The market’s short-term trends appear to be intact today, with US stocks trading higher and the dollar index undecided where to go.

Later in the day, a batch of not-so-important US data is due. The housing price index is expected to decline slightly to 1.3% in August, down from 1.4% in July. On the other hand, the Richmond Fed Manufacturing Index should improve notably in October. 

New home sales are forecast to rise 1.5% on the month; likely printing 0.76 million sold houses in September. Finally, the US consumer confidence for October will be released.  Considering the recent jump in prices of everything, consumers might be less confident than in the previous month. 

Elsewhere, precious metals were strongly lower, correcting their previous gains. Silver was down 1%, trading at around 24.30 USD, while gold was 0.30% weaker, last seen near 1,800 USD. 

Oil also declined slightly, as traders took some profits after reaching the important 85 USD threshold. Nevertheless, the short-term, medium-term, and long-term outlooks still appear bullish.

There have been no new developments in the Forex Market, with the dollar Index trying to defend the critical 93.50 USD support. However, it looks like the medium-term uptrend might be over as the greenback has declined significantly against commodity-linked currencies. 

Both the SP500 and the Dow Jones index posted new all-time highs yesterday,  with the rally continuing today as well. On the other hand, the tech-heavy NASDAQ index is still below its all-time highs, but the momentum is bullish, and we could see new highs soon.

Source: https://www.axiory.com/market-news/equities-continue-higher-dollar-mixed

Share.

About Author

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

Comments are closed.