Market Pulse Weekly: Week Ending November 29, 2024

Trader woman studying stock market at home - Focus on hand

Hey traders! You know the drill—grab your coffee, your charts, or your trading app, because we’re diving straight into the market madness that was this week. Spoiler alert: the dollar tripped, gold got dizzy, and Trump’s tariff talk rattled the cage again. Let’s break it down.

1. US Dollar: Finally Hits a Speed Bump

The King Dollar stumbled? Say it ain’t so! For the first time since September, the DXY index actually dropped. Cue the drama. But let’s not get carried away—this isn’t the end of the road. The US economy is still flexing, and next week’s ISM surveys and non-farm payrolls are likely to remind everyone why the dollar has been dominating the market.

Here’s the deal: markets are already packed with optimism for the US economy. Unless we see something mind-blowing soon, the dollar could just chill through the rest of the year. But come 2025? I’d bet on another rally. Consolidation now, domination later—sound familiar?

2. Gold: Eyeing That Santa Rally

Gold’s been playing hard to get all week, leaving traders wondering—can it pull off an 8th consecutive Santa Rally this December?

Here’s the kicker: mixed US data and lower Treasury yields kept gold wobbly. Sure, December tends to be shiny for gold, but this year feels…different. Watch the Fed’s tone and next week’s jobs numbers. If the stars align, gold could still make a dash for Santa’s sleigh. But if not? Let’s just say, coal might be on the menu for traders banking on a rally.

3. Tariffs Are Back, Baby!

Oh, you thought the tariff drama was over? Enter Trump, stage right. His threats of 25% tariffs on Canada and Mexico—and a casual 10% blanket on all Chinese goods—shook markets harder than a double espresso.

The result? CAD and MXN took a nosedive, USDCAD shot past 1.4150, and Asian markets weren’t spared. General Motors? Down 9%—ouch. If you’re trading anything tied to global trade, keep your helmet on. Volatility is not going anywhere.

4. Yen: Back in the Game

USDJPY just gave us a plot twist. The yen rallied to a 1-month high as haven buying surged. Tokyo inflation numbers came in hot, and whispers of a BoJ rate hike in December got traders buzzing. Add Trump’s Treasury Secretary pick into the mix, and the dollar slipped just enough to let the yen shine.

Fun fact: USDJPY was the most traded pair at Saxo this week. The moral? When the yen moves, traders jump.

5. What’s Coming Next Week?

If you thought this week was wild, buckle up:

Jobs Bonanza: JOLTS (Tues), ADP (Wed), Jobless Claims (Thurs), and the big one—Non-Farm Payrolls (Fri).
Speeches That Matter: Powell and Lagarde both step up to the mic on Wednesday.
OPEC+ Spotlight: December 5th’s meeting could shake up the oil markets.
PMI Watch: US and European data drops early in the week.
Earnings Lineup: Zscaler, Salesforce, Lululemon, and more.

Final Thoughts: Stay Sharp, Stay Ready

That’s it for this week, folks. The dollar may be catching its breath, but the markets aren’t slowing down. Tariffs, gold, and central bank moves will keep us on our toes into December.

Follow me for more insights, and as always—trade smart, stay bold, and crush those markets. Until next week, signing off.

Stay ahead of the market—join our Road To A Million Club on Discord for real-time strategies and insights!

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