405907 September 19, 2024 16:45 Forexlive Latest News Market News
We’re seeing fresh highs now for the euro, pound, and the commodity currencies against the dollar. EUR/USD is up 0.5% to 1.1170 with GBP/USD also up 0.5% to 1.3280 currently. AUD/USD in particular is seeing a strong jump to its highest levels for the year, up 1% to 0.6835. The pair had struggled to clear 0.6800 on the daily chart previously but buyers are finding added conviction today.
USD/JPY is up 0.4% to 142.90 again but had earlier met lows around 142.03 in European morning trade. The back and forth action in the pair continues to play out with the bond market also playing a role there.
The dollar had initially weakened on the immediate reaction to the Fed’s 50 bps rate cut yesterday. Then, the first aftershock of the event saw it recover losses for the most part. But now with the second aftershock, we are seeing traders lean back to their immediate conviction again.
The fall in the dollar comes as risk sentiment is starting to gain more positive traction on the session. European indices are seeing well over 1% gains across the board now. Meanwhile, S&P 500 futures are up 1.5% with Nasdaq futures up 2.0% currently. Fresh record highs are beckoning for US indices ahead of Wall Street trading later.
This article was written by Justin Low at www.forexlive.com.
405906 September 19, 2024 16:14 ICMarkets Market News
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Ex-Dividends | ||
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2
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20/09/2024 | ||
3
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Indices | Name |
Index Adjustment Points
|
4
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Australia 200 CFD
|
AUS200 | 0.1 |
5
|
IBEX-35 Index | ES35 | |
6
|
France 40 CFD | F40 | |
7
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Hong Kong 50 CFD
|
HK50 | 0.39 |
8
|
Italy 40 CFD | IT40 | |
9
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Japan 225 CFD
|
JP225 | |
10
|
EU Stocks 50 CFD
|
STOXX50 | |
11
|
UK 100 CFD | UK100 | |
12
|
US SP 500 CFD
|
US500 | 0.05 |
13
|
Wall Street CFD
|
US30 | |
14
|
US Tech 100 CFD
|
USTEC | |
15
|
FTSE CHINA 50
|
CHINA50 | |
16
|
Canada 60 CFD
|
CA60 | 0.14 |
17
|
Germany Tech 40 CFD
|
TecDE30 | |
18
|
Germany Mid 50 CFD
|
MidDE50 | |
19
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Netherlands 25 CFD
|
NETH25 | |
20
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Switzerland 20 CFD
|
SWI20 | |
21
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Hong Kong China H-shares CFD
|
CHINAH | |
22
|
Norway 25 CFD
|
NOR25 | |
23
|
South Africa 40 CFD
|
SA40 | |
24
|
Sweden 30 CFD
|
SE30 | |
25
|
US 2000 CFD | US2000 | 0.08 |
The post Ex Dividend 20/09/2024 first appeared on IC Markets | Official Blog.
405905 September 19, 2024 15:14 Forexlive Latest News Market News
Looking at the breakdown, surpluses were recorded for goods (€35 billion) and services (€19 billion). Meanwhile, deficits were recorded for secondary income (€13 billion) and primary income (€1 billion).
This article was written by Justin Low at www.forexlive.com.
405904 September 19, 2024 14:39 Forexlive Latest News Market News
The dollar is lower in European morning trade, as the post-Fed reaction is starting to weigh more heavily now. USD/JPY traded to a high of 143.94 in Asia but has been dragged all the way back down now to roughly flat levels on the day at 143.18.
Looking at broader markets, equities are running higher while bond yields have dropped off from the highs earlier in the day.
In fact, Treasury yields are now pushing to the lowest points for the day now. 2-year yields are down to 3.59% from 3.65% earlier while 10-year yields are down to 3.69% from 3.73% earlier.
Gold is also now sitting higher by 0.8% to $2,579 in hopes of pushing for a test of $2,600 again.
Going back to USD/JPY, the pair is still very much at the mercy of how the rates market is going to move. But the near-term chart above at least shows that buyers are still hanging in there, by the very slightest.
A fall back below both the 100 (red line) and 200-hour (blue line) moving averages will put scrutiny back on the 140.00 mark. So, those will be key near-term levels to watch for the time being.
As for other dollar pairs, GBP/USD looks poised for a retest of daily resistance from the August high of 1.3266 currently. Meanwhile, AUD/USD is starting to challenge a firm break above 0.6800 before aiming a test of the December 2023 high of 0.6871 next.
