All Articles Tagged - US30

Daily Market Comment – Dollar and stocks turn red, euro steadier but lira tumbles

Posted on November 18, 2021 at 10:02 am GMT

Wall Street slips amid faster tapering fears as dollar rally pauses for breath Euro steadier, kiwi surges on rising inflation expectations but Turkish lira crumbles Oil slide deepens after US asks other countries to release strategic reserves Stocks hit by inflation woes Jitters about how further spikes in inflation might begin to hurt corporate earnings as well as spur the Federal Reserve to hasten its tapering timetable weighed on Wall Street on Wednesday. With signs that consumer spending in the [..]

US Open Note – Greenback slips as Fed tapering starts

Posted on November 15, 2021 at 2:04 pm GMT

Fed tapering begins According to the FOMC meeting of November 2-3, tapering will begin this week as planned. The New York Fed announced its modified bond-purchase schedule last week, confirming that tapering will start this month. Until June, the Federal Reserve intends to keep reducing its purchases by $15 billion each month. There is a possibility of a change in tapering speed, but the Fed has indicated that it will only do so if it is necessary. Futures for the Fed Funds rate are still pricing in a Q2 liftoff of roughly two-thirds, while [..]

US Open Note – Dollar still holds in negative territory after US PPI

Posted on November 9, 2021 at 2:16 pm GMT

Calm day with US core PPI Across the board, this week’s data has been strong but not so important. The market has instead been focused on central banks, with both the US Federal Reserve and the Bank of England meeting last week. The FOMC voted to taper immediately in November, with a $15bn reduction per month in purchases, which implies asset purchases would end completely by June 2022. Markets are continuing to price in a Fed lift-off that occurs sooner than the Fed desires. Even though many Federal [..]

US Open Note – Dollar eases at the beginning of the week

Posted on November 8, 2021 at 2:01 pm GMT

FX arena remains calm As the new week gets underway, the outlook for the dollar is slightly negative. Having initially climbed on Friday, the dollar index later declined from the 94.62 high and has since remained negative. The euro, which has remained heavy following last week’s unsuccessful drop below the $1.1525 level, is still moving near $1.1570 with weak momentum. On Friday, the pound challenged the support near $1.3410, where it was unable to break through. A clean break below would set up a test of the December 2020 low of $1.3135, which would be a significant step forward. [..]

Technical Analysis – US 30 index breaches 176.4% Fibo on upbeat NFP payroll

Posted on November 5, 2021 at 1:25 pm GMT

The US 30 stock index (Cash) has pushed past the 36,200 level, that being the 176.4% Fibonacci extension of the down leg of 35,893 until 35,495, which had capped recent advances, keeping the all-time high at 36,189. The index has now regained buoyancy after a minor pullback and is now heading for the resistance of 36,300. The advancing simple moving averages (SMAs) are endorsing the uptrend in the index. Moreover, the bullish Ichimoku lines are confirming that positive forces are [..]

Daily Market Comment – BoE sinks pound, roils bond markets; All eyes now on NFP

Posted on November 5, 2021 at 9:57 am GMT

BoE shocks markets by not raising rates as expected, pound crashes below $1.35 Bond yields slump globally as central banks push back on investors’ rate hike pricings Dollar stands tall, Wall Street at a record ahead of October payrolls report BoE: the unreliable boyfriend strikes again The messaging was clear, or so everyone thought. Repeated signalling by Bank of England Governor Andrew Bailey that the Bank will need to act to keep a lid on surging inflation had led markets [..]

Daily Market Comment – Fed’s dovish taper lifts stocks but yields stay elevated, boost dollar

Posted on November 4, 2021 at 9:56 am GMT

Fed kicks off tapering but markets calm as Powell promises to be “patient” on rates ECB also pushes back on rate hikes, but dollar wins FX race Focus is now on Bank of England as pound slips again Restart of Iran nuclear talks keeps pressure on oil ahead of OPEC decision Powell delivers smooth taper The Federal Reserve announced the long-awaited tapering of its emergency stimulus on Wednesday, confirming plans to reduce its asset purchases by $15 billion a month, [..]

US Open Note – Bank of Canada takes center stage; dollar loses momentum

Posted on October 27, 2021 at 1:11 pm GMT

BoC rate decision coming up The Bank of Canada’s interest rate decision is the main event of the day. Policymakers are predicted to leave rates unchanged at 0.25%. Economic growth has fired up, inflation is hot, businesses are feeling optimistic, the housing market is booming, and oil prices continue to climb. Macroeconomic projections that will be updated may provide some hints. The CPI for September came in at 4.4% year on year, more than double the target of 2% and significantly higher than the intended range of 1-3%. Retail sales and employment data [..]

US Open Note – Calm day ahead of busy week; oil around $85

Posted on October 25, 2021 at 1:00 pm GMT

US futures near new highs; Facebook releases its earnings Today’s economic calendar is light, but the rest of the week promises to be very interesting, with central bank meetings in the Eurozone, Canada, and Japan, as well as earnings reports from the technology industry’s heavy hitters. Facebook will launch the earnings campaign immediately following Wall Street’s closing bell. It is somewhat bizarre to watch US futures trading marginally lower from their all-time highs, even as inflation predictions continue to rise. If the tech sector earnings approve, the [..]

Technical Analysis – US 30 index breaches August 16 all-time high

Posted on October 22, 2021 at 12:58 pm GMT

The US 30 stock index (Cash) has barely conquered the previous all-time-high reached on August 16 at 35,632, though the picture remains upbeat. The climbing 50- and 100-period simple moving averages (SMAs), and the recent bullish crossover of the 200-period SMA by the 100-period one is endorsing the more than one-week uptrend that started gaining momentum off the 34,111 level. The Ichimoku lines are demonstrating that positive momentum is starting to increase, while the short-term oscillators are exhibiting a slight [..]

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