BTC update for August 16,.2023 - Key support at the $29.000 on the test
BTC/USD has been trading downside this morning and the price is testing the key support cluster at $29.100.
Potential breakout of the support cluster at the price of $29.000 can lead downside movement towards lower references at $28.800 and $28.730
Potential rejection of the support cluster $29.000 can lead price upside towards upside reference at $29.640
Short-term condition is balanced
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Forex News from InstaForex
Re: Forex News from InstaForex
by IFX Gertrude » Wed Aug 16, 2023 5:41 am
Best regards, PR Manager
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- Posts: 5198
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Re: Forex News from InstaForex
by IFX Gertrude » Thu Aug 17, 2023 6:21 am
EUR/USD: dollar reflects resilience of US economy while euro's stability in question
The US dollar is once again in a dominant position, successfully overshadowing the euro. The dollar seems to mirror the strength and confidence of the American economy, which has showcased resilience so many times already. For the euro, the question of stability remains a challenging one. It had to prove its viability several times but not always with success.
The Federal Reserve's actions and the current macroeconomic statistics are crucial for the greenback's future trajectory. This is particularly in reference to the monthly reports released on August 16 by the US Census Bureau. According to recent data, housing starts in July increased by 3.9% month-on-month. Notably, there was an 11.7% decrease in this metric in June. This exceeded market expectations which had anticipated growth of 2.7%. Moreover, the number of building permits also increased in the past month by 0.1% after decreasing by 3.7% in June.
The US dollar did not show a significant reaction to this batch of macroeconomic data. The publication of the Fed minutes had a more pronounced impact on the dollar's movements. On the evening of August 16, prior to the report's publication, the greenback depreciated slightly against the euro. By the next morning, the dollar had appreciated slightly, positioning the EUR/USD pair close to 1.0883 and erasing some of its earlier gains.
The chart indicates that the EUR/USD pair is struggling to break out of the bearish 20-day SMA, which is accelerating its decline. Other technical indicators show a downward movement after failing to cross their median lines. This indicates a continuation of the downward trend, which could intensify if the nearest support level at 1.0870 is broken. However, the situation has currently stabilized, and the pair is holding confidently within its current range.
In the current landscape, the European currency remains susceptible to fluctuations. Notably, after the release of the Eurozone's economic data, the euro appreciated but later its growth stagnated. The combined GDP of the 20 Eurozone countries grew by 0.6% annually and by 0.3% quarterly in the second quarter of 2023. Both metrics were consistent with preliminary assessments. Moreover, in the first month of summer, the Eurozone's industrial production volume decreased by 1.2% year-on-year but rose by 0.5% on a monthly basis. This surpassed analyst expectations, predicting a decline of 4.2% and 0.1% respectively.
Post the Federal Reserve's minutes release, markets have gauged the prospects of the institution's future monetary policy. Earlier, the FOMC members expressed concerns regarding the current inflation levels and did not rule out further monetary policy tightening. However, the regulatory representatives were divided on the potential negative impact a prolonged tightening cycle might have on the US economy. Against this backdrop, the majority of analysts (86.5%) anticipate the Fed's rate to remain at the current range of 5.25%–5.5% in September. By the end of 2023, they foresee a possible increase to 5.5%–5.75%.
This situation has been favorable for the greenback. Following the release of the minutes from the Federal Reserve's July meeting, the US dollar considerably strengthened. USD was buoyed by market expectations of the regulator maintaining interest rates at relatively high levels. It is important to highlight that, during its July session, the institution raised its interest rates by 25 basis points to 5.25%–5.50%, marking the highest level since 2001. The meeting minutes revealed that the FOMC representatives view below-trend economic growth and a cooling US labor market as essential conditions for economic recovery.
According to the minutes, most central bank representatives perceive "significant inflationary growth risks." Against this backdrop, the question of further monetary tightening remains pertinent. FOMC members continue to believe that a slight easing in the labor market and some reduction in US economic growth are needed to restore economic balance.
Many experts fear that the Federal Reserve might increase rates again and sustain them at elevated levels for an extended period. However, such a scenario is beneficial for the US dollar, as it bolsters its strength. According to specialist evaluations, the FOMC minutes hint at further rate hikes, lending support to the American currency.
In the evolving scenario, economists at Scotiabank express concerns about a potential weakening of the dollar during the second half of 2023, as the monetary policy tightening cycle appears to have peaked. So market participants anticipate a gradual reduction in the Federal Reserve's rates. Concurrently, Scotiabank believes that the robust growth of the American economy might decelerate.
"The challenges faced by the US economy take a backseat in light of the persisting inflationary pressures in Europe. This circumstance promotes the maintenance of high rates in the United States and a potential increase in Europe. The current situation leads to prolonged adverse effects on risk assets but could potentially be favorable for the dollar. A narrowing of spreads might pose a downside risk for the greenback, but this is a solvable issue," the bank concludes.
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The US dollar is once again in a dominant position, successfully overshadowing the euro. The dollar seems to mirror the strength and confidence of the American economy, which has showcased resilience so many times already. For the euro, the question of stability remains a challenging one. It had to prove its viability several times but not always with success.
The Federal Reserve's actions and the current macroeconomic statistics are crucial for the greenback's future trajectory. This is particularly in reference to the monthly reports released on August 16 by the US Census Bureau. According to recent data, housing starts in July increased by 3.9% month-on-month. Notably, there was an 11.7% decrease in this metric in June. This exceeded market expectations which had anticipated growth of 2.7%. Moreover, the number of building permits also increased in the past month by 0.1% after decreasing by 3.7% in June.
The US dollar did not show a significant reaction to this batch of macroeconomic data. The publication of the Fed minutes had a more pronounced impact on the dollar's movements. On the evening of August 16, prior to the report's publication, the greenback depreciated slightly against the euro. By the next morning, the dollar had appreciated slightly, positioning the EUR/USD pair close to 1.0883 and erasing some of its earlier gains.
The chart indicates that the EUR/USD pair is struggling to break out of the bearish 20-day SMA, which is accelerating its decline. Other technical indicators show a downward movement after failing to cross their median lines. This indicates a continuation of the downward trend, which could intensify if the nearest support level at 1.0870 is broken. However, the situation has currently stabilized, and the pair is holding confidently within its current range.
In the current landscape, the European currency remains susceptible to fluctuations. Notably, after the release of the Eurozone's economic data, the euro appreciated but later its growth stagnated. The combined GDP of the 20 Eurozone countries grew by 0.6% annually and by 0.3% quarterly in the second quarter of 2023. Both metrics were consistent with preliminary assessments. Moreover, in the first month of summer, the Eurozone's industrial production volume decreased by 1.2% year-on-year but rose by 0.5% on a monthly basis. This surpassed analyst expectations, predicting a decline of 4.2% and 0.1% respectively.
Post the Federal Reserve's minutes release, markets have gauged the prospects of the institution's future monetary policy. Earlier, the FOMC members expressed concerns regarding the current inflation levels and did not rule out further monetary policy tightening. However, the regulatory representatives were divided on the potential negative impact a prolonged tightening cycle might have on the US economy. Against this backdrop, the majority of analysts (86.5%) anticipate the Fed's rate to remain at the current range of 5.25%–5.5% in September. By the end of 2023, they foresee a possible increase to 5.5%–5.75%.
This situation has been favorable for the greenback. Following the release of the minutes from the Federal Reserve's July meeting, the US dollar considerably strengthened. USD was buoyed by market expectations of the regulator maintaining interest rates at relatively high levels. It is important to highlight that, during its July session, the institution raised its interest rates by 25 basis points to 5.25%–5.50%, marking the highest level since 2001. The meeting minutes revealed that the FOMC representatives view below-trend economic growth and a cooling US labor market as essential conditions for economic recovery.
According to the minutes, most central bank representatives perceive "significant inflationary growth risks." Against this backdrop, the question of further monetary tightening remains pertinent. FOMC members continue to believe that a slight easing in the labor market and some reduction in US economic growth are needed to restore economic balance.
Many experts fear that the Federal Reserve might increase rates again and sustain them at elevated levels for an extended period. However, such a scenario is beneficial for the US dollar, as it bolsters its strength. According to specialist evaluations, the FOMC minutes hint at further rate hikes, lending support to the American currency.
In the evolving scenario, economists at Scotiabank express concerns about a potential weakening of the dollar during the second half of 2023, as the monetary policy tightening cycle appears to have peaked. So market participants anticipate a gradual reduction in the Federal Reserve's rates. Concurrently, Scotiabank believes that the robust growth of the American economy might decelerate.
"The challenges faced by the US economy take a backseat in light of the persisting inflationary pressures in Europe. This circumstance promotes the maintenance of high rates in the United States and a potential increase in Europe. The current situation leads to prolonged adverse effects on risk assets but could potentially be favorable for the dollar. A narrowing of spreads might pose a downside risk for the greenback, but this is a solvable issue," the bank concludes.
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Best regards, PR Manager
Learn more about InstaForex Company at http://instaforex.com
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Re: Forex News from InstaForex
by IFX Gertrude » Fri Aug 18, 2023 7:11 am
Cisco spurs growth: S&P 500 and Dow rise
Key points of the day:
Cisco surged due to strong quarterly results.
CVS shares dropped after Blue Shield of California's decision to change its business relationship.
Pfizer's stocks rose following reports of a new COVID-19 drug development.
Positive statistics: Unemployment claims dropped faster than predicted.
Major index declines: Dow by 0.84%, S&P 500 by 0.77%, Nasdaq by 1.07%.
Wall Street trading ended on Thursday with a decrease in major indices. The decline of healthcare companies' stocks exerted significant pressure on the market, overshadowing the positive performance of tech sector stocks like Cisco and the energy sector. Amid favorable economic data, investors' concerns about the potential persistence of high-interest rates intensified.
One of the day's main events was the 8% decline in CVS Health shares. This occurred after the intention of Blue Shield of California to review its business relations with the company, specifically as a pharmacy benefits manager, became public. It was also reported that the company is considering partnerships with other partners, including Amazon.com.
In addition to CVS, shares of other health insurance companies like UnitedHealth and Cigna also fell, leading to an overall deterioration of the healthcare sector's performance in the S&P 500 index.
