News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • I read this morning that Boston Fed President Eric Rosengren is retiring 9 months earlier than his term expiration due to health issues. Hope he recovers quickly. Could change the calculus for the Fed's policy position next year as he was an incoming hawkish voter. #Tapering
  • The next 24 hours is going to be interesting for monetary and fiscal policy insight - particularly in the US. Keeping tabs on the Dollar and $SPX
  • BoE Governor Bailey says the rate of recovery has slowed over recent months and that slowing is continuing - Most MPC members view that outlook for the labour market as highly uncertain and to some degree likely to be resolved in fairly short order $GBP
  • The week starts off with elevated expectations for seasonal volatility, central bank speculation and critical political uncertainties. DailyFX's @JohnKicklighter highlights the dominating themes in the markets this week👇
  • Heads Up:🇬🇧 BoE Gov Bailey Speech due at 15:00 GMT (15min)
  • Tech stocks not having a good day, but cyclicals are on fire. Energy and financials sharply higher, materials also in positive territory. $ARKK about to break a double top pattern support #trading $XLE $XOP $XLF $XLB
  • Treasury bond yields extending their push higher across the curve. Ten-year just pierced 1.50%, five-year trading at its steepest level since Feb 2020. This brings the Nasdaq 100 to Russell 2000 ratio into focus with growth underperforming value amid rising rates. $NDX $RUT $TNX
  • $USDMXN gains ground at the start of the week, bolstered by higher US Treasury rates. For reference, the US10 yield briefly climbed to 1.51% this morning, its highest level since late June #trading #TRMX
  • The US Dollar Index (DXY) is trending higher and on the verge of testing an important set of resistance levels as we head towards the final frame of the year. Get your $USD market update from @PaulRobinsonFX here:
Wall Street, Gold Prices Rise as US Dollar Sinks Despite 2008-Low GDP

Wall Street, Gold Prices Rise as US Dollar Sinks Despite 2008-Low GDP

Daniel Dubrovsky, Strategist

Wall Street, Gold Prices, US Dollar, Fed, Earnings, Gilead Sciences – Asia Pacific Market Open

  • Wall Street saw best day on average in over 3 weeks despite US GDP drop
  • Virus drug trial, Federal Reserve and tech earnings fueled the risk-on tone
  • US Dollar depreciated as anti-fiat gold prices rose, AUD/USD could climb

Wall Street Soars, Gold Prices Follow and US Dollar Sinks

My Wall Street Index – averaging the S&P 500, Dow Jones and Nasdaq Composite - soared in its best day in over 3 weeks as gold prices followed and the US Dollar depreciated. This was also during a day in which growth in the world’s largest economy contracted by -4.8% q/q in Q1. That was the sharpest decline in output since the 2008 financial crisis and economists are broadly anticipating a steeper dropoff in the second-quarter.

A combination of coronavirus drug trial bets, the Federal Reserve and upbeat tech earnings might have played key roles in financial markets on Wednesday. Gilead Sciences reported on positive data from the National Institute of Allergy and Infectious Diseases’ trial on the antiviral drug Remdesivir. This followed last week’s relatively disappointing update on the drug.

Meanwhile the Federal Reserve left rates unchanged as Chair Jerome Powell hinted at providing further stimulus “aggressively if necessary”. The central bank’s decidedly dovish tone may have helped counterbalance policymakers fading expectations of a V-shaped recovery. Further gains in stocks helped propel the sentiment-linked Australian Dollar and similarly-behaving New Zealand Dollar higher.

What are some unique aspects of trading forex?

The S&P 500 and Dow Jones closed +2.66% and +2.21% higher respectively, but some stocks continued rising in afterhours trade. In particular, Microsoft, Facebook, Qualcomm and Tesla shares soared and compounded the “risk-on” tilt heading into Thursday’s session after relatively upbeat earnings data. Weakness in the USD likely offered a boost to anti-fiat gold prices – see chart below.

US Stocks and Gold Soar as US Dollar Sinks After Fed Rate Decision and Tech Earnings

Wall Street, Gold Prices Rise as US Dollar Sinks Despite 2008-Low GDP

Chart Created in TradingView – Wall Street Index Averages: S&P 500, Dow Jones and Nasdaq Composite

Thursday’s Asia Pacific Trading Session

S&P 500 futures are pointing higher ahead of Thursday’s Asia Pacific trading session. That may continue boosting the Australian Dollar at the expense of the anti-risk Japanese Yen if regional bourses echo Wall Street’s progress. AUD/USD may see some near term noise on incoming Chinese PMI data. The Aussie’s broader trajectory may continue being shaped by overall market mood rather.

Check out our newly-enhanced economic calendar for comprehensive updates on data worldwide

Wall Street Technical Analysis

On the 4-hour chart, my Wall Street Index has invalidated the Rising Wedge bearish chart pattern. Instead, prices have taken out key resistance at 12094 and are attempting to find follow-through. That has exposed peaks from March. In the event of upside confirmation, this could spell a cautiously bullish bias for US equities on the whole. Rising support from early April – red line – may maintain the upward trajectory in the event of an immediate turn lower.

Wall Street Index – 4-Hour Chart

Wall Street, Gold Prices Rise as US Dollar Sinks Despite 2008-Low GDP

Chart Created in TradingView – Wall Street Index Averages: S&P 500, Dow Jones and Nasdaq Composite

--- Written by Daniel Dubrovsky, Currency Analyst for

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.