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  • Another down day/week for the major indices. New 2022 closing low for the Dow.
    by Greg Michalowski on September 23, 2022 at 8:24 pm

    <p>The major US stock indices are closing lower for the 4th consecutive day. For the week, the majors major indices are also down sharply.</p><p>Recall from this time last week, Adam warned that this week is the worst week on the calendar seasonally for equities, over the past 50 years.It lived up to that distinction this year as well. </p><p>For the trading day:</p><ul><li>Dow industrial average fell -186.29 points or -1.62% to 29590.42. The prior low close for 2022 came in at 29888.72</li><li>S&P index fell -64.78 points or -1.72% at 3693.22. The low close for the year came in on June 13 at 3674.85. The low price today did dipped below that level but bounced into the close</li><li>NASDAQ index fell -198.87 points or -1.80% at 10867.94. The June 13 low close for the year came in at 10798.35. The low price today reached 10732.72 below that level.</li><li>Russell 2000 fell -42.72 points or -2.48% at 1679.58. The June 13 low close was at 1665.69. The low price today intraday reached 1658.65 below that level</li></ul><p>For the trading week,</p><ul><li>Dow industrial average fell -4.0%. Last week it fell -4.13%</li><li>S&P index fell -4.65%. Last week it fell -4.77%</li><li>NASDAQ index fell -5.07%. Last week it fell -5.48% him</li><li>Russell 2000 fell -6.6%. Last week the index it fell -4.5%.</li></ul><p>Technically, the</p><ul><li>NASDAQ index closed below its 200 week moving average at 11094.95. Back at the June lows, the price moved below the 200 week moving average as well, but closed above the moving average the following week and stayed above that moving average.</li><li>Dow industrial average also closed below its 200 week moving average at 29752.11. The last time the price close below its 200 week moving average was back on it May 11: 2020</li><li>S&P index remains above its 200 week moving average at 3585.22.</li></ul><p>For the week, the technicals are not looking good for 2 of the 3 major indices. It is just one week and we have seen these false breaks before (see the weekly chart below) him. However, until the price can get back above and stay above, the sellers have control. </p> This article was written by Greg Michalowski at forexlive.com.

  • Forexlive Americas FX news wrap: Dollar soars to new heights as the pound implodes
    by Adam Button on September 23, 2022 at 8:05 pm

    <ul><li><a href="https://www.forexlive.com/news/sp-global-us-services-pmi-492-vs-450-expected-20220923/">S&P Global US services PMI 49.2 vs 45.0 expected</a></li><li><a href="https://www.forexlive.com/news/canada-july-retail-sales-25-vs-20-expected-20220923/">Canada July retail sales -2.5% vs -2.0% expected</a></li><li><a href="https://www.forexlive.com/centralbank/snbs-jordan-further-rates-cannot-be-ruled-out-ready-to-be-active-in-fx-20220923/">SNB's Jordan: Further rates cannot be ruled out. Ready to be active in FX</a></li><li><a href="https://www.forexlive.com/centralbank/powell-we-continue-to-deal-with-a-unique-economic-disruption-20220923/">Powell: We continue to deal with a unique economic disruption</a></li><li><a href="https://www.forexlive.com/news/uk-chencellor-kwarteng-i-think-its-a-very-good-day-for-the-uk-20220923/">UK Chencellor Kwarteng: I think it's a very good day for the UK</a></li><li><a href="https://www.forexlive.com/news/a-hurricane-is-likely-to-hit-florida-next-week-20220923/">A hurricane is likely to hit Florida next week</a></li><li><a href="https://www.forexlive.com/news/baker-hughes-oil-rigs-up-3-in-the-current-week-20220923/">Baker Hughes oil rigs up 3 in the current week</a></li><li><a href="https://www.forexlive.com/news/italy-heads-to-the-polls-on-sunday-20220923/">Italy heads to the polls on Sunday</a></li></ul><p>Markets:</p><ul><li>WTI crude oil down $4.64 to 78.84</li><li>US 10-year yields down 2.7 bps to 3.68%</li><li>UK 10-year yields up 33 bps to 3.83%</li><li>Gold down $27 to $1643</li><li>S&P 500 down 1.7%</li><li>USD leads, GBP lags (badly)</li></ul><p>Today's price action was probably just an extension of the FOMC trade and the growing belief that Powell is going to over-tighten the economy into a recession. But the trigger was in the bond market, specifically UK bonds. UK 5 year notes had their worst day in recorded history, down 50 basis points(!). That came after a round of spending and tax cuts in Kwateng's budget.</p><p>Coupled with that the pound cratered. It took out 1.10 for the first time since 1985 and then promptly took out 1.09 on a cascade of selling into the London fix. You'd expect a bounce after that but the USD bid was relentless and it fell as low as 1.0840. The 1985 low is now just 300 pips away and there don't appear to be many buyers.</p><p>Even though EUR/USD fell 150 pips to a new low the euro still managed to put a beating on GBP. The problem for eurozone politicians is that the UK budget demonstrated what will happen to them if they spend too much or energy subsidies or do to much to stimulate growth. That puts them in a horrible predicament. Meanwhile, another 1.4% decline in the euro adds to imported inflation.</p><p>At one point early in the day a strong bid for Treasuries came in. That briefly looked like it could turn the mood and 10-year yields finished lower at 3.68% after touching 3.83%. The front end was also volatile with 2s in a range of 4.11-4.27%. At some point, you'd think there would be enough of a bid for safety to weigh but the bond bulls aren't exactly stampeding at what's been a brutal time for risk assets.</p><p>USD/JPY remains a major preoccupation as the game of chicken with the MOF gets underway. The pair added 94 pips today to 143.28. Everyone is eyeing the 145.00 and broad dollar strength makes it more likely that we'll get back there.</p><p>The commodity currencies suffered as well but -- oddly -- the declines in AUD and NZD were about double CAD. The loonie has been skidding hard so maybe it's a catch-up trade but it's still unusual to see on a day when oil was down 5.4%. Canadian retail sales were also weak today and I think the evidence is mouting for the BOC to pivot.</p> This article was written by Adam Button at forexlive.com.

