MHMarkets：The Fed's interest rate cut is on the way as US inflation slows down, the job market cools down, and the outlook for consumer spending deteriorates.

MH Markets | 2023-12-01 17:30

Zusammenfassung：At the end of the Asian market on Friday (December 1), data released by the US Department of Commerce showed that the year-on-year growth rate of the US October Personal Consumer Expenditure Price Index (PCE) further decreased to 3.0%.

At the end of the Asian market on Friday (December 1), data released by the US Department of Commerce showed that the year-on-year growth rate of the US October Personal Consumer Expenditure Price Index (PCE) further decreased to 3.0%. Among the classification items that make up the PCE price index, commodity prices and food prices have increased by 0.2% and 2.4% year-on-year, respectively. Service prices, which have increased by 4.4% year-on-year, have become the main factor driving up the price index. Energy prices, which have remained high in the past two years, have fallen by 4.8% year-on-year. The core PCE price index, which excludes energy and food prices, saw a year-on-year increase of 3.5%, the lowest since this round of inflation. The slowdown in the year-on-year growth rate of the US October PCE price index and core PCE price index has once again confirmed the downward trend of inflation. After receiving support below yesterday, the US dollar index rose significantly and broke through the previous pressure, closing near the intraday high. At the opening of the Asian market today, the US dollar index fluctuated slightly, with a current price around 103.34. Gold experienced a correction during its continuous rise yesterday, and rose at the opening of the Asian market today, with a current price around 2041.04. The Secretariat of the Organization of the Petroleum Exporting Countries (OPEC) issued a statement on November 30 stating that multiple OPEC and non OPEC oil producing countries will continue to voluntarily reduce production in the first quarter of next year, with a total daily average of 2.2 million barrels. The fundamentals of oil producing countries reducing production did not provide effective support to the market yesterday, constrained by the expected impact of a bleak economic outlook for mass demand and a decrease in crude oil demand. Yesterday, crude oil plummeted in the market and closed near the intraday low. At the opening of the Asian market today, US crude oil fluctuated slightly, with a current price around 75.97.After being under pressure from above yesterday, EURUSD experienced a significant decline in the market and continuously broke through multiple supports below, ultimately closing near the intraday low. At the opening of the Asian market today, EURUSD continued to rise, with a current price around 1.0906. USDJPY was recently affected by a temporary market correction, and the market rose significantly yesterday, closing near the intraday high. At the opening of the Asian market today, USDJPY fell first and then rose, with a current price around 148.04.

MHMarkets strategy is only for reference and not for investment advice. Please carefully read the statement at the end of the text. The following strategy will be updated at 15:00 on December 1, Beijing time.

Gold XAUUSD·
Resistance	2044.28 – 2049.61 – 2052.89
Support	2030.62 – 2022.46 – 2011.15
The above figure shows the 30 minute chart of gold. The chart shows that the recent upward resistance of gold has been around 2044.28-2049.61-2052.89, and the downward support has been around 2030.62-2022.46-2011.15. The market will be judged by whether to break through the upper and lower support and resistance. Note: The above strategy was updated at 15:00 on December 1. This policy is a daytime policy. Please pay attention to the policy release time.

Crude Oil USOUSD·
Resistance	79.64 – 81.99 – 83.35
Support	75.07 – 74.72 – 74.14
The above chart shows the 30 minute chart of US crude oil. The chart shows that the recent upward resistance of US crude oil is around 79.64-81.99-83.35, and the downward support is around 75.07-74.72-74.14. The market will be judged by whether to break through the upper and lower support and resistance. Note: The above strategy was updated at 15:00 on December 1. This policy is a daytime policy. Please pay attention to the policy release time.

EURUSD·
Resistance	1.0916 - 1.0950 - 1.0982
Support	1.0879 - 1.0852 - 1.0824
The above figure shows the 30 minute chart of EURUSD. The chart shows that the recent upward resistance of EURUSD is around 1.0916-1.0950-1.0982, and the downward support is around 1.0879-1.0852-1.0824. The market will be judged by whether to break through the upper and lower support and resistance. Note: The above strategy was updated at 15:00 on December 1. This policy is a daytime policy. Please pay attention to the policy release time.

GBPUSD·
Resistance	1.2680 – 1.2711 – 1.2734
Support	1.2607 - 1.2589 – 1.2559
The above figure shows the 30 minute chart of GBPUSD. The chart shows that the recent upward resistance of GBPUSD is around 1.2680-1.2711-1.2734, and the downward support is around 1.2607-1.2589-1.2559. The market will be judged by whether to break through the upper and lower support and resistance. Note: The above strategy was updated at 15:00 on December 1. This policy is a daytime policy. Please pay attention to the policy release time.