The Dow Jones and S&P 500 have been benefiting from dovish Fed bets. Gold soared as the US Dollar sank. Ahead, crude oil prices face the OPEC+ meeting. AUD/USD awaits the RBA.

Capital markets attempted to retake control this past week on a Fed-driven charge, but the effort fell apart before hitting critical moment. The Dollar’s slide on the other hand is still on the verge of technical progression. Yet, momentum will compete with distraction around the following week’s Fed and ECB rate decisions.

Global indices made a bid to charge the holiday rally early this year with a US-led break higher this past week. Yet, follow through is starting flag even as we move into December trade. With expected activity levels sinking but anticipation for key event risk rising, volatility is a high risk and trends are in jeopardy.

There was no small measure of fundamental whiplash this past session. Despite the Fed’s favorite inflation indicator cooling on the back the market’s positive take on Powell’s remarks, the S&P 500’s breakout stalled. Nevertheless, the VIX dropped below 20 and the Dollar has finally broken its 200-day SMA. What will NFPs bring?