Goolsbee unleashes hawkish rhetoric and the Fed's victory against inflation is too early.Goolsbee unleashes hawkish rhetoric and the Fed's victory against inflation is too early.

MH Markets | 2023-12-18 17:12

Zusammenfassung：At the end of the Asian market on Monday (December 18), Chicago Federal Reserve Bank President Goolsbee stated last Sunday that it was too early to announce the Fed's victory in fighting inflation, and the decision to cut interest rates would be based on upcoming economic data.

At the end of the Asian market on Monday (December 18), Chicago Federal Reserve Bank President Goolsbee stated last Sunday that it was too early to announce the Fed's victory in fighting inflation, and the decision to cut interest rates would be based on upcoming economic data. We have made great progress in 2023, but I still warn everyone that this is not yet completed. Market interpretation of Goolsbee's hawkish speech, specific policies depend on this week's inflation data. The US dollar index rebounded last Friday, but did not form an upward efficiency structure. At the opening of the Asian market today, the US dollar index adjusted slightly and is currently priced around 102.48. Affected by the expected fundamental data, gold fell sharply last Friday and broke through the previous support level, ultimately closing near the intraday low. At the opening of the Asian market today, gold rebounded and consolidated, with the current price around 2021.60. Affected by the current political situation, US crude oil has recently experienced a significant pullback. Last Friday, US crude oil adjusted at the high point of the pullback. At the opening of the Asian market today, US crude oil saw a slight correction, with the current price around 72.31. Affected by fundamental expectations, EURUSD saw a significant price correction in the market last Friday and broke through past support levels, ultimately closing near the intraday low. At the opening of the Asian market today, EURUSD saw an upward correction and is currently quoted around 1.0915. The Bank of Japan will hold a monetary policy meeting from December 18 to 19 local time. The market expects that the Bank of Japan's short-term interest rate target will remain unchanged at -0.1%, and the benchmark 10-year Japanese bond yield target will remain around 0.It is worth noting that the market is generally focused on whether the Bank of Japan will adjust its policy wording or directly adjust its yield curve control and negative interest rate policy during the interest rate resolution and press conference released on the December 19, further shifting towards hawkishness. USDJPY stopped falling and adjusted last weekend. At the opening of the Asian market today, USDJPY continued to consolidate, with a current price around 142.32.

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 18, Beijing time.

Gold XAUUSD·
Resistance	2038.59 – 2044.90 – 2048.16
Support	2015.48 – 2007.95 – 1996.66
The above figure shows the 30 minute chart of gold. The chart shows that the recent upward resistance of gold has been around 2038.59-2044.90-2048.16, and the downward support has been around 2015.48-2007.95-1996.66. 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 18. This policy is a daytime policy. Please pay attention to the policy release time.

Crude Oil USOUSD·
Resistance	72.73 – 74.24 – 74.81
Support	70.61 – 69.78 – 67.95
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 72.73-74.24-74.81, and the downward support is around 70.61-69.78-67.95. 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 18. This policy is a daytime policy. Please pay attention to the policy release time.

EURUSD·
Resistance	1.0969 - 1.1009 - 1.1044
Support	1.0880 - 1.0847 - 1.0779
The above figure shows the 30 minute chart of EURUSD. The chart shows that the recent upward resistance of EURUSD is around 1.0969-1.1009-1.1044, and the downward support is around 1.0880-1.0847-1.0779. 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 18. This policy is a daytime policy. Please pay attention to the policy release time.

GBPUSD·
Resistance	1.2716 – 1.2792 – 1.2817
Support	1.2653 - 1.2612 – 1.2502
The above figure shows the 30 minute chart of GBPUSD. The chart shows that the recent upward resistance of GBPUSD is around 1.2716-1.2792-1.2817, and the downward support is around 1.2653-1.2612-1.2502. 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 18. This policy is a daytime policy. Please pay attention to the policy release time.