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The US retail sales came out stronger than expectations with revisions to the prior month. The market likes that dynamic is a key Fed cut in play but everyone likes stronger growth too (as long as it is not inflationary).
The major US stock indices are advancing higher once again with the small-cap Russell 2000 leading the way again with a gain of over 1.30%. The shift continues for the small caps as a Trump/Vance ticket seems to be good for small companies (less regulation, focused on the rust belt).
A snapshot of the market 10 minutes into the open is showing:
The small-cap Russell 2000 rose 29.45 points or 1.35% at 2216.47
Looking at US rates, the shorter end is higher and the longer and lower after the data:
Crude oil is lower and trades at $80.51 or $-1.39. Technically, the price is trying to get, and stay below its 100-day MA at $80.56.
Bitcoin is trading at $63,900. It’s high-price extended up to $65,012 today (the highest level since June 20). Bitcoin’s 100-day moving average comes in at $64,502. Yesterday the price moved above it and closed above it. Today, the price could not extend above that MA level and stay above it.
This article was written by Greg Michalowski at www.forexlive.com.
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