Daily market analysis

Forex Market Analysis: Currency, Stock, and Gold Trends 20 November 2023

November 20, 2023


Australian Dollar Movement:

  • The Australian dollar has once again fallen below the psychological level of 0.6500.
  • Despite a 0.1% increase in unemployment, Australian employment change data surpassed expectations, indicating a tight labor market.
  • The robust Australian labor market conditions are expected to keep the Reserve Bank of Australia (RBA) vigilant.

USD Perspective:

  • Continuous jobless claims data in the United States has reached levels not seen in approximately two years.
  • Despite signs of weakness in recent US economic data, Federal Reserve (Fed) officials countered with hawkish messaging in support of Fed Chair Jerome Powell’s recent comments.

Upcoming Events:

  • The day ahead is expected to be relatively quiet.
  • US building permit figures will take center stage following yesterday’s miss in the NAHB data.
  • Fed speakers will remain active, and there is anticipation regarding whether today’s speakers will continue to resist calls for easing monetary policy.

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Fundraising Activities by Altman:

  • Sam Altman was engaged in fundraising efforts in the Middle East for his new chip venture.
  • The chip venture project, code-named Tigris, aimed to secure billions in funding.

Purpose of the Chip Venture:

  • The primary objective of the Tigris project is to emerge as a competitor to Nvidia in the chip technology sector.

Background Context:

  • Altman’s fundraising activities occurred before his departure from OpenAI, signaling his parallel interests in the chip venture.


Gold Price Movement:

  • Gold prices (XAU/USD) experienced a notable rally of over 1.0% on Thursday.
  • This rebound followed a lackluster performance in the previous trading session.

Contributing Factors:

  • The significant retreat in U.S. Treasury yields played a pivotal role in driving the upward movement of gold prices.
  • The retreat in yields was triggered by disappointing labor market data released earlier in the day.

Labor Market Data Overview:

  • Applications for unemployment benefits for the week ending November 11 exceeded projections, reaching 231,000 compared to the forecast of 220,000.
  • Continuing jobless claims also surprised on the upside, reaching 1,865,000, the highest level in nearly two years. This suggests increasing challenges in the job market, hinting at growing difficulty for Americans in finding employment.

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My name is Styliana Charalambous, possessing a professional qualification as a Chartered Certified Accountant and a Bachelor’s Degree in Accounting and Finance. Highly motivated financial analyst with expertise in audit and investment strategies. I have several years of experience in the finance industry, as an audit supervisor at KPMG and the Head of Investment & Market Research in a multinational Fintech company. Passionate about personal finance, investing, and creating finance content on social media. Lecturer in Accounting & Finance at Canterbury Christ Church University. I am the Founder and CEO of Selfmade Academy, an organization that helps thousands of students worldwide to plan for their financial future and make smart decisions about their money