Important economic indicators will be released in US today - 24.11.2021

On Tuesday, the US dollar index rose for the third day in a row and hit a fresh 16-month high. Investors reacted positively to the re-election of Fed Chairman Jerome Powell for a second term. They are hoping for a rate hike next year. The euro strengthened slightly yesterday despite the introduction of quarantine in a number of European countries due to the coronavirus. The positive impact was made by the growth of the Markit Manufacturing PMI Flash PMI for November in Germany and the Eurozone. The Reserve Bank of New Zealand raised rates this morning to 0.75% from 0.5%, but so far this has not had a positive impact on the New Zealand dollar. Remember that inflation in New Zealand in the 3rd quarter of 2021 reached its maximum in 10 years and amounted to 4.9% in annual terms. The Turkish lira plummeted by more than 15% in a day. Investors reacted negatively to the statement of Turkish President Tayyip Erdoğan about the need to cut rates despite high inflation - about 20% in annual terms. Bitcoin quotes have stabilized in a narrow range of $ 55,000-60,000. Investors are trying to assess the tightening of cryptocurrency turnover in a number of countries. The Financial Services Commission (FSC) of South Korea announced the introduction of a 20% tax on income from virtual assets from January 1, 2022. 

Yesterday, the US stock indices S&P500 and Dow Jones rose thanks to good economic performance. The Markit Manufacturing PMI Flash (59.1) rose more-than-expected in November. The recent drop in bitcoin quotes and expectations of an increase in Fed rates contributed to the increase in the S&P500 bank industry index by 2%. S&P500 energy climbed 3% on the back of higher oil prices. The hi-tech Nasdaq fell yesterday for the second day in a row. Tesla plummeted 4% after the announcement of the sale of shares in the amount of $ 1 billion by the founder of Elon Musk. Zoom Video Communications and Best Buy fell 14.7% and 12.3%, respectively. The companies lowered their forecast for their financials for the 4th quarter. Significant statistics will be published in the US today: Durable Goods Orders, 3rd quarter GDP in 2nd estimate, Michigan Consumer Sentiment, Core Personal Consumption Expenditure Price Index, New Home Sales, weekly unemployment and FOMC Minutes. As a reminder, November 25 in the United States will be a day off in connection with Thanksgiving Day. 

Today oil is getting more expensive for the third day in a row. Brent is again trading above the psychological support level of $ 80 per barrel. Earlier, oil consuming countries agreed to use their strategic reserves to stabilize prices. However, in reality, the total volume of oil from reserves turned out to be very small, 70-80 million barrels. This disappointed investors who were expecting at least 100 million barrels. The United States has allocated 50 million barrels from the Strategic Petroleum Reserve (SPR), but the participation of other countries turned out to be purely symbolic. To stabilize world prices, China allocated only 7.33 million barrels of its oil reserves, Britain - 5 million, Japan - 4.2 million. Nevertheless, investors believe that OPEC + at the next meeting on December 2 will not increase production beyond the limit 400 thousand barrels per day. The independent American Petroleum Institute announced an increase in US oil reserves for the week by 2.3 million barrels. This slightly limited the rise in quotes this morning.