Eliman Dambell
Tradeview Markets
S&P 500 higher as U.S. retail sales climb
The benchmark S&P 500 was trading higher on Friday, as data showed that retail sales in the United Sales had risen by more than expected.
Figures from the Commerce Department reported that sales grew by 0.7% last month, with August’s number also revised higher, showing an increase of 0.9%.
Markets had initially expected that sales would slip by 0.2% in September, however today’s numbers highlight that consumers have mainly ignored inflation worries.
Gold was one of the day’s biggest movers, falling by as much as $34 in today’s session.
All major U.S. indices were trading higher on the news.
GBP/USD rallies to 4-week high
The rally in cable continued in today’s session, with GBP/USD climbing to its highest level since September 20th.
Friday’s move saw GBPUSD hit an intraday high of 1.3773, after successfully navigating past the short-term resistance level of 1.3736.
Moves in this pair come as many believe that the Bank of England could be set to increase interest rates, in order to combat rising consumer prices.
In addition to this, it is also expected that the Federal Reserve will begin tapering its COVID-19 rescue programme, despite last month's Non-farm payrolls disappointing.
Many have now forecasted that rates could be heading to as high as 1.3855 in the near term.
Trading any financial instrument on margin involves considerable risk. Therefore, before deciding to participate in margin trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney or accountant as to the appropriateness of an investment in margin trading is recommended. This electronic mail message is intended only for the person or entity named in the addressee field. This message contains information that is privileged and confidential. If you are not the addressee thereof or the person responsible for its delivery, please notify us immediately by telephone and permanently delete all copies of this message. Any dissemination or copying of this message by anyone other than the addressee is strictly prohibited.
Recommended Content
Editors’ Picks
EUR/USD hovers around 1.0700 after German IFO data
EUR/USD stays in a consolidation phase at around 1.0700 in the European session on Wednesday. Upbeat IFO sentiment data from Germany helps the Euro hold its ground as market focus shifts to US Durable Goods Orders data.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold price trades with mild negative bias, manages to hold above $2,300 ahead of US data
Gold price (XAU/USD) edges lower during the early European session on Wednesday, albeit manages to hold its neck above the $2,300 mark and over a two-week low touched the previous day.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.