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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/vTQL8Xy7DA
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/b4xjlLMx2o
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.10%, while traders in France 40 are at opposite extremes with 80.76%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dlo1iyakWu
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.13% 🇪🇺EUR: 0.03% 🇨🇭CHF: 0.02% 🇳🇿NZD: -0.03% 🇦🇺AUD: -0.08% 🇨🇦CAD: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/DFYLycgM4p
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.59% Germany 30: 0.55% FTSE 100: 0.47% US 500: 0.07% Wall Street: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Bl2cnt8tKJ
  • Ahead of Friday's NFPs, the Dollar took a dive this past session which has set back a DXY inverse head and shoulders and pushed a EURUSD rising wedge. But the pair taking most advantage of the Greenback slip: $USDCAD. Watch this pair and the Dollar ahead: https://www.dailyfx.com/forex/video/daily_news_report/2021/05/07/Dollar-Break-Disarms-Bigger-Reversal-Before-NFPs-Canadian-Dollar-a-Big-Mover.html https://t.co/WiHjD9XBRI
  • The Canadian Dollar may resume its broader advance against the Japanese Yen given the less-dovish scope of the BoC compared to the BoJ now and perhaps in the long run.Get your $CAD market update from @ddubrovskyFX here:https://t.co/LjuvBh7pL3 https://t.co/ItAq5lCrLj
  • 🇨🇳 Balance of Trade (APR) Actual: $42.85B Expected: $28.1B Previous: $13.8B https://www.dailyfx.com/economic-calendar#2021-05-07
  • Heads Up:🇨🇳 Balance of Trade (APR) due at 03:00 GMT (15min) Expected: $28.1B Previous: $13.8B https://www.dailyfx.com/economic-calendar#2021-05-07
  • (Crypto Tech) Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) Analysis: Will Trend Reversal Clues Play Out? #Bitcoin #Ethereum #Litecoin #USD #Crypto https://www.dailyfx.com/forex/technical/article/special_report/2021/05/07/Bitcoin-BTC-Ethereum-ETH-Litecoin-LTC-Analysis-Will-Reversal-Hints-Realize.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/wRD19FT1sH
S&P 500 Needs Support From Dovish Fed and Positive Trade War Talks

S&P 500 Needs Support From Dovish Fed and Positive Trade War Talks

Justin McQueen, Analyst

Equity Analysis and News

  • Risk Barometer Shows Persistent Bearish Momentum
  • S&P 500 | Eyes on US-China Trade War Talks
  • Fed Tone Shifts

Risk Barometer Shows Persistent Bearish Momentum

New year and same problems now amplified for equity markets. The risk barometer continues to paint a negative picture for US indices with cyclicals continuing to underperform defensive stocks (measured by the spread between the XLI and XLP ETFs). Accompany this with deteriorating US data, most notably the US ISM Mfg. PMI, which saw its largest fall since the financial crisis and US treasury curves beginning to invert (1s10s inverted for first time since 2007), you begin to have the makings of a notable slowdown. Fed pricing has now seen a notable shift, where money markets now believe that the next Fed rate move will be a cut (maybe too much bearish pricing).

S&P 500 Needs Support From Dovish Fed and Positive Trade War Talks

Source: Refinitiv: Spread between SPDR Industrial Sector Select Fund and SPDR Consumer Staples Sector Select Fund

S&P 500 | Eyes on US-China Trade War Talks

As Apple served as a reminder that trade wars can have negative ramifications, eyes will be on the fallout from US-Chinese trade talks at the beginning of next week (take place on Jan 7-8th). Positive rhetoric could see the S&P 500 continue to retrace losses, however, eyes are on resistance at 2520, in which a break above can stoke a push towards 2600. Key support is situated at 2350.

Fed Tone Shifts

Alongside this, the Federal Reserve have begun to shift towards a more dovish stance with the typically hawkish Fed’s Mester suggesting that the Fed could pause rate hike cycle, while Fed Chair Powell has signaled that they could alter balance sheet reduction if it had been causing market turbulence. Consequently, dovish Fed speak could keep equity markets afloat for the time being.

S&P 500 Price Chart: Daily Time Frame (Aug 2018 – 2018)

S&P 500 Needs Support From Dovish Fed and Positive Trade War Talks

RECOMMENDED READING

RESOURCES FOR FOREX & CFD TRADERS

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

--- Written by Justin McQueen, Market Analyst

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

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES