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Daily Analysis: The Fed in Focus as Stocks Push Higher

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Daily Analysis: The Fed in Focus as Stocks Push Higher

Introduction

This article was posted on Wednesday, 17:05, UTC.

Wednesday Market Recap

Asset Current Value Daily Change
S&P 500 2472 0.33%
DAX 12263 0.71%
WTI Crude Oil 47.19 -0.75%
GOLD 1278.00 -0.08%
Bitcoin 4276 5.03%
EUR/USD 1.1698 -0.31%

Stocks markets are in the Green today, as traders await the Federal Reserve meeting minutes which will come out later on today. The worse than expected US housing market numbers weren’t enough to break the bounce in stocks and the Dollar, as the easing of the North Korea related fears helped risk assets across the board. Mario Draghi will be absent from next week’s Jackson Hole symposium according to the ECB’s announcement from this morning, and the Euro got sold heavily after the news, underlining the incredible reliance of the markets to central banks. European equities are being helped by the Euro weakness, as they continued yesterday’s rally.

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DAX, 4-Hour Chart Analysis

The Great British Pound is showing some relative strength finally, as the bullish Employment Report helped the currency, despite the persistent Brexit worries and the recent weakness in economic numbers. Commodities are little changed in today’s low volatility environment, with gold hovering around the $1275 level, while oil is trading near $47.50 per barrel after the decline of the past few sessions with the mixed US inventory and [production data causing some volatility.

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GBP/USD, 4-Hour Chart Analysis

Cryptocurrencies

Dash is making headlines today in the crypto-segment, as the coin is trading near its all-time high amid the correction in the high-flying Bitcoin. BTC is not far off its recent highs, despite extremely overbought momentum readings, as the euphoric sentiment continues to fuel buying after the positive fundamental developments of the past few weeks. Ethereum recovered from yesterday’s dip below $285, and looks ready to continue the uptrend that it started a couple of weeks ago, just as Monero. Ripple and ETC are still lagging the market, although the latter showed strength today, while the up-and-coming NEO and IOAT are still just below their recent highs. All in all the bull market in the cryptocurrency segment looks well and alive, as the total value of the coins is just shy of $140 billion.

ETH/USD, 4-Hour Chart Analysis

Technical Picture

The tech benchmark recovered after last week’s brief volatility surge and as quiet summer trading resumed the index looks back on track to test the prior highs. The 6000 lever is still ahead as resistance, while the benchmark is bouncing around the 5900 level since late July. The long-term uptrend is still clearly intact, despite the internal weakness, with strong support levels at 5850, 5800, and near 5725 where the rising trendline is also found currently.

                                                   NASDAQ, 4-Hour Chart Analysis

Key Economic Releases on Wednesday

Time, CET Country Release Actual Expected Previous
10:30 UK Hourly Earnings 2.1% 1.8% 1.8%
10:30 UK Unemployment Rate 4.4% 4.5% 4.5%
10:30 UK Claimant Count -4,200 7,200 6,000
11:00 EUROZONE Flash GDP 0.6% 0.6% 0.7%
14:30 US Building Permits 1.22 mill 1.25 mill 1.28 mill
14:30 US Housing Starts 1.16 mill 1.23 mill 1.22 mill
16:30 US Crude Oil Inventories -8.9 mill -3.0 mill -6.5 mill

Key Economic Releases on Thursday

Time, CET Country Release Expected Previous
3:30 AUSTRALIA Employment Change 19,800 14,000
3:30 AUSTRALIA Unemployment Rate 5.6% 5.6%
10:30 UK Retail Sales 0.2% 0.6%
11:00 EUROZONE Final CPI Index 1.3% 1.3%
13:30 EUROZONE ECB Meeting Minutes
14:30 CANADA Manufacturing Sales -1.0% 1.1%
14:30 US Unemployment Claims 240,000 244,000
14:30 US Philly Fed Index 18.3 19.5
15:15 US Industrial Production 0.3% 0.4%

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

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