Dow gains ahead of Fed decision

Chris Beauchamp IG

Traders await this evening’s Fed decision with some trepidation, but Wall Street has managed to make gains so far today, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

US stocks rise ahead of Fed meeting

Stock markets have found their footing after a mixed morning, but all eyes are on the Fed meeting tonight and the accompanying statement. The first half of the month has seen US markets struggle, but there is still plenty of space for the usual second half rally to develop, should we avoid any nasty surprises from Powell and co tonight.

Oil prices rise for a second day

The first part of the week seemed to suggest that oil markets were set to turn lower, but a drop in crude inventories and hopes of more concrete signs of Chinese stimulus have helped prices to rally today. Yesterday’s API data also showed a fall in stockpiles, providing hope of at least a short-term bump in demand.

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Chris Beauchamp

EUR/USD trims gains, hovers around 1.1900 post-US data

EUR/USD trades slightly on the back foot around the 1.1900 region in a context dominated by the resurgence of some buying interest around the US Dollar on turnaround Tuesday. Looking at the US docket, Retail Sales disappointed expectations in December, while the ADP 4-Week Average came in at 6.5K.

GBP/USD comes under pressure near 1.3680

The better tone in the Greenback hurts the risk-linked complex on Tuesday, prompting GBP/USD to set aside two consecutive days of gains and trade slightly on the defensive below the 1.3700 mark. Investors, in the meantime, keep their attention on key UK data due later in the week.

Gold loses some traction, still above $5,000

Gold faces some selling pressure on Tuesday, surrendering part of its recent two-day advance although managing to keep the trade above the $5,000 mark per troy ounce. The daily pullback in the precious metal comes in response to the modest rebound in the US Dollar, while declining US Treasury yields across the curve seem to limit the downside.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.