One newsletter writer says if the 3020 level on the S&P 500 (TICKER:SPX) is broken to the upside — “one decent day of gains” — the index would confirm the ‘breakout’.
I’m looking for prices to remain underpinned unless an actual deal between the U.K. and the EU over Brexit is actually announced. The U.S. and China seem far apart in their efforts to finish phase one of their partial trade agreement and the retail sales report is helping to support an end of October rate cut by the Fed.
The pound was on a rollercoaster ride Wednesday, while U.K. stocks fell as investors rode a wave of headlines updating on the Brexit-deal front. The U.K. FTSE 100 (UK:UKX) was down 0.3% to 7,184.21, while the British pound struggled as the possibly of the U.K. reaching an exit-deal with the bloc ahead of the start of a two-day EU summit that begins Thursday hung in the balance. EU and U.K. negotiators failed to reach a breakthrough in all-night Brussels talks which will continue on Wednesday.
The British pound was sent on a rollercoaster ride Wednesday, spiking briefly against the U.S. dollar on a report that a big obstacle to a Brexit deal has been removed. The pound briefly jumped to a session high of $1.2839, which would make for its best level since June, after RTE reported that Northern Ireland's Democratic Unionist Party was accepting the so-called consent element of the revised Brexit agreement, seen as the last big obstacle to a deal. The U.K. has said it's open to some flexibility on the mechanism that would allow Northern Ireland politicians to decide whether it remains in regulatory alignment with the European Union as set out in Britain's latest Brexit deal proposals. The pound has since fallen back after the DUP's leader Arlene Foster reportedly denied the report and said talks will continue. Markets have been on a knife-edge in the runup to a two-day European Union meeting that starts Thursday, seen as a deadline for a deal to get done. The pound has since drifted back to $1.2783.
Investing.com - The U.S. dollar was lower on Wednesday as retail sales fell for the first time in seven months in September, increasing chances of the Federal Reserve cutting interest rates later this month.
Investing.com -- Gold prices found a bid at the lower end of their recent trading range on Wednesday, as weak retail sales data from the U.S. encouraged traders again to place bets on further interest rate cuts from the Federal Reserve, while Brexit talks between the EU and the U.K. failed to deliver a breakthrough that by now has been largely discounted.
The markets are relatively calm overnight despite the threat of countermeasures by China to the U.S. legislation supporting the Hong Kong protesters. However, investors have taken precautionary steps by buying the Japanese Yen, gold and Treasury bonds for protection.
Investing.com – Wall Street was slightly lower on Wednesday as upbeat earnings from Bank of America (NYSE:BAC) were offset by concerns that a U.S. bill favoring Hong Kong protests could stoke fresh trade war retaliation from China.
The British pound came under pressure on Wednesday as concerns grew that EU and U.K. negotiators huddled in Brussels were at an impasse over an exit deal. The pound slid below $1.27 after Bloomberg reported an EU official said a Brexit agreement was impossible without more concessions from the U.K. The development comes after Democratic Unionist Party raised objections to Johnson's proposals. Negotiators working through the night were unable to reach a compromise, meaning talks could run into Thursday's European Union summit.
The British pound continues to remain firmly bid as investors are seeing a good chance of a Brexit deal being reached this week.
What traders could be waiting for is Trump’s response. Will he defy his promise to Chinese President Xi Jinping, or will he remain silent? It’s highly unusual for Trump to remain silent for too long especially when a foreign country threatens the U.S. with “strong countermeasures.”
Blockchain analytics firm CipherTrace has added support for over 700 digital assets, including bitcoin cash (BCH), ether (ETH), litecoin (LTC) and stablecoin tether (USDT), to its platform.The post CipherTrace adds support for over 700 crypto assets, including bitcoin cash, ether and tether appeared first on The Block.
After briefly dipping lower on Tuesday below the 1.10 handle, EUR/USD has recovered and made another attempt at the 50 DMA, boosted by optimism over an orderly Brexit.
U.K. consumer price growth stayed at 1.7% in September, the Office for National Statistics said Wednesday. Economists polled by FactSet expected a 1.8% rise. While fuel prices, used cars and electricity prices fell, there were increases for furniture, household appliances and hotel stays.
Based on the early price action and the current price at .6733, the direction of the AUD/USD the rest of the session on Wednesday is likely to be determined by trader reaction to the short-term Fibonacci level at .6724.
Most Asian stocks are following their US counterparts higher, after strong earnings reports out of US banks gave equities another reason to climb higher, after the risk-on momentum from the US-China trade truce faded.
The markets are calm in early Wednesday trade. The Chinese, Australian and New Zealand currencies are all showing limited movement in the Asian session. With the U.S. releasing retail sales reports later in the day, we could see stronger market movement in the North American session.
Yesterday, the Nobel prizes in economics were awarded. Unfortunately, gold has been omitted and got nothing. How unfair! But looking at the Dutch central bank press release, gold would have much higher chances if they were the ones granting the prizes and not the Swedish central bank!
Investing.com - U.S. futures dipped on Wednesday as doubts lingered over a partial deal between the U.S. and China, while Bank of America's earnings came in a little ahead of expectations.
It is absolutely amazing how the precious metals markets have followed our October 2018 predictions almost like clockwork. Our call for an April 21~24 momentum base below $1300 followed by an extensive rally to levels above $1550 has been playing out almost like we scripted these future price moves.
One group like Fed Chair Jerome Powell believes the outlook is generally positive. Another believes the U.S. economy needs even easier policy to avoid sinking into a recession. Still a third group believes the Fed has gone far enough or even a little too far in trying to revitalize the economy.
Investing.com - The British pound weakened on Wednesday, pulling back from its highest level against the U.S. dollar in almost five months as hopes for a breakthrough in Brexit talks dimmed, while fresh trade uncertainty boosted the safe haven yen.
Investing.com - Gold prices edged up on Wednesday in Asia as traders digested the latest news on Brexit and the Sino-U.S. trade front.