- Equity market with modest gains.
- The focus is on the signals that may come about the Federal Reserve’s monetary policy.
- Metals advance, oil hits highs since the beginning of the month.
- The dollar with less strength, DXY falls 0.25%.
Wall Street futures rise, although they are far from the highs. In Europe, the main markets operate in the green with moderate gains. The market, with downward volatility, is awaiting Powell’s remarks at the Jackson Hole symposium. Gold exceeded $1,760. The dollar falls.
Waiting for Powell
The S&P 500 closed Wednesday with a rise of 0.29% and in the previous one it rises 0.64%, after cutting profits. In Europe the main markets operate in the green with profits of less than 0.50% on average. Volatility drops significantly. Good data from Germany (new Q2 GDP reading and IFO survey) and stimulus news from China helped the positive mood.
In the US on Thursday a new GDP growth estimate and the weekly report on jobless claims will be released. Both the European Central Bank, Turkey and Mexico will publish the minutes of the latest monetary policy meetings.
NVIDIA falls 3.50% in the premarket, after reporting a drop in earnings in the second quarter. El Secreto de Victoria lose more than 7% after the results. Autodesk also reported and its shares rise more than 8%. Among the companies that will present results on Thursday are Delivery Hero, Dollar Tree, marvell Y Dell.
Despite the data, the focus of the operators is on the jackson hole symposium. The key day for the market will be Friday with the speech of Jerome Powell. It’s unclear what the Fed’s top official will say.
The dollar it is falling on almost all fronts. DXY loses 0.22% and trades at 108.35. EUR/USD fails to come back and assert itself above the parity level. GBP/USD affirms above 1.1800 and USD/JPY moves away from 137.00.
The prices of Petroleum they are falling but still clinging to significant weekly gains and near daily highs. The possibility of a cut in production by the Organization of the Petroleum Exporting Countries and allies, together with a larger-than-expected reduction in US oil inventories, are supporting the rises, and overshadow the advance by the nuclear agreement with Iran, which would increase the supply of crude oil.
The cryptocurrencies show mixed results. The better mood in the financial markets, nor the weakness of the dollar are managing to give these assets a boost. The Bitcoin rises 0.05% and trades in the area of $21,700.
The treasury bond yields they pull back on Thursday, awaiting economic news and Powell. The 10-year bond yields 3.08% and the 2-year bond 3.36%. These lows help gold to extend the highs. XAUUSD hit as high as $1,765, the highest in a week. The silver stands at about $19.30.
|Last Price Today||4167.98|
|Today’s Daily Change||27.48|
|Today’s Daily Change %||0.66|
|Today’s Daily Opening||4140.5|
|20 Daily SMA||4179.41|
|50 Daily SMA||3980.1|
|100 Daily SMA||4060.22|
|200 Daily SMA||4296.4|
|Previous Daily High||4155.41|
|Previous Daily Minimum||4108.74|
|Previous Maximum Weekly||4323.44|
|Previous Weekly Minimum||4217.29|
|Monthly Prior Maximum||4138.48|
|Previous Monthly Minimum||3720.07|
|Daily Fibonacci 38.2%||4137.58|
|Daily Fibonacci 61.8%||4126.57|
|Daily Pivot Point S1||4114.36|
|Daily Pivot Point S2||4088.21|
|Daily Pivot Point S3||4067.69|
|Daily Pivot Point R1||4161.03|
|Daily Pivot Point R2||4181.55|
|Daily Pivot Point R3||4207.7|
Source: Fx Street