At the end of the day, the S&P 500 lost 2.7% over the past three sessions — the biggest three-day drop since March. And the Nasdaq index showed a decline of 3.4% over three days, marking its most significant fall since February of this year.
The Dow Jones Industrial Average fell by 290.91 points, or 0.84%, closing at 34,474.83 points. The rise in oil prices acted as a catalyst for the growth of Exxon Mobil and Chevron stocks, which rose by 1.9% and 1.7% respectively. This was spurred by expectations that the Chinese central bank would actively support its economy and real estate market.
However, the yield of 10-year US Treasury bonds reached its highest level since October, sparking fears that the Federal Reserve may maintain high-interest rates in light of recent positive economic indicators. Jeffrey Buchbinder of LPL Financial expressed the view that the stock market may be volatile in the short term due to this uncertainty.
According to the Department of Labor, unemployment claims decreased, pointing to ongoing tensions in the job market. The minutes from the Federal Reserve's July meeting emphasized battling inflation, amplifying uncertainty regarding future interest rate direction.
Fresh data suggests that the Federal Reserve is likely to maintain current interest rates. However, the probability of such a decision has slightly decreased, now standing at 86.5%, compared to 89% last week, as indicated in the CME Group's Fedwatch tool.
Against this backdrop, Cisco Systems shares increased by 3.3%, thanks to better-than-expected quarterly results and comments from the CEO about the potential of artificial intelligence. Pfizer shares also rose, gaining 2.9%. This was prompted by news that their updated COVID-19 vaccine successfully underwent testing against the new "Eris" variant in mice.
Biotechnology companies' stocks, such as Moderna and Novavax, saw significant growth, possibly linked to an increase in COVID-19 hospitalizations in the US. According to the latest data, the number of virus-related hospitalizations has increased by more than 40% since June.
However, despite positive news from the medical industry, retail traders felt the pressure. For instance, Walmart, the largest retailer, despite surpassing second-quarter sales estimates and raising its annual forecast, still saw a 2.2% drop in stock value.
On the S&P 500 stock market, stocks that decreased in price outnumbered those that grew, with a ratio of 2.7 to 1. The index recorded two new all-time highs and 17 lows, while the Nasdaq showed 25 new highs and 252 lows.
The trading volume in the US was comparable to the average, amounting to 11.2 billion shares, slightly exceeding the average volume of 11.0 billion shares over the last 20 trading days.
While the CBOE volatility index, based on S&P 500 options trading indicators, increased, gold futures declined. Oil prices, including WTI and Brent, showed growth.
On the foreign exchange market, the EUR/USD pair remained virtually unchanged, and the USD/JPY fell. Futures on the dollar index remained stable at 103.32.
Overall, US markets exhibited mixed dynamics, with growth in some sectors and declines in others, reflecting the complex interplay between economic, financial, and geopolitical risks.
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Key points of the day:
Cisco surged due to strong quarterly results.
CVS shares dropped after Blue Shield of California's decision to change its business relationship.
Pfizer's stocks rose following reports of a new COVID-19 drug development.
Positive statistics: Unemployment claims dropped faster than predicted.
Major index declines: Dow by 0.84%, S&P 500 by 0.77%, Nasdaq by 1.07%.
Wall Street trading ended on Thursday with a decrease in major indices. The decline of healthcare companies' stocks exerted significant pressure on the market, overshadowing the positive performance of tech sector stocks like Cisco and the energy sector. Amid favorable economic data, investors' concerns about the potential persistence of high-interest rates intensified.
One of the day's main events was the 8% decline in CVS Health shares. This occurred after the intention of Blue Shield of California to review its business relations with the company, specifically as a pharmacy benefits manager, became public. It was also reported that the company is considering partnerships with other partners, including Amazon.com.
In addition to CVS, shares of other health insurance companies like UnitedHealth and Cigna also fell, leading to an overall deterioration of the healthcare sector's performance in the S&P 500 index.
At the end of the day, the S&P 500 lost 2.7% over the past three sessions — the biggest three-day drop since March. And the Nasdaq index showed a decline of 3.4% over three days, marking its most significant fall since February of this year.
The Dow Jones Industrial Average fell by 290.91 points, or 0.84%, closing at 34,474.83 points. The rise in oil prices acted as a catalyst for the growth of Exxon Mobil and Chevron stocks, which rose by 1.9% and 1.7% respectively. This was spurred by expectations that the Chinese central bank would actively support its economy and real estate market.
However, the yield of 10-year US Treasury bonds reached its highest level since October, sparking fears that the Federal Reserve may maintain high-interest rates in light of recent positive economic indicators. Jeffrey Buchbinder of LPL Financial expressed the view that the stock market may be volatile in the short term due to this uncertainty.
According to the Department of Labor, unemployment claims decreased, pointing to ongoing tensions in the job market. The minutes from the Federal Reserve's July meeting emphasized battling inflation, amplifying uncertainty regarding future interest rate direction.
Fresh data suggests that the Federal Reserve is likely to maintain current interest rates. However, the probability of such a decision has slightly decreased, now standing at 86.5%, compared to 89% last week, as indicated in the CME Group's Fedwatch tool.
