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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.13%, while traders in GBP/JPY are at opposite extremes with 67.63%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PYZh1az5EC
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  • Indian #Rupee tanked in worst week in almost a year Besides risk aversion & rising US Treasury yields, India lowered its fiscal-21 GDP estimate to -8.0% y/y (lower than the -7.0% consensus) Multiple levels taken out, but not 200-day SMA May see unwinding of #RBI rate hike bets https://t.co/WAVPChEiEB
  • The Aussie and Kiwi Dollars are getting smoked. Throwing cold water on carry currencies that were just starting to feel the hope of rate hikes in the near future is apparently not good for their performance
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S&P 500 Marches on as Fed Caves on Policy Tightening

S&P 500 Marches on as Fed Caves on Policy Tightening

Justin McQueen, Analyst

Equity Analysis and News

  • Federal Reserve Bows Down to Market
  • Bank of England’s not so ‘Super’ Thursday

Federal Reserve Bows Down to Market

Markets had expected a dovish FOMC meeting and that is exactly what they got, with Powell and Co. not only providing a dovish signal but going one step further, having mentioned that they could adjust balance sheet normalization if required (Balance sheet normalization process). Consequently, US equity markets have continued its strong start to the year. Next week, Fed officials will place their attention towards the latest PCE data, while the end of the government shutdown will begin to see US data pick up.

Bank of England’s not so ‘Super’ Thursday

Brexit is the dominating theme for UK assets and will continue to remain as such, with uncertainty continuing. Consequently, the Bank of England have been somewhat tight-lipped as they await clarity on how the UK will exit the EU. Recent data from the UK is unlikely to stir much optimism from BoE officials with much of the data continuing to be hampered from the ongoing Brexit uncertainty. However, as this weighs on the Pound, the FTSE is back towards the pivotal 7000 level.

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--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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