The US Federal reserve seemed to strike a Baby Bears Porridge tone with their latest messaging, acknowledging improving strength in the US economy but without offering any time line for the roll-back of stimulus. US stocks ended up closing the session higher but, so too did the US$ index which put pressure on the EUR/USD […]
The main calendar item for today is FOMC and it will be the closely scrutinized for any news about the pace of US stimulus tapering. The charts below show revised trend lines and levels to monitor for any new momentum breakout.
The week started with a strong stock sell-off. The risk-off mood developed during thin Asian trade on Monday with concern about the debt-ridden Chinese property behemoth, Evergrande. This gripped the Australian markets in particular as the company is the consumer of about half of all Australia’s exported iron ore. There has been a double-whammy ‘down […]
Last week: September market weakness has continued and may have been nudged along by the post-US Earnings season lull and Friday’s quadruple witching: alignment of the four expirations of single stock options, single stock futures, index futures and index options. Three of the four major US stock indices, S&P500, DJIA and NASDAQ, closed with bearish […]
US Retail Sales came in better than expected which helped to boost the US$ and this, in turn, helped to develop weakness in both Gold and the EUR/USD; moves that started at the end of the Asian trading session. The DXY remains within the weekly triangle but keep watch for any momentum breakout.