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The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
US FED: coming to rescue
Bad part
Initial jobless claims announced for this week amounted to 6.61mln people - not as high as the previous mark, but still, very heavy and much more than what the market was expecting. Bad? Yes, it's bad.
Good part
That's why the US Fed's freshly announced additional crisis support program comes right on time - another $2.3trln will be distributed across the US economy to help the situation.
Definitely, good
The stock market reacted very positively to this news, despite quite a sluggish and controversial beginning of the trading day this Thursday.
Specifically, on the daily chart, the S&P 500 index is trying to overcome resistance at 2,785. The layout of the Moving Averages on the H4 is positive. A break above that level will open the way up to 2,890 (100-week MA). There the price will meet significant resistance. All in all, the potential of the positive scenario will remain as long as the price trades above the short-term trendline support at 2,645.
Therefore, catch the day, and use the situation. From our side, we will keep you posted.
Similar
Uncertainty underpinned USD
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
US dollar turned up after closing in red yesterday
The market sentiment is mixed, but there are still interesting movements on the market.
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US jobless claims are coming out
The USA will publish unemployment claims on October 22 at 15:30 MT time. How to trade after the release?
CAD is in focus
Canada’s retail sales will be out on October 21 at 15:30 MT time. Get ready with us for this event!
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