All eyes on Powell’s remarks tomorrow left stocks and gold in limbo but firmed the dollar. Oil prices gained little. Huobi shone with its new released Dominica coin.

Updated time: 06 Dec, 2022, 07:24 (UTC+04:00)

Stocks:

U.S stocks and their futures both traded in low volume amid an ongoing climb of Treasury yields one day ahead of Powell’s remarks. CB consumer confidence rose to 100.2 in November compared to data in September and estimates of 100 are predicted to fuel the Fed’s determination to continue hawkish policies.

All eyes on Powell’s remarks tomorrow left stocks and gold in limbo but firmed the dollar. Oil prices gained little. Huobi shone with its new released Dominica coin.

Adding to the low-volatility, China's COVID-19 impact on the iPhone production chain led Apple to stumble 2%, sending Nasdaq lower 0.6%, not to mention losses of Microsoft and Alphabet. S&P 500 dropped 0.2% while Dow Jones gained 0.01%. Futures were mostly flat, except Nasdaq futures easing 0.1%. 

ADP private payrolls, JOLTS Job Openings and pending home sales, together with Fed’s Beige Book would be the market’s main concern on Wednesday. 

Commodities:

Continuous fall in U.S crude inventories and concerns that OPEC+ would leave output policy unchanged at its upcoming meeting limited gains for oil prices. Brent crude futures only added 65 cents to trade at $83.68 per barrel while U.S WTI crude futures climbed 68 cents to $78.88.  

Gold prices witnessed little change since investors await the key speech of Powell for further clues on the rate hike path, though they were set to achieve their best month this year. Spot gold was steady at $1,748.99 while gold futures lost 0.1% to $1,747.30. 

Currencies: 

Dollar stepped closer to a one-week high while its index eased 0.13% to 106.72. European economic instability and inflation triggered a slower rate hike bet for the ECB, which threatened the euro to near one-week low though it now traded at $1.03435. Sterling added 0.19% to $1.1976. The dollar slipped 0.07% to 138.60 yen while the yuan weakened slightly to 7.1418. The Aussie rose 0.11% to $0.66945, consolidating in the middle of its range of the past couple of weeks.

Cryptocurrencies:

Crypto performed well, with Huobi Global's HT token shining out amid its first national token release named Dominica Coin. HT token was up 15% over the last 24 hours to $7.12. Meanwhile, Bitcoin and Ethereum moved in a similar pattern: 1.5% gain for Bitcoin to $16,400 and 4.3% for Ethereum to $1,220.

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