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US data will be released at 10 AM including:

• Pending home sales for October. Estimate 0.5%
• Consumer confidence for November. Estimate 93.4 versus 94.6 in October.
• Richmond Fed composite index for November. Last month -4.0

This article was written by Greg Michalowski at investinglive.com.

BNY highlights the ongoing challenges facing the New Zealand Dollar (NZD) as it transitions into a funding currency due to low yields.

The Japanese Yen (JPY) is outperforming all G10 currencies as markets revive expectations of a December BoJ rate hike, driven by domestic pressures and growing calls to tackle inflation, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.

The USDCAD has rotated back lower and sits close to unchanged on the session, but importantly, the pair continues to find buyers against support near 1.4104. That level has acted as a dependable floor today, and the market’s ability to hold it has allowed price to bounce back to the upside and stabilize.

From here, the topside roadmap remains well-defined. The high from last week at 1.4130 is the first key upside hurdle. A break above that opens the door toward the double-top region from early November near 1.4140, a level that previously capped bullish attempts and remains an important technical barrier. If momentum strengthens and buyers can push through that ceiling, the next major target comes into focus at the 50% midpoint of the 2025 trading range, measured from the January high. That key retracement level sits at 1.41655, and would represent a more significant shift back toward broader bullish control.

In the video above, I walk through these technical markers in detail, outlining the levels that matter most and the bias drivers that are shaping the market’s next move.

This article was written by Greg Michalowski at investinglive.com.

The Pound Sterling (GBP) is slightly stronger as traders await Wednesday’s UK budget, with much pessimism already priced in and rising odds of a near-term relief rally, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.

Tech sector struggles: Nvidia dips while Google gains momentum

Sector Overview

The stock market is displaying a complex tapestry today, with the technology sector predominantly in the red. The semiconductor industry is enduring a tough day, while certain consumer electronics and communication services stocks show resilience.

Semiconductors: A significant downturn is noted here, with Nvidia (NVDA) dropping 4.77% and AMD sliding 6.59%. The decline might hint at broader tech sector anxieties or specific industry challenges impacting investor sentiment.

Consumer Electronics & Infrastructure: On a brighter note, Apple (AAPL) has gained 0.52%, reflecting positive investor confidence in its stability and growth prospects.

Communication Services: Google (GOOGL) shows a healthy rise of 1.53%, with Meta (META) following at a 1.23% increase, indicating robust optimism about these communication giants amidst the tech turbulence.

Market Mood and Trends

Today’s market mood is best described as mixed, underscored by nuanced sector performances. The widespread declines in semiconductors suggest potential concerns over supply chain issues or market saturation. However, gains in large-cap tech firms like Google hint at ongoing investor faith in digital advertising and communication services.

Strategic Recommendations

• Diversification is Key: Investors should consider diversifying across different sectors to mitigate risks associated with the volatile semiconductor market.
• Focus on Stability: Consider increasing exposure to consumer electronics and communication services, as these sectors currently exhibit resilience and growth potential.
• Stay Informed: Keep an eye on news impacting the semiconductor sector for cues on potential rebounds or further declines.
• Monitor Emerging Opportunities: Despite the current pressures, the tech sector still holds potential. Companies showing strong fundamentals might offer lucrative opportunities once the market stabilizes.

Today’s market snapshot presents an intriguing landscape, rife with both challenges and opportunities for astute investors. For more detailed insights and live updates, be sure to visit InvestingLive.com! 📊

This article was written by Itai Levitan at investinglive.com.

The Euro (EUR) strengthens against the US Dollar (USD) on Tuesday as the Greenback retreats after a batch of softer-than-expected US economic data weighed on sentiment, helping the Euro stage a sharp rebound to five-day highs.