Economic Calendar

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Market Analysis

October 29, 2021

29-Oct-2021

1) Gold Pivots Around $1800, Levels To Watch
2) GBP/USD Trades Below 1.3800 Amid Brexit Woes, US Data Eyed
3) EUR/USD Remains Pressured Below 1.1700 Ahead Of Key EZ, US Data
October 28, 2021

28-Oct-2021

1) XAU/USD Needs To Crack $1781 For Further Downside
2) EUR/USD Treads Water Around 1.1600 Ahead Of ECB, US GDP
3) GBP/USD Steadies Near 1.3750 Amid Brexit Woes, Ahead Of US GDP

Media Appearances

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Education News

  • IC Markets unveils new campaign to help traders to reach new heights
    by ForexLive on September 23, 2022 at 3:01 pm

    <p class="MsoNormal">Sydney, Australia: IC Markets, one of the world’s largest Forex CFD brokers has unveiled its new global marketing campaign in front of an audience of thousands of rugby fans at the Rugby World Cup Sevens tournament held at the DHL Stadium Cape Town, South Africa last week.</p><p class="MsoNormal">The advertisement will air in 10 countries over the next few months and was created by South African creative agency and filmmaker Silver Bullet Films. The advert plays on the renewed interest in the 1986 movie Top Gun, following the release of the sequel Top Gun: Maverick, and encourages traders to ‘trade up’ and experience the superior benefits of IC Markets.</p><p class="MsoNormal">Commenting on the campaign IC Markets CEO Andrew Budzinski said, "Top Gun is an iconic film and is fundamentally about using skill and the right tools to harness potential and to achieve goals. We know our traders come to IC Markets because they are drawn to the features and benefits we offer that will help take their trading to the next level.”</p><p class="MsoNormal">Filmed outside Johannesburg by award winning Executive Creative Director Wayne de Lange, the new advertising campaign is IC Markets first major TV campaign since 2021</p><p class="MsoNormal">IC Markets operates in 200 countries around the world. Its +200,000 active traders take advantage of IC Markets’ competitive pricing, low spreads and ultra-fast institutional grade trading, totaling USD$1.11 trillion in volume traded (March 2022).</p><p class="MsoNormal">IC Markets chose the South African capital to film the advert, in recognition of its success in this market since launching in 2020. The decision to support the South African film industry also follows IC Market’s recent sponsorship of the Rugby World Cup Sevens held in Cape Town.</p><p class="MsoNormal">To view the new adverts: For ASIC-related territories of Australia: </p><p class="MsoNormal"> For FSA-regulated territories of Singapore, Vietnam, UAE, Hong Kong and Thailand: </p><p class="MsoNormal"> For CYSEC-regulated territories of Portugal, Spain and Germany:</p><p class="MsoNormal">About IC Markets </p><p class="MsoNormal">Built by traders for traders, IC Markets is the world’s largest Forex CFD broker dedicated to offering exemptional trading conditions and world class 24/7 service to clients in over 200 countries around the world. </p><p class="MsoNormal">Since its launch in 2007, IC Markets has bridged the gap between retail and institutional clients, by offering a trading solution previously only available to investment banks and high net worth individuals.</p><p class="MsoNormal">As a result, IC Markets is the destination of choice for active traders worldwide who are seeking a trading environment that supports them to become a more confident and capable traders, delivering intuitive trading platforms with value-added tools and support for all trading strategies and styles. </p><p class="MsoNormal">IC Markets is dedicated to innovation, constant improvement, and utilising cutting edge technology for the benefit for our clients. </p><p class="MsoNormal">For more information click <a href="https://www.icmarkets.com" target="_blank">here</a>.