The S&P 500 closed at record highs for a seventh session in a row, climbing above 4700 intra-day. The index, and stocks more broadly, were boosted on Friday by positive US jobs and Pfizer pill news. It was a strong end to a strong week for the S&P 500 and other major US equity indices.
FX
AUD/JPY: The break below 84.60 confirmed the double-top chart pattern, with 83.00 as the target. AUD/JPY: The near-term trend is downward, but caution is warranted as the longer-term trend is up. The AUD/JPY slides to fresh weekly lows during the New York session, down 0.33%, trading at 83.90 at the time of writing. The market
GBP/JPY printed a daily low at 152.81, but late in the New York session bounced off, reclaiming 153.00. GBP/JPY: In the near term, the trend is tilted to the downside but found strong support around 153.00. The British pound recovered some ground on Friday, as the New York session finished, trading at 153.12, down 0.29%
US labour market recovery picked up steam in October. We only saw a modest lift to the USD post payrolls, but economists at TD Securities view this as consistent with their bias that the data, valuation and positioning are supportive of further firmness in the weeks ahead. NFP picked up again “The data were strong,
Japan’s Economy Minister Daishiro Yamagiwa declines to comment on the size and the content of the economic stimulus package. He said that his government “will take into account impact of energy prices on the economy in compiling stimulus package.” Market reaction USD/JPY is currently trading at 113.63, down 0.10% on the day, weighed down by the risk-off trading
Wall Street’s main indexes are trading mixed on Thursday. Falling US Treasury bond yields weigh on financial shares. Energy stocks regain traction as OPEC meeting gets underway. Major equity indexes in the US opened mixed on Monday amid varying performances of major sectors. As of writing, the S&P 500 Index was trading at a new
China “will ensure smooth supply chains,” China Central Television (CCTV), a Chinese state-controlled broadcaster, cites comments from the country’s President Xi Jinping on Thursday. He added that China “will extend international shipping cooperation.” Read: Without Chinese growth, inflation is set to fall, market implications Market reaction Amidst these above comments and post-Fed reaction, USD/CNY is
ISM Services PMI rose to a new all-time high in October. US Dollar Index holds in the positive territory above 94.00. The business activity in the US service sector continued to expand at a record-setting pace in October with the ISM Services PMI jumping to 66.7 from 61.9 in September. This reading beat the market
WTI extends previous day’s losses, stays near intraday low. 100-SMA adds to the downside filters targeting 200-SMA. Steady RSI suggests further grinding ahead of weekly inventory data, Fed. WTI crude oil remains on the back foot around $81.90, down 0.42% intraday during early Wednesday. The black gold snapped a three-day uptrend while reversing before the
Further upside in USD/IDR is likely to meet a tough barrier at the 14,280 level, according to Quek Ser Leang at UOB Group’s Global Economics & Markets Research. Key Quotes “We highlighted last Monday (25 Oct, spot at 14,180) that ‘there is room for the rebound to extend but a break of the solid resistance
DXY picks up bids to consolidate Monday’s losses, justifies bullish candlestick formation, MACD signals. 100-SMA adds to the downside filters before two-week-old horizontal support. Bulls eye October’s peak, monthly high can test short-term traders. US Dollar Index (DXY) takes the bids to refresh intraday high around 94.00, up 0.09% on a day during early Tuesday.
Here is what you need to know on Monday, November 1: A new month and immediately we look to set yet more records. November and December have history on their side as bullish months and with a record inflow of company buybacks starting it will be hard to round up this bull just yet. Headwinds
Silver fades bounce off one-week low, stays below 10-DMA. 21-DMA, 50-DMA confluence restricts short-term downside. Tops marked in September-October challenge bulls amid descending RSI/MACD line. Silver (XAG/USD) remains on the back foot around $23.80, down 0.30% intraday during Monday’s Asian session. The bright metal dropped to the lowest in one week, also slipped below 10-DMA,
Iraqi Minister Ihsan Abdul Jabbar said late Saturday, OPEC and its allies (OPEC+) will be able to meet the oil demand by its planned increase to the monthly oil output, per Bloomberg. Key quotes “Rising prices for natural gas and coal in Asia and Europe could lead to a rise in oil demand this winter.” “Monthly increases
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AUD/USD fell on broad US dollar strength, as the greenback rose almost 1% in the US Dollar Index. European stock indices fell, while US equity indices rose, depicting a mixed-market sentiment, which benefited the US Dollar. US Core PCE rise overshadowed the Australian Retail Sales jump, weighed on the AUD/USD. The Australian dollar slid for
The pound finds buyers at 1.3665 after a 0.75% daily decline. The sterling suffers against a stronger USD. GBP/USD’s reaction to the BoE is unpredictable – MUFG. The British pound is attempting to find support at 1.3665 lows on Friday’s late US trading, after plummeting more than 0.7% on the day. End-of-month moves with November’s
A combination of factors assisted USD/CAD to gain some positive traction on Friday. A softer risk tone, elevated US bond yields revived demand for the safe-haven USD. Weaker Canadian GDP print, a fresh leg down in oil prices undermined the loonie. The markets had a rather muted reaction to the mixed US PCE Price Index