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UK FTSE 100 futures and German DAX futures both fell by more than 1%.On November 18th, wheat prices in producing areas continued their upward trend from the weekend, rising by 0.2-0.1 cents. The current price increase is driven by several factors, including moderate market supply, the delayed start of government-supported wheat auctions, and heightened expectations of wheat being used as a feed substitute due to the significant risk of corn contamination. As wheat demand increases, higher transaction rates and widespread premium transactions at various levels further strengthen bullish market expectations. The wheat market is experiencing intense competition between bulls and bears, and the markets momentum may continue in the short term, but caution is advised regarding the risk of a correction due to excessive buying at higher prices. Continued attention should be paid to news regarding government-supported wheat releases, the selling sentiment of grain holders, and the scale of wheat substitution for feed.The governor of the Central Bank of the Philippines said that the government is still considering whether to further lower bank reserve requirements.Philippine central bank governor: Interest rate cuts are still in the early stages and may be implemented in December.On November 18th, the Nikkei 225 index closed down 3.22%, its biggest single-day drop since April, falling below 49,000 points. The South Korean KOSPI index closed down 3.32%, with risk sentiment deteriorating and chip stocks leading the market decline.

The euro gave up all gains against the dollar, and US retail sales were better than expected

Oct 26, 2021 11:05

After climbing to the daily top near 1.1620 on Friday (October 15), the EUR/USD encountered some selling pressure and gave up all the intraday gains, and now it has fallen back to the area below 1.1600 before the weekend.


The euro against the dollar is still restricted to the 1.1620 area


The lack of follow-up to the earlier bullish attempts in the 1.1620 area forced the EURUSD to give up its initial gains and return to around 1.1600.

At the same time, the U.S. dollar remained in a rising range slightly higher than 94.00. Prior to this, US retail sales in September increased by 0.7% month-on-month, and sales other than automobiles increased by 0.8% month-on-month. Both figures were better than expected.

Further US data showed that export prices rose 0.1% month-on-month and import prices rose 0.4% last month. In addition, the New York Fed Index fell to 19.8 this month (previously 34.3).

European reports show that as of September, France's final CPI rose 2.2% year-on-year, while Italy's CPI rose 2.5% over the same period. In addition, the Eurozone trade surplus suddenly shrank to 4.8 billion euros in August.

The level to watch for the euro against the dollar


So far, the euro has remained flat against the US dollar at 1.1597, and is facing the next upward resistance of 1.1624 (week high on October 14), followed by 1.1640 (week high on October 4), and finally 1.1719 (50-day moving average) ).

On the other hand, if it falls below 1.1576 (10-day moving average), the target price will be 1.1524 (the lowest price on October 12, 2021), and then 1.1495 (the highest price on March 9, 2020).

(Daily chart of the euro against the dollar)

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