Oil prices failed at a technical hurdle today as the OPEC+ meeting failed to convince. Despite announcing around 2 million bpd cuts for Q1 2024 market participants were expecting more as Global Markets continue to flash signs of a slowdown.

Within this article, we explore the technical outlook for EUR/USD and GBP/USD, identifying significant price thresholds that may play roles as support or resistance ahead of Powell’s on Friday.

The Japanese Yen has been strengthened by expectations that the Bank of Japan could tighten its ultra-loose monetary policy. However, these may have been premature

US PCE data continued the recent trend of softening data from the US. The PCE print is likely to add to expectations for rate cuts in 2024 heading into the December FOMC meeting.

Gold prices take a breather after having risen sharply in response to a weaker dollar and softer US yields after Fed Governor Waller provided a timeline for rate cuts. PCE Next

Price pressures in the Euro Area are dropping sharply and this may give the ECB further flexibility to cut interest rates earlier next year.

​​Indices remain in strong form on the final day of November, and are looking to extend their recent gains into December. ​

Pound prices have climbed steadily on the back of the USD selloff and will continue to be influenced by the US later today via the US core PCE price index report.

Oil prices continue to advance as news filtered through regarding the possibility of additional cuts by OPEC+ at tomorrow’s meeting. News remains murky but market participants are running with it. Can an OPEC+ cut push WTI back above the $80 mark?

This article examines the technical outlook for USD/JPY, USD/CAD and AUD/USD, analyzing critical price levels that could act as support or resistance in the upcoming trading sessions.