Ops Metrics Alert – 24 Nov: Key KPIs Showing Softness
Good morning, Traders,
US equities edged lower on Wednesday, with the Nasdaq 100 dropping 1.4% as investors trimmed positions ahead of key events: today’s Fed minutes and tomorrow’s Jackson Hole Symposium. Market participants are closely monitoring Fed Chair Powell’s speech, with any hawkish commentary expected to support the USD and Treasury yields while weighing on equities.
In FX, the USD remained broadly supported. The NZD declined following the RBNZ’s 25 bps rate cut to 3.0% and its guidance that further easing is possible. Meanwhile, the GBP rose after July UK CPI data printed 3.8% YoY, slightly above expectations, leading traders to moderate their bets on upcoming BoE rate cuts.
Commodities experienced pressure, with Spot Gold, Silver, and WTI Oil all posting declines. Technical analysts point out that Spot Gold is approaching the lower edge of a weekly bullish pennant formation, hinting at the potential for an upcoming breakout.
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