The buyers have taken control of the session this afternoon thanks to a fall in weekly jobless claims in the US, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Stocks continue to endure high volatility
“Investors are rapidly relearning the lesson that spikes in volatility do not immediately subside after the initial move. Both buyers and sellers this week have had to endure wide swings in price action, which will no doubt come as a surprise after months of quieter trading. Stocks seem to have found a low for now, though it is still early days.”
US jobless claims help to bolster risk appetite
“Weekly jobless claims data might well become the datapoint to watch until the next Fed meeting, as investors search anxiously for signs that that the US is headed towards a recession, or that it will swerve this dire outcome. This week’s data was better than expected, helping the cause of those that will argue last week’s payrolls were more a one-off than the beginning of a sustained trend.”
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Recommended Content
Editors’ Picks
AUD/USD: The 200-day SMA holds the downside…for now
Quite a volatile session saw AUD/USD end barely changing from Friday’s closing levels around 0.6660, down slightly amidst the continuation of the robust performance of the US Dollar.
EUR/USD slips as ECB rate cut expectations weigh, drops below 1.1100
The Euro registered losses of 0.44% on Monday as the shared currency extended its fall after clearing the 1.1100 support level. Expectations that the European Central Bank will slash rates at the September 12 meeting weighed on the EUR/USD, which trades around 1.1036, as Tuesday’s Asian session begins.
Gold surges above $2,500 ahead of US CPI as Fed rate cut looms
Gold gained ground on Monday as traders braced for the release of August’s inflation report in the United States and looked for hints that the Federal Reserve would cut rates by 50 or 25 basis points.
Crypto products post heavy outflows amid August decline in US unemployment rate
CoinShares' digital assets weekly report on Monday revealed that crypto ETFs saw their highest outflows since March, totaling $725.7 million. This is suggested to have resulted from last week's lower-than-expected Nonfarm Payroll report.
Week ahead: ECB poised to cut again, US CPI to get final say on size of Fed cut
ECB is expected to ease again, but will it be another ‘hawkish cut’? US CPI report will be the last inflation update before September FOMC. UK monthly data flurry begins with employment and GDP numbers.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.