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.

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
More View more
Real Time News
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:https://t.co/CRWhuZ3sxD https://t.co/svHHqN2Zz8
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES https://t.co/qogkjs1Sx2
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:https://t.co/dlNXOrJnM9 https://t.co/LCQd26W1zF
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB https://t.co/N4EDfwD3nZ
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk. https://t.co/AazskXGjHq
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT https://t.co/oYnm2OYRky
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:https://t.co/AquMSrssne https://t.co/DtFuFfrS7Q
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year) https://t.co/Nome25d9Bt
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
S&P 500 Eyes First Weekly Decline Since May as G20 Summit Kicks Off

S&P 500 Eyes First Weekly Decline Since May as G20 Summit Kicks Off

Thomas Westwater, Analyst

G20 SUMMIT DAY 1 – TALKING POINTS

  • World leaders meet in Osaka, Japan as 19 nations plus the EU focus on global growth and international trade policy
  • The S&P 500 is trading modestly higher as traders remain optimistic of US-China trade war progress, but the US stock market is set to post a weekly decline as uncertainty lingers
  • President Trump and China’s Xi are scheduled to meet on Saturday and is one of the summit’s most anticipated events as the US and China continue to spar over trade issues

The Annual G20 Summit kicked off this Friday in Osaka, Japan as leaders are set to discuss issues impacting the global economy such as trade, investment, and innovation. Other themes expected to be discussed heavily include tensions in the Straight of Hormuz stemming from the Gulf of Oman oil tanker attacks earlier this month with Iran being suspected of the attacks by the US.

Market participants have been awaiting this week’s summit as they hope to gain insight into trade progress between the US and China with President Trump and Xi slated to meet Saturday morning which is perhaps the most anticipated G20 Summit event. Markets are turning slightly more optimistic to end the week with the first day of events wrapped up in Japan. The S&P 500 Index (SPX) is up 49-basis points through mid-day trading, although the Index is on track to post its first weekly loss this month. Gold traders are also eyeing the G20 Summit, XAUUSD made a healthy move up overnight reaching a high of $1424.56, before pulling back slightly with the commodity currently trading around $1411.94 but still positive on the day so far.

GOLD PRICE CHART WITH S&P 500 INDEX OVERLAY: 5 MINUTE TIME FRAME (JUNE 28, 2019 INTRADAY)

SPX

Notable events during the first day included meetings between various key leaders and a lunch conference with all heads of state being present. During the lunch conference which was focused on the digital economy, Japan’s Prime Minister Abe mentioned that the world economy faces three key issues of globalization, aging, and digitalization. World Trade Organization reforms were also brought up as a continued theme from last year’s summit in Buenos Aires with many leaders believing that the WTO is too slow to adapt to the increasingly digital economy.

President Trump said that the United States is eager to work with like-minded partners on the digital economy and highlighted that security to 5G networks will be essential to prosperity and safety between partners. Trump also said the United States opposes data localization and polices which are used to restrict digital trade flows and violate IP protections. No one country was mentioned in specific, but it is largely assumed Trump was prefacing issues for tomorrows meeting with President Xi as the two world leaders wrestle over China’s state telecom giant Huawei which has been severely impacted by recent US trade policies.

--Written by Thomas Westwater, Intern Analyst for DailyFX.com

Contact and follow Thomas on Twitter @FxWestwater

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

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

DISCLOSURES