Most US indices fell yesterday after the Fed kept rates unchanged, but maintained its hawkish view on the economy and rate trajectory. Oil fell to new seven-month lows.
SPX500USD Daily Chart
Source: OANDA fxTrade
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The SPX500 index fell for the first time this week yesterday, feeling pressure from the Fed’s hawkish rate outlook into December and 2019
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The index failed to test the 100-day moving average 2,822, which has capped prices since the large drop on October 10
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October’s producer price index is due today. Prices are seen rising at the same rate as September, +0.2% m/m and +2.6% y/y. Higher numbers could imply rising pipeline price pressure, which could hurt Wall Street.
DE30EUR Daily Chart
Source: OANDA fxTrade
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The Germany30 index slipped for the first time in three days yesterday after latest Brexit comments from the UK poured cold water on the idea that a deal would be concluded this week
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The index held below the 50% retracement level of the September 27 to October 26 drop at 11,748
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EU Commission said Italy’s 2019 debt-to-GDP ratio could be 2.9% compared to govt ceiling of 2.4%. The EU did not see Italian debt falling in 2019.
WTICOUSD Daily Chart
Source: OANDA fxTrade
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WTI fell for the ninth consecutive day yesterday. The drop from the October 3 high surpassed 20%, suggesting the commodity has entered a bear market
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WTI could find support at the $59.454 level, which is 50% retracement of the advance from June 2017 to last month
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Wednesday’s EIA crude inventory data showed an increase in stockpiles for the seventh straight week. 5.78 million barrels were added.
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