Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew November 22 2023

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Heading into Thanksgiving and Black Friday

Good Morning

We saw a bit of a consolidation day yesterday. Equities ended a little in the red, yields as well as the USD stabilized. Indexes lost between 0.1 and 0.6& and the US500 is now at 4533, the US Tech 100 NAS at  15895 and the GER40 15908.

Kim to a look at the Technicals of US Indexes: S&P 500 is testing resistance at around 4,550 just shy of July peak at around 4,607. RSI is above 70 i.e., indicating uptrend is a bit stretched but is likely to continue higher.

The USD Index traded down to near 103 yesterday but recovered to 103.6 and made it back above the 200Day moving average.  EURUSD is now at 1.09, GBPUSD 1.2515 after hawkish remarks by the Bank of England and USDJPY 148.95. Gold is at the 2000 mark and Silver 23.75.

10 year Yields are back at 4.45 as the Fed minutes failed to provide significant insights,



Israel and Hamas agreed on a 4 day four-day truce, for hostage releases and to let aid into Gaza and 50 hostages will be released along with 150 Palestinian prisoners.

The German Government is struggling to review it`s financial situation after the central court decision caused the finance minister to impose a block on new spendings.

Nvidia Earnings were strong but the outlook for q4 expected weak in China. The company forecasts revenue of $20 billion+/- 2%. Analysts expect revenue of $17.86 billion. The Stock closed below the 500 mark yesterday at 499, aftermarket close was 490.

Binance will pay 4 billion in settlements and CEO Zhao will resign. Bitcoin falls to below 37k.

Reuters just reported that: OpenAI on Wednesday has reached an agreement for Sam Altman to return to OpenAI as CEO with a new initial board of Bret Taylor , Larry Summers, and Adam D'Angel

The Bank of Japan is seen to end negative rates in 2024 by a majority of economists.


Today we expect some fairly important data with the US Durable Goods orders as well as the Initial Jobless claims (both 14:30) at 16:00 CET the University of Michigan as well as the EU Consumer Confidence will follow. and position adjustments for profit taking and risk avoidance over Thanksgiving will also most likely be key. Tomorrow is a Holiday in the US as well as Japan, Friday is Black Friday, many people will try to take the day off and a significant amount will be online shopping. Expect low liquidity and either fairly calm or very volatile markets.


Key events:


- Data  Japan Chain Store Sales, US Durable Goods orders, Initial Jobless claims, University of Michigan Sentiment EU Consumer Confidence
- Earnings John Deere,

- Data Germany, France, UK, EU PMI, Turkish Rate Decision, THANKSGIVING
- Earnings

- Data Japan CPI, German GDP, IFO, Canada Retail Sales, US PMI, Black Friday
- Earnings



Physically Settled Futures

CCZ3 will expire 22 Nov 2023 at 16:00 GMT

CTZ3 will expire 22 Nov 2023 at 16:00 GMT

PAZ3 will expire 22 Nov 2023 at 16:00 GMT

ZOZ3 will expire 22 Nov 2023 at 16:00 GMT

NGZ3 will expire 28 Nov 2023 at 08:30 GMT

Expiring CFDs

PALLADIUMDEC23 will expire 21 Nov 2023 at 16:00 GMT

COCOANYDEC23 will expire 22 Nov 2023 at 16:00 GMT

COTTONDEC23 will expire 22 Nov 2023 at 16:00 GMT

NATGASUSDEC23 will expire 24 Nov 2023 at 16:00 GMT



The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank (Schweiz) AG
The Circle 38

Contact Saxo

Select region


All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law.

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.