Main market news on September 23
The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.
Market news on May 26: S&P 500 passed 3000
Let’s look at main movements on the market today on May 26.
S&P 500 surged
First of all, S&P 500 passed the 3000 mark! The market sentiment is really risk-on today. It’s mainly based on recovery dynamics and potential drug developments. S&P 500 is headed to the next retracement level at 3110. Support levels are at 2960 and 2815.
GBP is moving up
Nevertheless, tensions between Washington and Beijing remain in focus as the USA added 33 Chinese entities to a trade blacklist without warning. It’s better to keep an eye on future developments in their relationship.
But, US-China disputes fail to weigh on risks as Donald Trump hasn’t yet pronounced the last word on the Hong Kong issue. The UK Prime Minister Boris Johnson announced the opening of all non-essential shops from June 15. All this played well for the British pound. It has just crossed the retracement level at 1.2265. Now it’s heading to 1.2315. Support levels are 1.22 and 1.216. However, analysts have bearish scenarios for pound in the long-term. Reasons are the end-June deadline to extend the Brexit transition period and the possibility of negative interest rates in the UK.
Oil demand is recovering
Let’s move on to the oil market. The WTI price approaches the retracement level at 35. The head of the International Energy Agency forecasted that the oil market will recover even before the global pandemic. According to him, the oil demand will rebound to its pre-crisis level in the absence of strong government policies, a sustained economic recovery and low oil prices. If the price breaks through 35, it will go further to 37.5. Support levels are 27 and 23.
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Will the pound keep standing?
Services and Manufacturing PMIs are out on Wednesday at 11:30 MT time.
Main market movements on September 22
The market sentiment remains risk-off amid rising virus cases around the world and fears over new restrictions and lockdowns.
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China's industrial rebound, progress in US fiscal stimulus and other important news in this article.
US stimulus package improved sentiment
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!
The US weekly labor data is out!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
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