OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week’s key economic data releases, events, and gold’s flash rally on Monday toward a new record high. The short to medium-term dynamics at play for gold given that market expectations have increasingly skewed toward a Fed pivot. Based on CME FedWatch tool calculations, interest rate futures has indicated a significant chance of 57% for the first Fed funds rate cut to come as early as March 2024 FOMC. US non-farm payrolls out for November on Friday (8 Dec) are likely to indicate softness in the US employment market as the consensus is calling for +185K of jobs added ( below the 1-year average) that may fuel more Fed dovish expectations in 2024.
Australia’s central bank, RBA is likely to keep the cash rate unchanged at 4.35% after a hike of 25 bps last month despite RBA governor’s recent hawkish rhetoric on domestic inflationary pressures in Australia.
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Kelvin Wong
Passionate about connecting the dots in the financial markets and sharing perspectives around trading and investment, Kelvin Wong is an expert in using a unique combination of fundamental and technical analyses, specializing in Elliott Wave and fund flow positioning, to pinpoint key reversal levels in the financial markets.
In addition, over the last ten years, Kelvin has conducted numerous market outlook and trading-related seminars, as well as technical analysis training courses, for thousands of retail traders.
Latest posts by Kelvin Wong (see all)
- Gold Technical: Medium-term uptrend damaged, spooked by rapid rise in 10-year US Treasury yield - 14 November 2024
- Hang Seng Index: Medium-term bullish trend in jeopardy after China stimulus disappoints - 12 November 2024
- AUD/USD: “Trump Trade” overshadowed a cautiously hawkish RBA, at risk of further downside - 8 November 2024