HFM information and reviews
HFM
96%
Octa information and reviews
Octa
94%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%

Will stocks breakout to new highs?


9 October 2020

The markets are beginning to increasingly look through the two-party debate over new fiscal stimulus and along with the easing concerns around a contested election result, there’s an upbeat mood on Wall Street. As the Democratic challenger’s lead widens in the polls, hopes are rising that his party, which has already agreed a $2.2 trillion recovery package, could take control of both houses and open the spending taps within the first hundred days of his Presidency.

The Dollar is fairly listless against the majors with volatility drifting somewhat and most currencies holding within their established ranges. Of course, uncertainty around the US election is never far away and with just a few weeks left until polling day, we can’t rule anything out, especially when the incumbent and former reality TV star is struggling not to become one of only four other one-term Presidents in the last hundred years.

The ECB Minutes released earlier in the morning session stated that Euro appreciation has had a material impact on the inflation outlook. They also suggested that policymakers were in no hurry to increase the size of their bond buying programme. Interestingly, bond yields in the peripheral Eurozone countries continue to hit record lows with the Italian 10-year yield last night closing at the same level as the benchmark US 10-year Treasury yield.

Q3 Earnings next week


Companies listed on the S&P500 are set to report a big year-on-year decline in earnings of potentially over 20%, which could be their worst performance since the second quarter of 2009 at the height of the credit crisis. However, this nadir should be followed by a recovery triggered by jumbo-sized policy support.

Technically, the S&P500 bounced convincingly off the 100-day MA at the end of last month and now looks to be moving out of its recent range, having consistently closed above the 55-day Moving Average all this week. If prices can close above 3431, then bulls will set their sights on the all-time highs at 3587.

#source

Share: Tweet this or Share on Facebook


Related

Yen stabilizes as Japan ramps up intervention warning
Yen stabilizes as Japan ramps up intervention warning

Threats of FX intervention help yen to stabilize near three-decade lows. Dollar and stocks take a step back, Bitcoin jumps in anticipation of halving. Shortage of liquidity could be an important market theme this week.

26 Mar 2024

Stocks at fresh records even as dollar bounces back
Stocks at fresh records even as dollar bounces back

Wall Street leads rally in equity markets, fuelled by rate cut optimism. US dollar stages surprise rebound amid US exceptionalism. Pound slides on BoE's dovish tilt, yen steadies, PBOC loosens grip on yuan.

22 Mar 2024

Dollar rises as Fed enters spotlight, yen plummets
Dollar rises as Fed enters spotlight, yen plummets

US dollar gains as traders brace for hawkish Fed. Yen tumbles despite BoJ's historic decision. Loonie slides on cooler than expected Canadian inflation. Wall Street gains ahead of Fed, oil extends advance.

20 Mar 2024

BoJ hikes, scraps yield curve control, but yen slumps

BoJ ends negative rates and yield curve control in historic move, but yen can't catch a break as Ueda signals ongoing accommodative stance.

19 Mar 2024

Dollar recovers, equities stall after US data releases
Dollar recovers, equities stall after US data releases

Dollar stages comeback as US data fuels speculation of fewer Fed cuts. Stocks and Bitcoin take a step back, oil climbs after Ukraine drone attacks. Yen traders play the guessing game ahead of next week's rate decision.

15 Mar 2024

US PPI and retail sales data enter the limelight
US PPI and retail sales data enter the limelight

After hot CPI inflation, dollar awaits PPI and retail sales data. Yen on the back foot as BoJ March hike bets decrease - S&P 500 and Nasdaq pull back, gold rebounds

14 Mar 2024


Forex Forecasts

MultiBank Group information and reviews
MultiBank Group
84%
XM information and reviews
XM
82%
FP Markets information and reviews
FP Markets
81%
FXTM information and reviews
FXTM
80%
AMarkets information and reviews
AMarkets
79%
BlackBull information and reviews
BlackBull
78%

© 2006-2024 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.