Analyzing Natural Gas Correction and Potential ReboundAnalyzing Natural Gas Correction and Potential Rebound
2023-11-10 | TSXV:TDG | Press Release2023-11-10 | TSXV:TDG | Press Release


  • Gold down $21 to $1936
  • US 10-year yields up 2.2 bps to 4.65%
  • WTI crude oil up $1.64 to $77.38
  • S&P 500 up 1.4%
  • EUR leads, JPY lags

There was a stark contrast to what was happening in the stock market and elsewhere. The finishing FX moves on the day were limited with modest volatility throughout. USD/JPY tracked up towards the top end of the range and that will be something to watch next week but there was no real threat of breaking the recent high of 151.74.

However equity markets roared higher in non-stop bidding after the first hour of trading. There was no indication of what was to come in the futures market as it was only fractionally higher as New York woke up. One powerful story may have been Nvidia’s end-around on the Chinese chip blockade as all chip companies surged but, ultimately, the rally was much broader than that.

Interestingly though, European markets didn’t take part and there was no help from Treasury yields, which were higher led by the front end.

Some support for the US dollar came from the UMich consumer sentiment report, which included hot inflation metrics. That, and some buying of USD into the fix, sent the dollar to the daily extremes on a few pairs but the bump was limited to 20 pips and faded later.

CAD did get some independent support as oil prices rebouned and the risk trade improved but that was only enough to erased earlier declines.

Have a great weekend. Next week features US CPI and retail sales, which will certainly be market movers.

            This article was written by Adam Button at

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