Against this backdrop, Cisco Systems shares increased by 3.3%, thanks to better-than-expected quarterly results and comments from the CEO about the potential of artificial intelligence. Pfizer shares also rose, gaining 2.9%. This was prompted by news that their updated COVID-19 vaccine successfully underwent testing against the new "Eris" variant in mice.
Biotechnology companies' stocks, such as Moderna and Novavax, saw significant growth, possibly linked to an increase in COVID-19 hospitalizations in the US. According to the latest data, the number of virus-related hospitalizations has increased by more than 40% since June.
However, despite positive news from the medical industry, retail traders felt the pressure. For instance, Walmart, the largest retailer, despite surpassing second-quarter sales estimates and raising its annual forecast, still saw a 2.2% drop in stock value.
On the S&P 500 stock market, stocks that decreased in price outnumbered those that grew, with a ratio of 2.7 to 1. The index recorded two new all-time highs and 17 lows, while the Nasdaq showed 25 new highs and 252 lows.
The trading volume in the US was comparable to the average, amounting to 11.2 billion shares, slightly exceeding the average volume of 11.0 billion shares over the last 20 trading days.
While the CBOE volatility index, based on S&P 500 options trading indicators, increased, gold futures declined. Oil prices, including WTI and Brent, showed growth.
On the foreign exchange market, the EUR/USD pair remained virtually unchanged, and the USD/JPY fell. Futures on the dollar index remained stable at 103.32.
Overall, US markets exhibited mixed dynamics, with growth in some sectors and declines in others, reflecting the complex interplay between economic, financial, and geopolitical risks.
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Best regards, PR Manager
Learn more about InstaForex Company at http://instaforex.com
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- IFX Gertrude
- Posts: 5198
- Joined: Wed Nov 07, 2012 6:25 am
Re: Forex News from InstaForex
by IFX Gertrude » Mon Aug 21, 2023 9:50 am
USD/JPY: Calm before the storm ahead of Jackson Hole symposium
As we embark on a new trading week, the USD/JPY currency pair has taken a neutral stance, signaling a cautious sentiment among investors ahead of the Federal Reserve symposium in Jackson Hole scheduled for August 24-26. All eyes are on the Federal Reserve's Chairman, Jerome Powell, whose speech will likely be a pivotal factor affecting the USD/JPY's trajectory. What can we expect from Powell's statement and how might it sway the greenback?
USD/JPY trapped in a sideways channel
The onset of Monday saw the USD/JPY pair settle into a neutral zone, with both currencies evenly matched and displaying little momentum.
Several factors currently serve as drivers for the yen:
Rising expectations of a potential change in the monetary policy of the Bank of Japan, propelled by July's unexpectedly high inflation figures. Last month, the Consumer Price Index (CPI) surged to an annualized 3.3%, surpassing the forecast of 2.5%. Traders' worries about Tokyo's intervention in the market, given that USD/JPY consistently trades above the significant 145.00 threshold, a level where intervention happened last year.
Looming fears of a global recession, compounded by China's stuttering economic growth. Further fiscal stimuli from Beijing might boost the yen, given its export-dependent nature.
Worries about decelerating global growth also buoy the US dollar, given its reputation as a haven asset. Yet, the central divergence in the monetary policies of the Fed and the Bank of Japan (BOJ) remains the strongest catalyst influencing the greenback's movements against the yen.
Speculations have long surrounded the BOJ's monetary approach. Still, the regulator sticks to its dovish strategy, hinting that no change is coming anytime soon.
Regarding the Federal Reserve, most investors anticipate a pause in its rate-hiking cycle in September. Yet, there's growing chatter about another tightening episode by year-end.
The recently released minutes from the FOMC's July meeting suggest that a significant chunk of Fed officials perceive an escalation in inflation risks, potentially warranting more hawkish measures.
Strong US macroeconomic indicators further underscore the robustness of its economy. A consensus among experts posits that these factors might allow the Federal Reserve to maintain its hawkish stance longer than was previously expected.
The burning question traders grapple with is the time the Federal Reserve will need to sustain elevated rates. Until a clear answer emerges, the greenback's consolidation phase is likely to persist.
Forecasts suggest that significant volatility in the USD majors, including the USD/JPY pair, is expected this Friday following Jerome Powell's speech at the Jackson Hole symposium. The direction the US currency takes will largely depend on Powell's tone. If the market interprets his speech as hawkish, the dollar might receive a boost.
On the other hand, a dovish tone from the Fed Chair could send the greenback tumbling across the board, including against the yen.
What's the likely scenario?
The majority of economists surveyed by Bloomberg believe Powell won't declare the Fed's anti-inflation mission as accomplished on Friday.
Nearly 80% of respondents asserted that US consumer price growth will remain above target levels in the coming years, necessitating the Fed to maintain its hawkish stance, which typically implies higher interest rates.
Analyst Jerome Schneider believes that persistent inflation will leave the Federal Reserve with no choice but to keep rates above the 5% mark for several months to come. He predicts the regulator might only commence rate reductions around mid-2024 or later.
It's probable that Powell won't specify any exact timelines during his Jackson Hole symposium speech. However, he might subtly indicate that the Fed's tightening cycle is far from over.
"We expect the Fed Chair to strike a more balanced tone in Wyoming. He'll likely hint at the end of the tightening cycle but emphasize the need to keep interest rates elevated for longer," commented Anna Wong for Bloomberg Economics.
