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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

The dollar continues to fall after the latest Fed member comments

The US dollar continued to weaken as investors grew confident the Fed would cut rates in the first half of 2024.

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The US dollar

The USD continued to weaken as investors grew confident the Fed would cut rates in the first half of 2024. Gold rose to a near-three-month high.

The euro

The EUR will be under scrutiny on Wednesday afternoon at the release of macroeconomic indicators on both sides of the Atlantic. In Germany at 1 p.m., consumer price index (CPI) growth is forecast to further decelerate to 3.5% in November YoY, up from 3.8% the previous month. To find a lower inflation rate, we have to go back to June 2021. Even though the European Central Bank (ECB) will have to look at the inflation of all countries in the Eurozone, Germany's CPI data could potentially move the euro.

US GDP

In the US, currency traders await the second reading of gross domestic product (GDP) in the third quarter. Economists anticipate an annualised expansion of 5%, the most since the last quarter of 2021. The first reading showed a 4.9% rise.

Reserve Bank of New Zealand

As expected, New Zealand's central bank held the cash rate steady at 5.5%, but the hawkish tone of the statement surprised many in the market. "If inflationary pressures were to be stronger than anticipated, the OCR would likely need to increase further," the statement said.

Halfords

Halfords posted an underlying profit before tax up 15.8% to £21.3 billion. Revenue rose 13.9% to £873.5 million.

Hewlett-Packard Enterprise

Over in the US, Hewlett Packard Enterprise narrowly beat earnings expectations in Q3. On an adjusted basis, the firm earned 52 cents per share, beating analysts" average estimate of 50 cents. Revenue came in line with the forecast at $7.35 billion. HPE expects revenue in the first quarter of fiscal 2024 to be in the range of $6.9 billion to $7.3 billion, compared to estimates of $7.28 billion. Earnings per share (EPS) is forecast between 42 and 50 cents, against estimates of 47 cents.

Dollar Tree

Dollar Tree is due to report before the market opens. The street anticipates earnings of $1.01 per share on revenue of $7.4 billion. A year ago, earnings came in at $1.20 and revenue was just under the $7 billion mark. Dollar tree stock has had a difficult quarter. The August-September drop was mainly a reaction to the group's last set of results.

Crude oil

On Tuesday evening, the latest Application Programming Interface (API) data showed an 817,000-barrel decline in crude oil stocks. Gasoline inventories also fell by nearly 900,000, while distillate stocks rose by 2.8 million barrels. The upcoming OPEC+ meeting is really what holds the market's attention. According to the latest Reuters reports, talks appear to be difficult.

The deeper cuts that were talked about earlier this week may not happen, and a further delay to the meeting is even possible. The meeting has already been delayed since November 26. The Organization of the Petroleum Exporting Countries (OPEC+) is sources said this was because of a disagreement over output levels for African producers.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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