US Dollar Higher, Stocks Lower

Solid risk-off sentiment continues to dominate markets, with the US Dollar continuing to advance against the Yen and European currencies, as most stock markets continue to trade lower.

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  1. Risk sentiment continues to be poor, with stock markets trading lower almost everywhere. The Korean KOSPI and Chinese HSI indices are reaching new multi-month lows, while US indices flirt with major breakdowns. However, the technology NASDASQ 100 index has seen major support at 14657 continue to hold.
  2. In the Forex market, the US Dollar is the strongest major currency, with the USD/JPY currency pair in focus as it rises to a new 11 month high with the Bank of Japan openly threatening intervention but failing to take any concrete action. The Japanese Finance Minister Suzuki stated a few hours ago that he “will take appropriate action against rapid FX moves”. The US Dollar has also reached long-term highs against the European currencies the EUR, GBP, and CHF with a very clear directional trend. Trend traders in the Forex market will be most interested in being long USD/JPY and short EUR/USD as these are the two major Dollar pairs which have historically tended to trend most reliably.
  3. Most commodities are trading lower in the current risk-off environment, with Gold, Silver, and Crude Oil all falling yesterday. A few soft commodities are mostly holding value, but none are breaking to new highs.
  4. Yesterday’s release of German IFO Business Climate data came in as expected.
  5. There will be a release of US CB Consumer Confidence data later today. It is expected to show a reading of 105.5.
Buka akaun dagangan patuh syariah anda di Weltrade.
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