Hi dear traders! A few days are left before Thanksgiving Day that will be celebrated in the US on November 25. It means a long weekend ahead with a series of macroeconomic data before. In particular, investors will be alert to US personal income and spending data and a CPI report. So, you should be aware that large investors might be poised to sell stocks. Now let’s discuss what is going on in the market on Monday.
The US stock market has been trading without a clear direction for about a week. The market lacks buying activity needed for a further rally. At the same time, the market does not develop a downtrend. As a result, the S&P 500 has settled firmly just below 4,700 points. Today it is trading at near 4,698. The expected corridor for the index is between 4,690 and 4,705 until tomorrow.
The US dollar closed with serious gains on Friday. Now its index is trading at about 96.10. Today the index is expected to climb to the upper border of the range between 95.80 and 96.30. The US dollar halted its correction, having found support from soaring inflation in the US. Investors seem to be confident that the Federal Reserve will not be able to neglect inflationary pressure and will have to resort to rate hikes earlier than expected. According to Reuters’ poll, almost two thirds of the polled economists think that the US Fed should bring forward the timeline for monetary tightening and begin raising interest rates before 2023.
The Canadian dollar is weighed down by the broad-based strength of the greenback and declining oil prices that makes the USD/CAD pair grow. On Friday, oil prices carried on trading lower. However, once oil prices find support and rebound, the currency pair will pull back sharply. Meanwhile, the USD/CAD pair is trading rather high at near 1.2640. Our experts predict the corridor for the pair between 1.2600 and 1.2640.
Now let’s review the situation in the crypto market. Bitcoin did not lose in value over the weekend, still trading at about 58-59,000 dollars. Earlier today, the flagship cryptocurrency fell abruptly but failed to decline below the support of 57,000 dollars. Later today, Bloomberg reported that the authorities of El Salvador are planning to build the first crypto city in the world. The news added some optimism to the market. Experts reckon that Bitcoin is likely to jump to 60,000 dollars per token. Do you think that the most popular crypto will be able to surpass this barrier and resume its rally after a correction?
To sum up, soaring inflation is getting more uncomfortable both to investors and the Federal Reserve. According to the survey by Reuters, most economists suppose that consumer inflation will hardly decrease by the autumn 2022 and the US Fed will announce the first rate hike in the fourth quarter of 2022. This will make a big splash in global financial markets. Watch our video news on InstaForex TV channel to be aware of all market developments!

00:00 Situation on the US market
00:34 S & P500
01:09 DXY
01:57 USD / CAD
02:29 Bitcoin
03:`5 Results

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