If investors receive compelling evidence suggesting prolonged high interest rates in the US, the dollar could gain strength across all fronts, with USD/JPY being the main winner.
In an optimistic scenario, the greenback might strengthen against the yen to 147 by the week's end, provided there's no intervention warning from the Japanese government.
Technical outlook
The daily chart reveals a bullish exhaustion for the USD/JPY pair. The fading momentum is evident in the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicator.
However, the pair remains above the 20-, 100-, and 200-day simple moving averages, indicating that buyers still dominate the market on a broader scale.
The most crucial zones to monitor now are support levels at 145.00, 144.00, and 143.20, and resistance levels at 145.50, 146.00, and 146.30.
News are provided by
InstaForex.
Read More https://ifxpr.com/47GVn4X
As we embark on a new trading week, the USD/JPY currency pair has taken a neutral stance, signaling a cautious sentiment among investors ahead of the Federal Reserve symposium in Jackson Hole scheduled for August 24-26. All eyes are on the Federal Reserve's Chairman, Jerome Powell, whose speech will likely be a pivotal factor affecting the USD/JPY's trajectory. What can we expect from Powell's statement and how might it sway the greenback?
USD/JPY trapped in a sideways channel
The onset of Monday saw the USD/JPY pair settle into a neutral zone, with both currencies evenly matched and displaying little momentum.
Several factors currently serve as drivers for the yen:
Rising expectations of a potential change in the monetary policy of the Bank of Japan, propelled by July's unexpectedly high inflation figures. Last month, the Consumer Price Index (CPI) surged to an annualized 3.3%, surpassing the forecast of 2.5%. Traders' worries about Tokyo's intervention in the market, given that USD/JPY consistently trades above the significant 145.00 threshold, a level where intervention happened last year.
Looming fears of a global recession, compounded by China's stuttering economic growth. Further fiscal stimuli from Beijing might boost the yen, given its export-dependent nature.
Worries about decelerating global growth also buoy the US dollar, given its reputation as a haven asset. Yet, the central divergence in the monetary policies of the Fed and the Bank of Japan (BOJ) remains the strongest catalyst influencing the greenback's movements against the yen.
Speculations have long surrounded the BOJ's monetary approach. Still, the regulator sticks to its dovish strategy, hinting that no change is coming anytime soon.
Regarding the Federal Reserve, most investors anticipate a pause in its rate-hiking cycle in September. Yet, there's growing chatter about another tightening episode by year-end.
The recently released minutes from the FOMC's July meeting suggest that a significant chunk of Fed officials perceive an escalation in inflation risks, potentially warranting more hawkish measures.
Strong US macroeconomic indicators further underscore the robustness of its economy. A consensus among experts posits that these factors might allow the Federal Reserve to maintain its hawkish stance longer than was previously expected.
The burning question traders grapple with is the time the Federal Reserve will need to sustain elevated rates. Until a clear answer emerges, the greenback's consolidation phase is likely to persist.
Forecasts suggest that significant volatility in the USD majors, including the USD/JPY pair, is expected this Friday following Jerome Powell's speech at the Jackson Hole symposium. The direction the US currency takes will largely depend on Powell's tone. If the market interprets his speech as hawkish, the dollar might receive a boost.
On the other hand, a dovish tone from the Fed Chair could send the greenback tumbling across the board, including against the yen.
What's the likely scenario?
The majority of economists surveyed by Bloomberg believe Powell won't declare the Fed's anti-inflation mission as accomplished on Friday.
Nearly 80% of respondents asserted that US consumer price growth will remain above target levels in the coming years, necessitating the Fed to maintain its hawkish stance, which typically implies higher interest rates.
Analyst Jerome Schneider believes that persistent inflation will leave the Federal Reserve with no choice but to keep rates above the 5% mark for several months to come. He predicts the regulator might only commence rate reductions around mid-2024 or later.
It's probable that Powell won't specify any exact timelines during his Jackson Hole symposium speech. However, he might subtly indicate that the Fed's tightening cycle is far from over.
"We expect the Fed Chair to strike a more balanced tone in Wyoming. He'll likely hint at the end of the tightening cycle but emphasize the need to keep interest rates elevated for longer," commented Anna Wong for Bloomberg Economics.
If investors receive compelling evidence suggesting prolonged high interest rates in the US, the dollar could gain strength across all fronts, with USD/JPY being the main winner.
In an optimistic scenario, the greenback might strengthen against the yen to 147 by the week's end, provided there's no intervention warning from the Japanese government.
Technical outlook
The daily chart reveals a bullish exhaustion for the USD/JPY pair. The fading momentum is evident in the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicator.
However, the pair remains above the 20-, 100-, and 200-day simple moving averages, indicating that buyers still dominate the market on a broader scale.
The most crucial zones to monitor now are support levels at 145.00, 144.00, and 143.20, and resistance levels at 145.50, 146.00, and 146.30.
News are provided by
InstaForex.
