The trading week is coming to an end, and a phase of weakness remains evident across the S&P 500 in the short term. Recent price action reflects this dynamic, with SPX losing more than 2.00% over the last two trading sessions, bringing selling pressure back into focus.
The US Dollar was up this week through a slew of Central Banks but next week sees the focus shift to mid-term elections and the week after brings inflation.
Bitcoin bears are closing in on critical trend support as a reported Binance security breach rattles sentiment, raising the stakes for November.
It’s been a rocky few weeks for stocks starting with a bearish engulf in NVDA a few weeks ago and then the same formation in the S&P 500 two weeks ago. Sellers have since chewed through supports and fear is starting to spread, but is this the beginning of the end for the AI rally?
While the energy shock is a major heading for the euro, the single currency remains supported by a hawkish European Central Bank while growth data in the Eurozone has also been surprisingly resilient. Meanwhile, the dollar faces some near-term positioning risks as markets look ahead to the US midterm elections and given the renewed weakness in technology stocks.
EUR/USD short squeeze gathers pace as US Treasury yields retreat, despite strong GDP and sticky inflation. Fed and ECB policy expectations remain in focus.
ASX 200 futures approach 9,000 despite a sharp retail selloff. Weakening consumer demand and elevated inflation complicate the outlook ahead of the RBA.
The trading week is approaching its end and, for now, a neutral tone continues to dominate the euro's short-term price action. EUR/USD has recorded a move of only around -0.15% during the week, highlighting the pair's inability to establish a clear direction in favor of either the euro or the U.S. dollar.
We’ve heard from the Fed, ECB and BoC with the BoJ up next later tonight and DXY trajectory hangs in the balance depending on how hawkish the Bank of Japan might turn out to be.
After a three-day recovery, gold prices have fallen in excess of 1.2% so far today, as the metal continues to hover around the $4,000 level. Today’s bearish price action threatens this key level, especially when you consider last week’s 4% sell-off. For now, gold is hanging around this psychological threshold, but it remains to be seen whether it will hold for too long.
With just one trading session left before the week comes to an end, the strength that has recently emerged around the Canadian dollar has once again become relevant. This can be observed in the recent performance of USD/CAD, which has declined nearly 0.3% over the last two trading sessions.
Disappointing results from a couple of major global technology names have put the AI trade back under scrutiny, with Nasdaq 100 futures falling around 1% after giving up the post-FOMC gains seen overnight. For now, our short-term Nasdaq 100 forecast remains more on the cautious side of things than outright bearish. The index remains close to its record highs and continues to find dip buyers. But could that change soon?
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