk-assets tagged on U.S. Dollar strength (Chinese Yuan weakness, exporting deflation). 
  • Get the U.S. Dollar right, you will get a lot of things right. Price action is surging towards a back-test of the trend line break and previous lows (SEE CHART BELOW).
  • A deluge of Fed speak begins tomorrow, U.S. Treasury auctions through midweek, and FOMC Minutes from the November meeting on Wednesday.
  • A 60% probability the Fed hikes by 100bps between the December and February meetings.DX 11-21-22

E-mini S&P (December) / NQ (December)

S&P, yesterday’s close: Settled at 3974.00, up 18.75 on Friday and down 26.25 on the week

NQ, yesterday’s close: Settled at 11,708.50, down 2.50 on Friday and 140 on the week

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NQ (December)

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Crude Oil (January)

Settled at 79.97, 80.11, down 1.29 on Friday and 8.05 on the week

 

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Gold (December) / Silver (December)

Gold, yesterday’s close:  Settled at 1754.4, down 8.6 on Friday and 15.0 on the week

Silver, yesterday’s closeSettled at 20.997, up 0.022 on the week and down 0.67 on the week

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Silver (December)

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