Read More https://ifxpr.com/47GVn4X
Best regards, PR Manager
Learn more about InstaForex Company at http://instaforex.com
Learn more about InstaForex Company at http://instaforex.com
- IFX Gertrude
- Posts: 5198
- Joined: Wed Nov 07, 2012 6:25 am
Re: Forex News from InstaForex
by IFX Gertrude » Tue Aug 22, 2023 2:25 am
Changes on the Horizon: Nasdaq Surges Thanks to Nvidia and Tech Giants, Investors' Eyes on Jackson Hole
GS is considering a move to sell a business segment for affluent clients. Palo Alto Networks is on the rise amid positive expectations. Indices: Dow dipped by 0.1%, S&P 500 rose by 0.7%, and Nasdaq soared by 1.6%. The week started strong for Nasdaq and S&P 500. Nvidia shares provided a significant boost, attracting optimistic investor outlooks. As other tech stocks have shown, interest in them is growing.
But not everything is rosy: the Dow Jones industrial index slightly conceded its position. Investors are closely monitoring the yield of 10-year treasury bonds, which has reached a level last seen during the Great Financial Crisis of 2007. All eyes are on the meeting of the heads of the world's central banks in Jackson Hole. On the agenda? Jerome Powell's statement on Friday.
The technology sector drives the most significant growth of the S&P 500 and Nasdaq. Nvidia shares rocketed 8.5%, primarily due to HSBC, which set a target share price of $780 - one of the highest on Wall Street.
Nvidia, the AI market star this year, is forecasted to exceed analysts' quarterly income predictions. The company's shares have shot up 220% over the year, with Nasdaq maintaining a 29% growth rate.
In a nutshell about Nvidia: "Nvidia is top-tier artificial intelligence," says Quincy Crosby from LPL Financial. "It'll be interesting to see if they meet their set targets... Nvidia might become the main player this week."
And don't forget to pay attention to the US Federal Reserve: its leaders will gather for an essential annual symposium in Jackson Hole.
Everyone is awaiting Powell's speech to gauge the pulse of the economy and understand the next steps regarding rates. This anticipation is particularly heightened after recent central bank data made many ponder the possibility of inflation growth.
And what about the stock market? Dow Jones slightly decreased, losing 36.97 points. But stay optimistic, as both the S&P 500 and Nasdaq moved upwards, gaining 30.06 and 206.81 points, respectively.
Regarding company news, Johnson & Johnson shares dropped by 3%. Why? They expect to retain about 9.5% in their new Kenvue division. And yes, Goldman Sachs also took a slight hit, contemplating the sale of part of its assets.
Meanwhile, in the tech world, Palo Alto Networks shares are thriving, showing a 14.8% growth! Their latest report, with strong quarterly data and forecasts, has convinced many of their stability. VMware hasn't been left out either; their shares jumped by 4.9% following the approval of a deal with Broadcom, which, by the way, is also up by 4.8%.
Activity on the U.S. stock exchanges was below average. A total of 9.75 billion shares were traded, less than the standard of 10.99 billion looking at the past 20 trading days.
When it comes to individual stocks, the situation was more complex. On the NYSE, declining stocks outnumbered the advancing ones at a ratio of 1.44 to 1. As for Nasdaq, the advantage was with the declining stocks, with a ratio of 1.08 to 1.
An interesting fact: The S&P 500 presented itself rather ambiguously, showing 3 new annual highs and a whole 18 lows. And Nasdaq? There was even greater volatility there, with 36 new highs and a staggering 214 new lows. This indicates that investors are currently on their toes, evaluating a plethora of factors before making buy or sell decisions.
News are provided by
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GS is considering a move to sell a business segment for affluent clients. Palo Alto Networks is on the rise amid positive expectations. Indices: Dow dipped by 0.1%, S&P 500 rose by 0.7%, and Nasdaq soared by 1.6%. The week started strong for Nasdaq and S&P 500. Nvidia shares provided a significant boost, attracting optimistic investor outlooks. As other tech stocks have shown, interest in them is growing.
But not everything is rosy: the Dow Jones industrial index slightly conceded its position. Investors are closely monitoring the yield of 10-year treasury bonds, which has reached a level last seen during the Great Financial Crisis of 2007. All eyes are on the meeting of the heads of the world's central banks in Jackson Hole. On the agenda? Jerome Powell's statement on Friday.
The technology sector drives the most significant growth of the S&P 500 and Nasdaq. Nvidia shares rocketed 8.5%, primarily due to HSBC, which set a target share price of $780 - one of the highest on Wall Street.
Nvidia, the AI market star this year, is forecasted to exceed analysts' quarterly income predictions. The company's shares have shot up 220% over the year, with Nasdaq maintaining a 29% growth rate.
In a nutshell about Nvidia: "Nvidia is top-tier artificial intelligence," says Quincy Crosby from LPL Financial. "It'll be interesting to see if they meet their set targets... Nvidia might become the main player this week."
And don't forget to pay attention to the US Federal Reserve: its leaders will gather for an essential annual symposium in Jackson Hole.
Everyone is awaiting Powell's speech to gauge the pulse of the economy and understand the next steps regarding rates. This anticipation is particularly heightened after recent central bank data made many ponder the possibility of inflation growth.
And what about the stock market? Dow Jones slightly decreased, losing 36.97 points. But stay optimistic, as both the S&P 500 and Nasdaq moved upwards, gaining 30.06 and 206.81 points, respectively.
