Powell offered a lift to US stock markets but there was some mid-day angst along with signs of sector rotation into pro-cyclical small caps. Closing changes on the day: S&P 500 +1.2% Nasdaq Comp +1.5% DJIA +1.2% Russell 2000 +3.1% Toronto TSX Comp +1.1% (record high) On the week: S&P 500 +1.4% Nasdaq Comp +1.4% DJIA +1.3% Russell 2000…
United States Baker Hughes US Oil Rig Count unchanged at 483
2024.08.23 2024.08.23 Mexican Peso Extends Losses. Forecast as of 23.08.2024 Dmitri Demidenkohttps://www.litefinance.org/blog/authors/dmitri-demidenko/ In mid-August, the Mexican peso seemed to eliminate its negative factors. Carry traders returned to the market while Donald Trump’s position in the presidential race weakened. However, the optimism of the USDMXN bears was short-lived. Let’s discuss this topic and make a trading plan. The article covers…
September rate hike odds were the talk of the forex town, creating a sour week for the Greenback, but there were other stories in FX to mix up the price action this week.
IMF chief economist Pierre-Olivier Gourinchas spoke in an interview with Reuters at the Jackson Hole annual economic symposium on Friday. Saud the BoJ can continue to raise rates gradually, a ‘data dependent’ pace: inflation is higher than the Bank’s 2% target inflation expectations have started to move “maybe even a little bit above” that target BOJ’s beginning to normalise…
The Dow Jones rallied to 41,200.00 after Fed officials agreed its time to cut rates. Equities have immediately moved on to guessing how many rate cuts in 2024. Rate markets see 100 bps in cuts by 2024 year-end. The Dow Jones Industrial Average (DJIA) lurched over 400 points higher on Friday after the Federal Reserve (Fed) gave a nod…
2024.08.23 2024.08.23 GBPUSD: Elliott wave analysis and forecast for 23.08.24 – 30.08.24 Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/ The article covers the following subjects: Highlights and key points Main scenario: consider long positions from corrections above the level of 1.2791 with a growth target of 1.3400 – 1.3740. A buy signal: after the price consolidates above 1.2791. Stop Loss: below 1.2760, Take Profit:…
While most market players were zoned in on the FOMC minutes and expectations for Powell’s testimony during the Jackson Hole Symposium, commodities like gold and crude oil also responded to their own set of catalysts. Geopolitical headlines and global growth concerns dragged the energy commodity mostly lower during the first half of the week while the precious metal…
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not invest money that you…
Fed Chair Powell signaled at Jackson Hole that an interest rate cut is imminent. Most of the market expects a 25bps cut, but a third still says Powell will begin with 50 bps. Powell says that labor market no longer a source of inflation. Goldman nears all-time high at $517.26, but entry points are aplenty. Goldman Sachs (GS) gained…