SYDNEY, Dec 7 (Reuters) – Key regional airlines said on Wednesday they expected to continue scheduled flights with New Zealand, which is beginning to ration jet fuel after a recent shipment failed government tests. Airlines are being told t ...
1. Forex Market Insight
Concerns about Omicron appear to have eased slightly, especially as more and more data suggests that the new variant is causing less severe symptoms than previously thought, albeit unconfirmed.
Investors’ appetite for riskier assets has improved this week, with reports of only mild symptoms in South African Omicron-infected individuals. During this interval, the euro rose by 0.67% against the dollar to 1.1343.
(EUR/USD 1-hour chart)
Today, pay attention to the suppression of the 1.1357-line. If the euro runs stably below the 1.1357-line, we will look at the continuity of the euro’s callback strength. At that time, pay attention to the support at 1.1315 and 1.1278 below. If the euro’s strength breaks through the 1.1357-line, then pay attention to the suppression force at the two positions of 1.1378 and 1.1401, especially the suppression force at the first line of 1.1378.
GBP Intraday Trend Analysis
The pound fell by 0.30% to 1.3204 against the dollar, hitting 1.3163 intraday, the lowest level in nearly a year. After Prime Minister Johnson implemented stricter restrictions in England, requiring people to work from home, wear masks in public places and use vaccine passes to slow the spread of the Omicron variant. Meanwhile, the money markets lowered bets on rate hikes, with expectations of only 6 basis points for the Bank of England to raise rates next week.
(GBP/USD 1-hour chart)
The pound today is mainly focused on the 1.3302-line. If the pound runs below the 1.3302-line, then pay attention to the support at the 1.3186 and 1.3104 positions. If the pound strength rises above the 1.3302-line, then pay attention to the 1.3409-line suppression.
2. Precious Metals Market Insight
Gold prices surged higher and were largely flat yesterday as investors waited to find direction from the Fed meeting and U.S. inflation data. Cooling concerns about the outbreak also reduced the appeal of safe-haven gold. During this interval, keep an eye on the U.S. initial claims and Chinese inflation data during the day.
(Gold 1-hour chart)
Gold still pays attention to the 1784-line today. If the price of gold runs below the 1784-line, then pay attention to the support of the 1768 and 1760 positions. If the gold price rebounds above the 1784-line again, it will open up a further room for rebound. At that time, pay attention to the suppressive strength in two positions of 1804 and 1812.
3. Commodities Market Insight
WTI Crude Oil
Oil prices rose on Wednesday, 8th December 2021 as a study showed that an existing Covid-19 vaccine is effective against the new virus variant, allaying fears of plummeting fuel demand, plus geopolitical tensions coupled with disappointing Iranian nuclear talks boosted oil prices. Intraday focus on the U.S. initial jobless claims for the week ended Dec. 4, and the final monthly rate of U.S. wholesale inventories in October.
(Crude oil 1-hour chart)
Today, oil prices are paying attention to the 71.13-line. If oil prices run above the 71.13-line, the pressures at 73.52 and 75.04 will be followed in turn. If the oil price drops below 71.13, further downside space will be opened. At that time, pay attention to the strength of support at 69.75 and 68.57.
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