Regarding company news, Johnson & Johnson shares dropped by 3%. Why? They expect to retain about 9.5% in their new Kenvue division. And yes, Goldman Sachs also took a slight hit, contemplating the sale of part of its assets.
Meanwhile, in the tech world, Palo Alto Networks shares are thriving, showing a 14.8% growth! Their latest report, with strong quarterly data and forecasts, has convinced many of their stability. VMware hasn't been left out either; their shares jumped by 4.9% following the approval of a deal with Broadcom, which, by the way, is also up by 4.8%.
Activity on the U.S. stock exchanges was below average. A total of 9.75 billion shares were traded, less than the standard of 10.99 billion looking at the past 20 trading days.
When it comes to individual stocks, the situation was more complex. On the NYSE, declining stocks outnumbered the advancing ones at a ratio of 1.44 to 1. As for Nasdaq, the advantage was with the declining stocks, with a ratio of 1.08 to 1.
An interesting fact: The S&P 500 presented itself rather ambiguously, showing 3 new annual highs and a whole 18 lows. And Nasdaq? There was even greater volatility there, with 36 new highs and a staggering 214 new lows. This indicates that investors are currently on their toes, evaluating a plethora of factors before making buy or sell decisions.
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Re: Forex News from InstaForex
by IFX Gertrude » Wed Aug 23, 2023 12:58 am
EUROPEAN ECONOMIC NEWS PREVIEW: EUROZONE FLASH PMI DATA DUE
Purchasing Managers' survey results from the euro area and the UK are the top economic news due on Wednesday.
At 3.15 am ET, France's flash composite Purchasing Managers' survey results are due. The composite index is forecast to rise to 47.5 in August from 46.6 in the previous month. At 3.30 am ET, S&P Global is scheduled to release Germany's composite PMI survey results. The composite output index is expected to fall to 48.3 in August from 48.5 a month ago.
At 4.00 am ET, Eurozone flash PMI survey data is due. Economists expect the composite indicator to ease to 48.5 in August from 48.6 in the previous month.
Half an hour later, UK S&P/CIPS composite PMI survey results are due. The composite index is seen at 50.3 in August compared to 50.8 a month ago.
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Purchasing Managers' survey results from the euro area and the UK are the top economic news due on Wednesday.
At 3.15 am ET, France's flash composite Purchasing Managers' survey results are due. The composite index is forecast to rise to 47.5 in August from 46.6 in the previous month. At 3.30 am ET, S&P Global is scheduled to release Germany's composite PMI survey results. The composite output index is expected to fall to 48.3 in August from 48.5 a month ago.
At 4.00 am ET, Eurozone flash PMI survey data is due. Economists expect the composite indicator to ease to 48.5 in August from 48.6 in the previous month.
Half an hour later, UK S&P/CIPS composite PMI survey results are due. The composite index is seen at 50.3 in August compared to 50.8 a month ago.
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Learn more about InstaForex Company at http://instaforex.com
Learn more about InstaForex Company at http://instaforex.com
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Re: Forex News from InstaForex
by IFX Gertrude » Thu Aug 24, 2023 1:13 am
EUROPEAN ECONOMIC NEWS PREVIEW: FRANCE BUSINESS CONFIDENCE DATA DUE
Business sentiment survey data from France is the top economic news due on Thursday, headlining a light day for the European economic news.
At 2.45 am ET, France's statistical office INSEE releases monthly business confidence survey data. The business sentiment index is forecast to fall to 99 in August from 100 in July.
At 3.00 am ET, business sentiment survey data is due from the Czech Republic.
At 4.00 am ET, Statistics Poland is slated to release unemployment data for July. The jobless rate is seen unchanged at 5.00 percent.
At 6.00 am ET, the Confederation of British Industry publishes Distributive Trades survey data for August.
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Business sentiment survey data from France is the top economic news due on Thursday, headlining a light day for the European economic news.
At 2.45 am ET, France's statistical office INSEE releases monthly business confidence survey data. The business sentiment index is forecast to fall to 99 in August from 100 in July.
At 3.00 am ET, business sentiment survey data is due from the Czech Republic.
At 4.00 am ET, Statistics Poland is slated to release unemployment data for July. The jobless rate is seen unchanged at 5.00 percent.
At 6.00 am ET, the Confederation of British Industry publishes Distributive Trades survey data for August.
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Re: Forex News from InstaForex
by IFX Gertrude » Fri Aug 25, 2023 4:29 am
GERMAN ECONOMY STABILIZES AS ESTIMATED IN Q2
Germany's economy stabilized as estimated in the second quarter as weak foreign demand offset the strength in government spending and investment, latest data from Destatis showed Friday.
Gross domestic product posted nil growth in the second quarter after a 0.1 percent fall in the first quarter and a 0.4 percent decline in the fourth quarter of 2022.
With the latest flat growth, the biggest euro area economy ended a short period of recession.
The statistical office confirmed the preliminary estimate published on July 28.
"After slight declines in the previous two quarters, the German economy stabilized in spring," Destatis President Ruth Brand said.
"We continue to see the German economy being stuck in the twilight zone between stagnation and recession," ING economist Carsten Brzeski said.
In the latest World Economic Outlook, the International Monetary Fund projected the German economy to shrink 0.3 percent this year before rebounding 1.3 percent in 2024.
