Author: FX
We’ve been in a raging four-year bull market in most things since the pandemic but one month missed the memo: September.Here I highlight the S&P 500 over the past four Septembers, all negative months. Of the 52 months since April 2020, just 17 of them have been negative, or 32.7%. However, of the negative months, 23% of them have been Septembers.It’s not a new phenomenon either, as September is the worst month over the long history of the Dow Jones Industrial Average.It’s not always the case in the S&P 500 as there was a sparkling 8.8% rally in 2010 and…
Mexican Peso strengthens against US Dollar as core PCE inflation falls below expectations, boosting prospects for Fed rate cuts. Ongoing political uncertainties in Mexico dampen Peso’s demand. Banxico cuts GDP forecasts for 2024 and 2025, indicating slower growth and potential rate cuts. The Mexican Peso recovered some ground on Friday against the Greenback after the Federal Reserve’s (Fed) preferred inflation gauge, the core Personal Consumption Price Expenditures Price Index (PCE), was a tenth lower than expected, suggesting that the disinflation process has evolved. This gives the Fed the green light to begin cutting rates, which is a headwind for the…
Oil is having a rough one today, down 3% after a report said OPEC was planning to proceed with the October production rise.Oil rigs unchanged at 48.Gas rigs -2 This article was written by Adam Button at www.forexlive.com. Source link
Intel stock has been lifted as much as 9% on Friday following a Bloomberg article. Semiconductor firm is in talks with Wall Street banks to devise new strategy. Company could once again spin off its foundry business after recent resurrection. INTC stock is now trading at highest level since its earnings collapse on August 2. Intel (INTC), the troubled legacy semiconductor giant, jumped 9% on Friday after the company leaked internal discussions over spinning off its foundry business and refocusing on chip design. INTC shares moved as high as $22.12, the highest the stock has traded since it came…
EUR/GBP stopped the bleeding on Friday and rose slightly above 0.8400. Technical indicators remain aligned with the prevailing bearish trend. Daily RSI remains near oversold terrain In Friday’s session, the EUR/GBP rose to 0.8420. However, upward movements seem to only be corrective and sellers take a breather after multiple sessions of losses. The Relative Strength Index (RSI) is currently at 37 seeing a flat slope. The Moving Average Convergence Divergence (MACD) prints red bars, reinforcing the selling pressure. Overall, technical indicators lack upside conviction. The pair could make an attempt to test the support at 0.8450, and if that gives…
The Pound Sterling (GBP) extends its two-day losing spree and posts a fresh intraday low below 1.3150 against the US Dollar (USD) in Friday’s North American session. The GBP/USD pair fails to gain ground as the US Dollar rises sharply after the release of the United States (US) Personal Consumption Expenditure Price Index (PCE) data for July, which came in slower than expected. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, jumps above 101.50. Read More… The GBP/USD extends its losing streak to three days yet has bounced off daily/weekly lows of 1.3129 and exchanges hands at 1.3149, down a modest 0.14%.…
The latest U.S. economic data shows inflation remaining stable in July 2024, while consumer spending increased, according to figures released today by the Bureau of Economic Analysis (BEA). The Core Personal Consumption Expenditures (PCE) price index, a key inflation measure closely watched by the Federal Reserve, rose 0.2% m/m in July, matching the increase seen in June. On a year-over-year basis, the core PCE price index was up 2.6% y/y, unchanged from the previous month’s read. Headline PCE, which includes volatile food and energy prices, also increased by 0.2% for the month and remained steady at 2.5% y/y, indicating persistent…
Villeroy is out with some comments in the French press:The market view is reasonable on rates at 2-2.50% in 2025The ECB must be wary of risk of insufficient growthFull interviewThe euro is flat today at 1.1075. This article was written by Adam Button at www.forexlive.com. Source link
Gold extends its mini-range on Friday despite US Core Personal Consumption Expenditures inflation data falling below estimates. Technically, XAU/USD trends sideways, with odds still favoring an eventual break higher given the broader uptrend. Gold (XAU/USD) trades mixed on Friday, edging down to trade in the $2,510s after the release of US inflation data in the form of the US Personal Consumption Expenditure (PCE) Index for July. The precious metal started the day mildly weaker after market sentiment turned positive following the release of surprisingly upbeat data from the US, which suggested the economy is unlikely to be heading for a hard landing. US…
Having trading biases can severely impair our ability to read the markets objectively and make good trading decisions. The first step to overcoming these biases is to become fully aware of them. Here are five of the most common forex trading biases. Which ones are you guilty of? 1. Recency bias Do you often find yourself zoning in on your most recent trading decisions and lose sight of the big picture? Then you, my friend, maybe guilty of having a recency bias! Recency bias has a way of clouding judgment and impairing good decision-making as it involves unnecessarily placing too…