Asian markets may have been buoyed by further signs of progress in the US-China trade talks, but the positive sentiment hasn’t been shared on Wall Street. Futures suggest we’ll see a largely unchanged start to trade as markets return from the long weekend break, arguably adding credence to the idea that China will get the edge in the outcome of any trade agreement.
US economic data is set to be thin on the ground in the day ahead, with Federal Reserve comments on the economic outlook and monetary policy being the most likely to hold any significant sway in the near term. The threat of protracted legal disputes over Trump’s border wall funding gambit could start to take the edge off any momentum for the market too, but as it stands, unless there are any surprises, equities could well be in for a rather quiet day ahead. What’s more, with US fundamentals not set to pick up until Thursday, this could prove to be a recurring theme, too.
Ahead of the open we’re calling the DOW down 11 from Friday’s close at 25872 and the S&P down 1 at 2775.
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
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.