On a yearly basis, the price-adjusted GDP dropped 0.6 percent in contrast to the 0.1 percent rise a quarter ago. Calendar-adjusted GDP fell 0.2 percent, the same rate of decline as reported in the first quarter.
Both price-adjusted and calendar-adjusted growth figures were confirmed. The expenditure-side of GDP showed that household spending remained unchanged in the second quarter and government spending rebounded 0.1 percent following a 1.9 percent fall a quarter ago.
Gross fixed capital formation gained 2.1 percent, reversing a 1.7 percent fall in the preceding period.
Data showed that exports slid 1.1 percent, offsetting the 0.4 percent rise in the first quarter. By contrast, imports stabilized after a 1.5 percent decrease.
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Germany's economy stabilized as estimated in the second quarter as weak foreign demand offset the strength in government spending and investment, latest data from Destatis showed Friday.
Gross domestic product posted nil growth in the second quarter after a 0.1 percent fall in the first quarter and a 0.4 percent decline in the fourth quarter of 2022.
With the latest flat growth, the biggest euro area economy ended a short period of recession.
The statistical office confirmed the preliminary estimate published on July 28.
"After slight declines in the previous two quarters, the German economy stabilized in spring," Destatis President Ruth Brand said.
"We continue to see the German economy being stuck in the twilight zone between stagnation and recession," ING economist Carsten Brzeski said.
In the latest World Economic Outlook, the International Monetary Fund projected the German economy to shrink 0.3 percent this year before rebounding 1.3 percent in 2024.
On a yearly basis, the price-adjusted GDP dropped 0.6 percent in contrast to the 0.1 percent rise a quarter ago. Calendar-adjusted GDP fell 0.2 percent, the same rate of decline as reported in the first quarter.
Both price-adjusted and calendar-adjusted growth figures were confirmed. The expenditure-side of GDP showed that household spending remained unchanged in the second quarter and government spending rebounded 0.1 percent following a 1.9 percent fall a quarter ago.
Gross fixed capital formation gained 2.1 percent, reversing a 1.7 percent fall in the preceding period.
Data showed that exports slid 1.1 percent, offsetting the 0.4 percent rise in the first quarter. By contrast, imports stabilized after a 1.5 percent decrease.
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Re: Forex News from InstaForex
by IFX Gertrude » Mon Aug 28, 2023 2:53 am
JAPAN LEADING INDEX FALLS AS ESTIMATED
Japan's leading index weakened as initially estimated at the end of the second quarter, the latest data from the Cabinet Office showed on Monday.
The leading index, which measures future economic activity, dropped to 108.9 in June from a six-month high of 109.1 in May. That was in line with the flash data published on August 7.
The coincident index that measures the current economic situation rose to a 10-month high of 115.1 in June from 114.3 in the previous month, as estimated.
Data showed that the lagging index rose somewhat to 107.3 from 107.2 in the previous month. The reading was the strongest since January 2020
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Japan's leading index weakened as initially estimated at the end of the second quarter, the latest data from the Cabinet Office showed on Monday.
The leading index, which measures future economic activity, dropped to 108.9 in June from a six-month high of 109.1 in May. That was in line with the flash data published on August 7.
The coincident index that measures the current economic situation rose to a 10-month high of 115.1 in June from 114.3 in the previous month, as estimated.
Data showed that the lagging index rose somewhat to 107.3 from 107.2 in the previous month. The reading was the strongest since January 2020
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Learn more about InstaForex Company at http://instaforex.com
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- IFX Gertrude
- Posts: 5198
- Joined: Wed Nov 07, 2012 6:25 am
Re: Forex News from InstaForex
by IFX Gertrude » Mon Aug 28, 2023 2:53 am
JAPAN LEADING INDEX FALLS AS ESTIMATED
Japan's leading index weakened as initially estimated at the end of the second quarter, the latest data from the Cabinet Office showed on Monday.
The leading index, which measures future economic activity, dropped to 108.9 in June from a six-month high of 109.1 in May. That was in line with the flash data published on August 7.
The coincident index that measures the current economic situation rose to a 10-month high of 115.1 in June from 114.3 in the previous month, as estimated.
Data showed that the lagging index rose somewhat to 107.3 from 107.2 in the previous month. The reading was the strongest since January 2020
News are provided by
InstaForex.
Read More https://ifxpr.com/3KZSmCW
Japan's leading index weakened as initially estimated at the end of the second quarter, the latest data from the Cabinet Office showed on Monday.
The leading index, which measures future economic activity, dropped to 108.9 in June from a six-month high of 109.1 in May. That was in line with the flash data published on August 7.
The coincident index that measures the current economic situation rose to a 10-month high of 115.1 in June from 114.3 in the previous month, as estimated.
Data showed that the lagging index rose somewhat to 107.3 from 107.2 in the previous month. The reading was the strongest since January 2020
News are provided by
InstaForex.
Read More https://ifxpr.com/3KZSmCW
Best regards, PR Manager
Learn more about InstaForex Company at http://instaforex.com
Learn more about InstaForex Company at http://instaforex.com
- IFX Gertrude
- Posts: 5198
- Joined: Wed Nov 07, 2012 6:25 am