Main market movements on June 9

Main market movements on June 9

S&P 500 keeps rallying

S&P 500 passed $3200. It’s only $200 left to reach the pre-crisis level and erase all looses. Support levels are $3135 and $3000. David Sowerby, portfolio manager at Ancora Advisors in Cleveland, shared his thoughts: “I don’t think even the most optimistic bullish bull could have anticipated this. The words that comes to mind are epic, monumental.” Indeed, the S&P 500 performance has been unbelievable. It managed to rise for a really short time. Reasons are the encouraging NFP data and the enormous amount of stimulus from the Fed. The strategists at the Bank of America raised its year-end target to 2,900 from 2,600. However, they mentioned long-term risks such as the second coronavirus wave and the US election.


Gold has just passed $1700

Gold lost its positions with a renewed USD demand on Friday after the NFP report. However, yesterday gold bulls were stronger and the XAU/USD price went above the key resistance level at $1700. Now the price is headed towards the $1750. Support levels are $1680 and $1635.


EUR/USD fell on weak German data

The US dollar has been loosening against EUR for quite a long time. However, some events changed that. Firstly, better-than-expected NFP on Friday gave a stimulus to USD. Secondly, the weak German data put some pressure on EUR. All together they pushed the pair down. If we look at the chart, we’ll see that EUR/USD is headed towards the 61.8% Fibonacci level at 1.117. If it crosses it, it may go even deeper to 1.1065. Resistance levels are 1.131 and 1.150. Follow the FOMC statement tomorrow at 9:00 MT time as it will add some fresh volatility. 

Check the economic calendar




What to Trade on August 22–26?
What to Trade on August 22–26?

How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3­­ Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…

Latest news

FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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