- The mood in the European session was mixed, with Britain's FTSE closing the session almost flat against a 0.7% gain on Germany's DAX index
- Wall Street indexes are posting gains, with the S&P500 up 0.52% against a 0.75% gain on the Nasdaq100 and a 0.26% rise on the Dow Jones. At the end of the session, sellers are slowly coming to the fore
- Micron and Accenture shares are losing the most, with both companies negatively disappointing results and forecasts for the rest of the year. Shares of both are retreating nearly 5%
- The Fed's Austan Goolbsee indicated that a soft landing in the U.S. is still possible and has not yet decided on a decision at the November meeting, which traders took as a potentially higher chance of keeping Fed rates unchanged
- The macro data package from the U.S. economy surprised positively, The final third GDP reading for Q2 came in at 2.1% - in line with the forecast and the earlier reading. At the same time, the GDP deflator was 1.7% although 2 was expected with 4.1% previous reading. Private consumption fell strongly, rising 0.8% y/y versus 1.7% expectations and 4.2% previously.
- U.S. unemployment claims (claims) again came in below forecasts at 204,000 versus 215,000 expectations and 201,000 previously.
- Platinum and Palladium are doing great, but gold is down 0.7%. Today, the growth of industrial metals was led by zinc which was supported by information from the London Metal Exchange (LME), which indicated that orders are reducing the stored zinc inventories at a faster pace due to higher demand in Asia;
- The American dollar is one of the weakest currencies today. EURUSD is gaining approximately 0.45% and the highest volatility on the f/x market is recorded by AUDUSD, which is strengthening in relation to the greenback by over 1.0%;
- Oil is declining today with a pullback of approximately 1.5% for Brent and we can see 2.3% decline in WTI. At the same time, futures quotations in relation to spot prices show the so-called 'backwardation' which indicates strong current demand but market expectations point to its consistent decline in the future;
- Natural gas inventories according to EIA turned out to be slightly higher than forecast and amounted to 90 bcf compared to 88 bcf expected and 64 bcf previously. NATGAS gains 1.66%.
- Cryptocurrencies are on the rise today. Bitcoin is trading above $27,000 and gaining nearly 3% - supported by weaker US dollar (USDIDX). Over 10% increase takes place on the AAVE cryptocurrency, Ethereum gains 4%
EURUSD reaches SMA100 (black line) where it can face the first supply level, but the bigger test seems to be SMA200 (red line) at 1.063 level. Breaking it would allow Eurodollar bulls to dream of reversing the medium-term trend. Source: xStation5
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appThe content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