</p><p class="MsoNormal">Disclaimer: </p><p class="MsoNormal">IC Markets is licensed and regulated in multiple jurisdictions. Please find all relevant risk warnings and websites below.</p><p class="MsoNormal">IC Markets (EU) Ltd is a limited company registered in Cyprus under company number HE 356877 and is authorized and regulated by the Cyprus Securities and Exchange Commission with License No. 362/18. Access the website: icmarkets.eu</p><p class="MsoNormal">Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.27% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. There is a possibility to lose all your initial capital. Access the website: icmarkets.eu</p><p class="MsoNormal">Raw Trading Ltd registered in Seychelles with registration number: 8419879-2, is regulated by the Financial Services Authority of Seychelles with License number: SD018. Access the website: icmarkets.com</p><p class="MsoNormal">Risk Warning: Trading Derivatives carries a high level of risk to your capital, and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.</p><p class="MsoNormal">International Capital Markets Pty Ltd with registration number 123 289 109, is regulated by the Australian Securities and Investments Commission with License No. 335692. Access the website: icmarkets.com/au. </p><p class="MsoNormal">Risk Warning: Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors. You don't own or have rights in the underlying assets. You should consider whether you’re part of our target market by reviewing our Target Market Determination, and read our PDS and other legal documents to ensure you fully understand the risks before you make any trading decisions. We encourage you to seek independent advice if necessary.</p> This article was written by ForexLive at forexlive.com.

  • The Flight of XRP and the Crypto Market Uptick
    by FxPro FXPro on September 23, 2022 at 9:57 am

    <p>itcoin has gained 3.8% in the last 24 hours to $19.4K. Quotes have stabilised near the lower bound of the three-month range. Ethereum gained temporary support after falling below $1300 and is up 6.7% in 24 hours. </p><p class="MsoNormal">XRP jumped 28% overnight and 66% over the week to $0.54, posting the highest gain among top-100 cryptocurrencies. There are rumours that crypto whales have switched from ETH to XRP after the SEC and Ripple Labs asked the court to speed up hearings for their case.</p><p class="MsoNormal">Other top altcoins are rising between 4.5% (BNB) and 7.1% (DogeCoin).</p><p class="MsoNormal">Despite this upward move, the technical picture does not yet point to a break in the downtrend, and widespread monetary policy tightening leads us to expect further pressure on markets.</p><p class="MsoNormal">On the other hand, we see precious metal prices rising with a 5% increase in crypto market capitalisation over the past 24 hours. This could be the start of a new trend, where investors are looking at alternatives as a safe haven for capital due to concerns over the solvency of countries.</p><p>News background</p><p class="MsoNormal">Changpeng Zhao, CEO of the world's largest cryptocurrency exchange Binance, said bearish trends are common and healthy for the crypto market. He said the crypto industry still has room to grow, while inflation and rising energy prices have drawn attention to cryptocurrencies.</p><p class="MsoNormal">According to Oklink, the recent drop in Ethereum resulted from miners' activation. Mining pools have dropped almost 17,000 ETH in the last seven days alone.</p><p class="MsoNormal">The final version of the European Draft Crypto Asset Markets Act (MiCA) equates NFTs with securities. Technically, the MiCA is still open for amendments, but other reports suggest that the European Union has finalised the bill's full text.</p> This article was written by FxPro FXPro at forexlive.com.

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