Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
Fitch Sends Markets Down
Happy Wednesday, dear traders! Today traders will pay attention to the US ADP Non-Farm Employment Change. Let's check more news moving the markets today!
- Asian markets fall after Fitch decides to downgrade the US rating. Nikkei (JP225) is down -2.3%, HSI (HK50) lost -2.5%.
- Bank of Japan said the decision for a more flexible YCC (Yield curve control) is not a step towards ending ultra-soft monetary policy.
- Tesla shares fell 2.4% on news of a federal investigation into the safety of driving the most popular Tesla Model 3 and Model Y models.
- According to Crescat, US authorities have experienced the biggest decline in income tax revenue in history, only worse during the 2008 crisis. This is a clear sign of the ongoing fundamental deterioration of the economy, which contrasts sharply with the dynamics of the markets. Every time US tax revenues fell this much, the US economy went into a deep recession.
- The US has postponed oil purchases in the strategic reserve due to the rally in the market. The reserve continues to decline and has fallen to a 40-year low.
CADJPY is retesting the trendline and the 106.94 level. If buyers hold this support, the pair may continue moving toward 107.55, 108.04, 108.38, and 109.46.
The dollar's status as the world's reserve currency could only be recovered if the US controls its spending. The huge budget deficit and rising interest rates on the US national debt should scare every American, analysts say. Read the full report to learn more!
Chinese investors are selling the UST. Meanwhile, the earning season continues. What's going on in the markets?
The Japanese yen fell to its lowest level against the US dollar in 33 years. Read the full report to learn the next target for USDJPY!
The US stock market fell in the third quarter. What's going on and why economists think that the last quarter will be better? Let's discuss it all here.
BlackRock CEO forecasts the Fed may have to raise rates further. The US dollar index (DXY) gains 130 points today. Read the full report to get more fresh news and technical analysis!