Wall Street once again racked up notable loss during yesterday’s session, pushing benchmark indices even further into correction territory and leaving the DOW nursing quadruple digit declines since Friday’s open. Tumbling oil prices and conviction that the Federal Reserve will go ahead with a rate hike tomorrow are both taking their toll, even if the chances of policy tightening do seem to have been scaled back a little in recent trade. Once again any upside at the open could prove to be little more than another dead cat bounce.
Economic data is thin on the ground in the near term with housing starts from the US due for release shortly ahead of the opening bell. There is a chance that a significant shortfall here may be sufficient to see the Fed projecting an even more dovish tone tomorrow, but whether that would be sufficient to draw a line under the recent bout of losses remains to be seen. Wall Street could still see a turbulent end to 2018.
Ahead of the open we’re calling the DOW up 93 at 23685 and the S&P up 9 at 2555
The information provided here has been produced by third parties and does not reflect the opinion of AxiTrader. AxiTrader has reproduced the information without alteration or verification and does not represent that this material is accurate, current, or complete and it should not be relied upon as such. The Information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any particular trading strategy. Readers should seek their own advice. Reproduction or redistribution of this information is not permitted.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.