This article was written by Justin Low at www.forexlive.com.
405903 September 19, 2024 14:30 Forexlive Latest News Market News
S&P 500 futures are up 1.1%, Nasdaq futures up 1.6%, and Dow futures up 0.7% currently. There was a bit of a hiccup right after the Fed decision yesterday but equities are looking to bounce back stronger today. It looks like market players are happy with what they got from Powell & co. for now.
This article was written by Justin Low at www.forexlive.com.
405902 September 19, 2024 13:39 ICMarkets Market News
Global Markets:
Asia-Pacific markets experienced gains amid volatile trading on Thursday as investors reacted to the Federal Reserve’s half-percentage-point interest rate cut. Japan’s Nikkei 225 increased by 2.53%, and the Topix rose 2.41%. Meanwhile, the Japanese yen weakened by 0.68% against the U.S. dollar to 143.24. The Federal Reserve’s rate cut lowered its benchmark borrowing rate to a target range of 4.75% to 5%.
Following the Fed’s move, the Hong Kong Monetary Authority reduced its interest rate by 50 basis points to 5.25%, reflecting the city’s currency peg to the U.S. dollar. The Hang Seng index in Hong Kong climbed 1.81%, with China Vanke shares jumping 8.7%. Mainland China’s CSI 300 index went up by 0.8%, driven primarily by real estate stocks, which saw a 4.3% increase.
South Korea’s Kospi index inched up 0.11%, while the Kosdaq gained 0.65%. In Australia, the unemployment rate held steady at 4.2% in August, with employment figures surpassing expectations at 47,500 additions. This contributed to the S&P/ASX 200 rising by 0.64%, reaching a new record high.
New Zealand’s GDP for the second quarter contracted by 0.2%, which was better than the expected 0.4% decline. Taiwan’s central bank is preparing to announce a key rate decision, with the Taiwan Weighted Index up by 1.24%.
In the U.S., all major indices fell overnight. The Dow Jones decreased by 0.25%, the S&P 500 by 0.29%, and the Nasdaq by 0.31%, despite intraday highs.
The post Thursday 19th September 2024: Asia-Pacific Markets Rise Amid Fed’s Interest Rate Cut first appeared on IC Markets | Official Blog.
405901 September 19, 2024 13:14 Forexlive Latest News Market News
US futures are also on the up with tech shares leading the charge. S&P 500 futures are now up 1.0% while Nasdaq futures are up by 1.5% on the day. Dow futures meanwhile are up by 0.6% currently. Fresh highs are beckoning for US equities again after the slight setback overnight.
This article was written by Justin Low at www.forexlive.com.
405900 September 19, 2024 13:14 Forexlive Latest News Market News
The Swiss trade surplus narrowed in August with the breakdown seen below:
This article was written by Justin Low at www.forexlive.com.
405899 September 19, 2024 13:00 Forexlive Latest News Market News
The Fed gave market players what they wanted with a 50 bps rate cut yesterday. And the aftermath so far has been… fairly calm to be fair. The dollar did drop on the kneejerk reaction yesterday but that didn’t last too long. Treasury yields are bouncing back up and that’s creating for some mixed moves among major currencies at least.
As for stocks, it did fall yesterday but US futures are looking to bounce back strongly today. It’s all setting up for a rather swingy end to the week with most of the action likely to come in US trading.
Anyway, the central bank bonanza doesn’t just stop at the Fed this week. The BOE is next on the cards before we get to the BOJ tomorrow. Bailey & co. is expected to keep the bank rate unchanged today, with a vote of 7-2. The two dissenters are likely to be the more dovish members i.e. Dhingra and Ramsden.
Traders are pricing in ~81% odds of there being no change today. As such, the decision should not be one to rock the boat too much in sterling and broader markets on the day.
0600 GMT – Switzerland August trade balance data0800 GMT – Eurozone July current account balance1100 GMT – BOE announces its September monetary policy decision
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
This article was written by Justin Low at www.forexlive.com.
405898 September 19, 2024 12:39 ICMarkets Market News
IC Markets Europe Fundamental Forecast | 19 September 2024
What happened in the Asia session?
