Main market movements on September 17

Main market movements on September 17

The US dollar gained after the Fed’s report, while riskier assets dropped. Let’s have a closer look.

Fundamentals

  • The Fed’s chairman Jerome Powell announced that “the recovery has progressed more quickly than generally expected,” but emphasized that “the path ahead remains highly uncertain”. As had been expected, the central bank left interest rates at low levels until 2023. Besides, the Fed pointed out that the race of bond-buying would stay at the current levels. The lack of further fiscal support disappointed the market and increased flows into safe-haven assets, such as the USD.
  • US core retail sales came out worse than analysts expected. They rose by 0.6% in August, while the forecast was an increase of 1.0%.
  • New Zealand’s GDP contracted by 12.2%, beating estimates of -12.5%. The Australian labor figures exceeded expectations too. However, the strong US dollar stopped the riskier currencies such as the NZD and the AUD from rising.
  • The Bank of Japan delivered a monetary policy report this morning. It left interest rates unchanged at the level of -0.1% as anticipated. The bank claimed that the economy is recovering as well as consumer consumption, and soon the Japan output will reach high levels. Optimistic comments on exports underpinned the Japanese yen, pushing USD/JPY below 105.00.
Watch our daily forex trading plan!

Technical tips

EUR/USD

EUR/USD has broken down the lower trendline, which has been strong support since the middle of May. However, the further falling was constrained by the low level of September 9 at 1.1755. The move above the 200-period moving average at 1.1835 will drive the price to the key psychological mark of 1.1900. Support levels are 1.1755 and 1.1700.

EURUSDH4.png 

USD/JPY

USD/JPY is aggressively streaming down. If it manages to cross the low of July 30 at 104.70, it will open doors towards the next support of 104.30. In the opposite scenario, the move above the high of the recent low of 105.10 will push the price higher to the next resistance of 105.50.

USDJPYH4.png

S&P 500

The S&P 500 has sharply plummeted amid the risk-off mood. If it drops below the low of September 11 at 3 330, the doors towards the next support of 3 315 will be open. On the flip side, if the market mood changes, the jump above the resistance of 3 370 will drive the price towards the high of September 16 at 3 420.

S&P500H4.png 

Gold

Finally, let’s discuss gold. It has failed to stabilize above the $1 970 level and slumped to $1 940. The move below this support will clear the way towards the strong support of $1 925, which it hasn’t been able to break a few times. Otherwise, if it surges above the recent high of $1 970, it will jump to the next resistance of $1 990.

XAUUSDH4.png

Follow further news:

  • The monetary policy report of the Bank of England will be out at 14:00 MT time.
  • Later on, the US unemployment claims will be released at 15:30 Mt time. Stay tuned!

Check the economic calendar

TRADE NOW

Similar

Forex News March 29
Forex News March 29

Forex, Crypto, Metals, and Stocks News for March 29. Here’s what you need to know for today:

The Most Important News For Today
The Most Important News For Today

The news is essential if you want to trade. Don't miss our digest, where we'll tell you about the most interesting events, happening right now.

Latest news

The Most Important News For Today
The Most Important News For Today

News is always essential. Especially when we speak about the FOREX market. What is the most important information for today? Let's see together.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera