FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
FXCC information and reviews
FXCC
90%
Markets.com information and reviews
Markets.com
89%
FxPro information and reviews
FxPro
88%
EUR/USD
1.1729
BTC/USD
43 862.55
GBP/USD
1.3655
USD/JPY
109.4070
USD/CHF
0.9272
USD/CAD
1.2836
EUR/JPY
128.3269

Stocks tantalisingly close to record


14 August 2020

The global equity market rally has stalled for now as US markets show a fairly flat open, teasingly just shy of the S&P500 February pre-pandemic all time intraday high at 3393. The underlying risk mood remains positive even though there is little progress being made in the US Phase IV stimulus talks.

The Dollar tone is broadly negative although holding today’s lows after the weekly initial jobless claims figure came in below 1 million for the first time in 21 weeks. Continuing claims also ticked lower by 604k from last week and the insured unemployment rate, an alternative measure of joblessness dropped to 10.6% from 11%. These are improvements of course, but the numbers are still historically huge and the total workers who have filed for first time unemployment claims since the pandemic started is now above 56 million.

Gold is endeavouring to claw back its losses from the plunge earlier in the week but is still trading below $2000. US real yields – the return one can expect once inflation is taken into account – are still trading deep in negative territory so these need to reverse much closer back to zero to see further selling.

EUR good for gains


Although numerous European countries are seeing an increasing number of infections, these are generally way below the cases during the pandemic peak in March. As rebound prospects remain positive, so EUR/USD seems well supported and is moving higher after consolidating its recent strong gains.

Highs at the upper part of the recent range are coming into sight again around 1.19, but the world’s most heavily traded pair may struggle up here. Support lies at 1.18 and then just below around 1.1750/75.

Sterling treading water near recent highs


Cable has followed a similar path to the Euro recently so is now holding near recent highs after strong gains. After the historic GDP decline in Q2, there is some hope of a decent rebound in the next quarter owing to timing issues and the re-opening of the economy. However, Brexit talks start again next week and may bring some hard-nosed reality to sterling traders with little time to make any major progress towards a trade deal.

Bulls are targeting the top of the August trading range around 1.32 but upward momentum has died down recently. 1.3185 marks the start of the resistance while the mid-1.30s should offer decent support for now.

#source

Related

US Markets lost major support, Asian Indices are melting
US Markets lost major support, Asian Indices are melting

Global markets closed last week on the back foot, and no significant positive factors emerged in Asian trading, increasing the flight to safety. The Hang Seng lost...

20 Sep 2021

US Retail sales and other data has supported Dollar
US Retail sales and other data has supported Dollar

The US Retail sales notably exceeded expectations, adding 0.7% in August vs an expected 0.7% decline. The increase to August last year is an impressive 14.9%...

17 Sep 2021

Geopolitics Fire Up Up and Cryptos Are Booming
Geopolitics Fire Up Up and Cryptos Are Booming

Futures in the United States and Europe are trading lower today as investors are worried about the new security agreement between the U.S., the U.K. and Australia...

16 Sep 2021

UK inflation surges, stocks struggle
UK inflation surges, stocks struggle

European markets flat at the open this morning as UK inflation surged to a record high in August and Chinese economic data was soft. China’s retail sales fell to...

15 Sep 2021

Gold is anxiously waiting for the US inflation data
Gold is anxiously waiting for the US inflation data

Gold, hovering around $1790 since last Thursday, might take an even harder hit. The bears are waiting for a good signal to launch an attack. It is now holding it below significant levels...

14 Sep 2021

Here Is Why Stock Futures Are Trading Lower
Here Is Why Stock Futures Are Trading Lower

Despite a week of doom and gloom in the stock markets, futures in the United States are still trading lower. Since February, the S&P 500 has been on its longest...

13 Sep 2021


Editors' Picks

OctaFX information and reviews
OctaFX
86%
HotForex information and reviews
HotForex
85%
XM information and reviews
XM
80%
FXCM information and reviews
FXCM
79%
Vantage FX information and reviews
Vantage FX
78%
Moneta Markets information and reviews
Moneta Markets
77%

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.