After growing 0.2% QoQ in the first quarter of 2024, New Zealand’s economy contracted 0.2% QoQ in the second quarter. This marked the sixth quarter of contraction over the past year and a half but it was less worse than originally anticipated – markets were forecasting a decline of 0.4%. The combination of weak economic output and higher demand for the greenback is likely to weigh on the Kiwi this morning.
A robust labour force report propelled the Aussie this morning as it surged towards the threshold of 0.6800, gaining almost 50 pips at its highest point. The unemployment rate remained unchanged at 4.2% while a whopping 47.5K jobs were added to the Australian economy. This marked the second highest job gains of 2024 as it beat the estimate of 26.4K by a wide margin – a result that could lead the Aussieto be one of the few currencies to defy the strength in the U.S. dollar today.
What does it mean for the Europe & US sessions?
After reducing its official bank rate by 25 basis points in August, the Bank of England (BoE) is now anticipated to keep rates steady at 5.0%. As GDP growth has picked up sharply thus far in 2024 while core CPI remains sticky, the Monetary Policy Committee members appear inclined to maintain the bank rate at current levels – a move that could provide lift for the Cable later today.
The Dollar Index (DXY)
Key news events today
Unemployment Claims (12:30 pm GMT)
What can we expect from DXY today?
After rising quite sharply from mid-May till the end of July, unemployment claims have steadied over the past six weeks with the 4-week average standing at 231K. With claims stabilizing in recent weeks, it alleviates some concerns surrounding labour market weakness as evident in the recent employment reports by the ADP and BLS. The forecast of 230K claims points to a continuation of stabilization for this data point – a lower figure could function as a near-term bullish catalyst for the dollar.
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
Gold (XAU)
Key news events today
Unemployment Claims (12:30 pm GMT)
What can we expect from Gold today?
After rising quite sharply from mid-May till the end of July, unemployment claims have steadied over the past six weeks with the 4-week average standing at 231K. With claims stabilizing in recent weeks, it alleviates some concerns surrounding labour market weakness as evident in the recent employment reports by the ADP and BLS. The forecast of 230K claims points to a continuation of stabilization for this data point – a lower figure could function as a near-term bullish catalyst for the dollar which would weigh on gold prices.
Next 24 Hours Bias
Medium Bearish
The Australian Dollar (AUD)
Key news events today
Labour Force Report (1:30 am GMT)
What can we expect from AUD today?
A robust labour force report propelled the Aussie this morning as it surged towards the threshold of 0.6800, gaining almost 50 pips at its highest point. The unemployment rate remained unchanged at 4.2% while a whopping 47.5K jobs were added to the Australian economy. This marked the second highest job gains of 2024 as it beat the estimate of 26.4K by a wide margin – a result that could lead the Aussieto be one of the few currencies to defy the strength in the U.S. dollar today.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Kiwi Dollar (NZD)
Key news events today
GDP (10:45 pm GMT 18th September)
What can we expect from NZD today?
After growing 0.2% QoQ in the first quarter of 2024, New Zealand’s economy contracted 0.2% QoQ in the second quarter. This marked the sixth quarter of contraction over the past year and a half but it was less worse than originally anticipated – markets were forecasting a decline of 0.4%. The combination of weak economic output and higher demand for the greenback is likely to weigh on the Kiwi this morning.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
Following yesterday’s FOMC meeting and press conference by Chairman Jerome Powell, demand for the dollar saw a renewed resurgence as USD/JPY broke above the 142-level overnight before racing past 143 as Asian markets came online. This currency pair is likely to continue climbing higher as the day progresses – these are the support and resistance levels for today.
Support: 139.80
Resistance: 143.70
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Euro (EUR)
Key news events today
No major news events.
What can we expect from EUR today?
The Euro initially spiked as high as 1.1188 before reversing sharply to dive under 1.1100 following yesterday’s FOMC meeting and press conference by Chairman Jerome Powell. Overhead pressures were building for this currency pair at the beginning of the Asia session and it is likely to slide lower today – these are the support and resistance levels for today.
Support: 1.1000
Resistance: 1.1180
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Swiss Franc (CHF)
Key news events today
No major news events.
What can we expect from CHF today?
Following yesterday’s FOMC meeting and press conference by Chairman Jerome Powell, bids for the dollar surged creating massive tailwinds for USD/CHF as this currency pair raced past 0.8450 overnight. The strong bullish momentum is likely to push UDS/CHF beyond the threshold of 0.8500 today – these are the support and resistance levels for today.
