Fitch Sends Markets Down

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 outlook


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.



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