S&P 500: Futures rise ahead of data, dollar calm

  • Wall Street futures in positive, point to end negative streak.
  • Metals stabilize but remain under pressure.
  • The dollar trades sideways and stable, oil rises slightly.

Equity markets are mostly higher across the world, ahead of US inflation data. Fed minutes are also out, and third quarter earnings start. The dollar stabilizes and metals remain under pressure.

Bounce in progress, before data

Stocks closed on mixed terrain on Tuesday and there are moderate gains across the board in Wednesday’s preview. The S&P 500 rose 0.72% in the previous one and the Nasdaq 0.92%. In Europe, the FTSE 100 is trading neutral, the DAX is up 0.35%, and the CAC 40 is up 0.21%.

The background tone has not changed. Global activity is expected to slow as central banks tighten monetary policy. To which is added the geopolitical risks. The International Monetary Fund lowered growth forecasts, which did not generate any surprise, nor did it warn of the possibility of greater volatility ahead in financial markets.

As far as data is concerned, the saga of US inflation figures that have the potential to significantly affect the market. In minutes the evolution of the Producer Price Index for September will be known, while on Thursday it will be the turn of the Consumer Price Index. Also on Wednesday the Fed will publish the minutes of the September meeting of the Federal Reserve. Speaking in public are Neel Kashkari of the Minneapolis Fed on the economic outlook and Governor Michelle Bowman on future guidance.

The Central Bank of Chili will announce its monetary policy decision which is expected to be a hike of 50 basis points to 11.25%.

The and in It is trading at a 24-year low against the dollar. This time there was apparently no intervention after USD/JPY broke above 146.00. The pair’s upward path remains guaranteed according to analysts as long as the wide divergence continues between a tightening Fed and an ultra-accommodative Bank of Japan.

The pound managed to recover lost ground in Tuesday’s close. Volatility remains high in British currency crosses. The announcement by the Bank of England that the purchase program ends on Friday caused some fear. BoE statements continue trying to calm markets and warning of the dysfunction of the British bond market in the long term. 10-year yields are at 4.53%, just shy of the late-September high. Yields are going up overall. The German 10-year bond is at 2.39%, the highest since August 2011, while the US is at 3.96%.

The dollar It trades without major changes, although this could change with the start of the US data. For their part, metals rebound after reaching lows in weeks. XAU/USD is around $1670, after finding support at $1660, while XAG/USD held above $19.00.

The prices of Petroleum they move with less volatility. The barrel of WTI rises 0.30%, and operates above $89.50. The Organization of the Petroleum Exporting Countries will publish its monthly report on Wednesday.

The cryptocurrencies do not show large variations. The Bitcoin is at $19,100, and ethereum is approaching from below at $1,300.

The presentation of corporate results for the third quarter begins. Among those that will present on Wednesday are PepsiCo and Aritzia. Technical levels

SP500

Overview
Today last price 3611.93
Today Daily Change 23.96
Today Daily Change % 0.67
Today daily open 3587.97
trends
Daily SMA20 3744.14
Daily SMA50 3962.33
Daily SMA100 3944.05
Daily SMA200 4155.38
levels
Previous Daily High 3640.28
Previous Daily Low 3567.77
Previous Weekly High 3805.79
Previous Weekly Low 3619.36
Previous Monthly High 4144.18
Previous Monthly Low 3612.17
Daily Fibonacci 38.2% 3595.47
Daily Fibonacci 61.8% 3612.58
Daily Pivot Point S1 3557.07
Daily Pivot Point S2 3526.16
Daily Pivot Point S3 3484.56
Daily Pivot Point R1 3629.58
Daily Pivot Point R2 3671.18
Daily Pivot Point R3 3702.09

Source: Fx Street

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