Support: 0.8400
Resistance: 0.8550
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Pound (GBP)
Key news events today
BoE Monetary Policy Statement (11:00 am GMT)
What can we expect from GBP today?
After reducing its official bank rate by 25 basis points in August, the Bank of England (BoE) is now anticipated to keep rates steady at 5.0%. As GDP growth has picked up sharply thus far in 2024 while core CPI remains sticky, the Monetary Policy Committee members appear inclined to maintain the bank rate at current levels – a move that could provide lift for the Cable later today.
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Canadian Dollar (CAD)
Key news events today
No major news events.
What can we expect from CAD today?
Following yesterday’s FOMC meeting and press conference by Chairman Jerome Powell, demand for the dollar saw a renewed resurgence as USD/CAD made a clean break above the 1.360-threshold overnight. This currency pair was racing towards 1.3650 at the beginning of the Asia session – these are the support and resistance levels for today.
Support: 1.3550
Resistance: 1.3700
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
Crude oil prices fell overnight as a 50-basis point rate cut by the Federal Reserve at yesterday’s FOMC meeting raised concerns over a looming slowdown in the world’s largest economy. With ongoing demand concerns from China lingering for most parts of 2024, prices face significant headwinds. WTI oil reversed sharply from $70.30 to plunge as low as $68.95 per barrel by the end of the U.S. session – this benchmark will likely continue to head south as the day progresses.
Next 24 Hours Bias
Weak Bullish
The post IC Markets Europe Fundamental Forecast | 19 September 2024 first appeared on IC Markets | Official Blog.
405897 September 19, 2024 12:14 Forexlive Latest News Market News
The firm is changing up their call after the Fed moved more aggressively to start things off with a 50 bps rate cut here. Their previous call was for the Fed to only perform quarterly cuts in 2025. But now, they are expecting the Fed to go with 25 bps rate cuts at each of the meetings in January, March, May, and June.
This article was written by Justin Low at www.forexlive.com.
405896 September 19, 2024 12:14 ICMarkets Market News
Fed Cuts by 50 Points – Nasdaq Down by 0.3%
US markets experienced a volatile trading day, with the majority of products ultimately closing around familiar levels after the Federal Reserve cut interest rates by 50 basis points. Stock markets initially reacted positively to the cut but later reversed course following the press conference. By the close of trading, the Dow had dropped 0.25%, the S&P 500 declined by 0.29%, and the Nasdaq finished 0.31% lower.
There were significant moves in both rates and foreign exchange as well, with the dollar ending the day slightly higher, while yields rebounded after recent losses. The 2-year yield added 3.8 basis points, reaching 3.629%, and the 10-year yield gained 6.6 basis points to trade back up to 3.708%. Oil prices also dipped, with Brent down by 0.1% to $73.65 and WTI declining by 0.3% to $70.91. Gold saw a volatile session, surging to a new record high of $2,599.92 before crashing later in trading to close 0.7% lower at $2,552 per ounce.
Fed Opts for 50, but Markets Remain Unimpressed
The Federal Reserve delivered what some investors were hoping for, initiating their easing cycle with a 50-basis point cut. However, markets ended the day on a disappointing note, with all three major US indices closing lower. The initial reaction was positive, but as Chairman Jerome Powell updated the market during his press conference, cautioning that this move does not necessarily signal further large cuts, markets began to pull back. This, combined with the dot plot indicating only another 50 points of cuts expected by year-end—below market expectations—led to the choppy trading conditions. Investors will now be closely monitoring the market’s reaction over the coming days and scrutinising upcoming data to see if it will push the Fed off its current course.
No Respite for Traders – Another Big Day Ahead
There will be no respite for traders today as they have little time to digest the FOMC’s first rate cut in four years before facing a packed event calendar. Early in the day, New Zealand’s Quarterly GDP figures came in slightly better than expected, and attention now shifts to the Australian Employment numbers. The highlight of the day will come during the London session, with the Bank of England expected to hold the Official Bank Rate at 5%. However, sterling traders are bracing for volatility around the event. The US session is also expected to be lively, following yesterday’s Fed move, with key data releases including the weekly unemployment claims, the Philly Fed Manufacturing Index, and Existing Home Sales figures.
The post General Market Analysis – 19/09/24 first appeared on IC Markets | Official Blog.