This week's stock market rout is taking a breather, says Axel Rudolph, Senior Market Analyst at online trading platform IG.
US Dollar on track for tenth straight weekly gain
“This week's Fed hawkish pause, in which the central bank left the door open for one more rate hike ahead of year-end, propelled the US dollar to six-month highs. The US dollar basket is on track for its tenth consecutive weekly gain as the sharp rise in the oil price is taking a breather. In the US private sector activity stagnates, falling to its lowest level since February, while in the Eurozone activity contraction eases slightly and in the UK it falls the most in 2 1/2 years."
Stocks stabilize on short-covering ahead of weekend
“Following a week which saw investors shed stocks at the fastest weekly rate in 2023 while US yields rallied to more than decade highs, stock indices stabilized near key technical support on short-covering into the weekend. Next week's Eurozone and US consumer confidence, business climate and unemployment data could trigger further sell-offs in global stock markets, though."
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Recommended Content
Editors’ Picks
EUR/USD stays deep in red below1.1050
EUR/USD trades deep in negative territory below 1.1050 in the American session on Monday. The broad-based US Dollar (USD) strength doesn't allow the pair to stage a rebound as market participants gear up for this week's key macroeconomic events.
GBP/USD remains under pressure, trades below 1.3100
GBP/USD stays under bearish pressure and trades at its weakest level in over two weeks below 1.3100. The US Dollar benefits from rising US Treasury bond yields and doesn't allow the pair to gain traction despite improving risk mood.
Gold rebounds toward $2,500 despite broad USD strength
Gold (XAU/USD) rebounds toward $2,500 on Monday after falling below $2,490 earlier in the day. Rising US Treasury bond yields and the renewed US Dollar strength, however, seems to be limiting XAU/USD's upside.
Crypto Today: Bitcoin hashrate hits all-time high as BTC, Ether and XRP hover near support
Bitcoin’s hashrate hit a new all-time high on Sunday. Bitcoin and Ethereum hover around support at $56,486 and $2,383 on Monday, respectively. XRP trades at $0.5325, up slightly on the day.
Week ahead: ECB poised to cut again, US CPI to get final say on size of Fed cut
ECB is expected to ease again, but will it be another ‘hawkish cut’? US CPI report will be the last inflation update before September FOMC. UK monthly data flurry begins with employment and GDP numbers.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.