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.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bullish
GBP/USD
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
USD/JPY
Bearish
More View more
Breaking news

Chinese PMI Data Beats Estimates. Manufacturing 52.0, Est 44.8, Non-Manufacturing: 52.3, Est 42.0

Real Time News
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/IZlYdXrnLm
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 6.93% Silver: 0.73% Gold: -0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wMbZni4GxM
  • "However, this downgrade may be the canary in the coalmine for other emerging market economies that may spread to their OECD counterparts" https://www.dailyfx.com/forex/fundamental/article/special_report/2020/03/30/Euro-May-Rise-on-ESM-Crude-Oil-Selloff-Deepens-on-OPEC-Price-War.html
  • You can't see it, but I have a seriously dubious look on my face https://t.co/vOEfdaHwyg
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.18% 🇦🇺AUD: -0.13% 🇨🇦CAD: -0.22% 🇪🇺EUR: -0.27% 🇬🇧GBP: -0.69% 🇯🇵JPY: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XyAyUgqavm
  • LIVE NOW! APAC Head Strategist @IlyaSpivak discusses the technical and fundamental $AUDUSD outlook for the week ahead here - https://www.dailyfx.com/webinars/378612179?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.82%, while traders in US 500 are at opposite extremes with 72.90%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/el9cpkaZNX
  • The $USD may rise versus the Singapore Dollar, Indonesian Rupiah and Malaysian Ringgit if capital flows out of #ASEAN countries as key U.S. data risks a selloff in equities. Get your market update from @ddubrovskyFX here: https://t.co/JWIRn6MLrK https://t.co/W3zdKcvSCJ
  • LIVE IN 30 MIN: APAC Head Strategist @IlyaSpivak discusses the technical and fundamental $AUDUSD outlook for the week ahead here - https://www.dailyfx.com/webinars/378612179?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • RT @DanielGMoss: Spontaneous spike prior to Chinese #PMI releases Strong results compared to previous record lows Non-manufacturing: 52.…
Dow Surges Despite Record Plunge in Markit PMI on Coronavirus

Dow Surges Despite Record Plunge in Markit PMI on Coronavirus

2020-03-24 14:19:00
Rich Dvorak, Analyst
Share:

DOW JONES SURGES AS INVESTORS OVERLOOK MARKIT PMI, FOCUS ON CORONAVIRUS STIMULUS BILL & FED

  • The Dow Jones, S&P 500 Index soar as Tuesday’s trading session gets underway
  • US Markit PMI data for March dropped at its fastest rate in over a decade as coronavirus fallout takes its toll on the economy
  • Stock market investors remain focused on fiscal stimulus efforts and recent FOMC action

Stocks surged at the New York opening bell on Tuesday with the Dow Jones Industrial Average, S&P 500 Index and Nasdaq jumping 6.3%, 5.1% and 5.0% respectively. Investors have grown increasingly hopeful that US Congress will ink a coronavirus stimulus bill to offset economic impact from the global pandemic. This follows news from the Federal Reserve yesterday detailing unlimited QE as the central bank steps in to provide massive amounts of liquidity to shore up panic-stuck markets.

Top Trading Opportunities in 2020
Top Trading Opportunities in 2020
Recommended by Rich Dvorak
Discover our Top Trading Opportunities
Get My Guide

DOW JONES INDEX PRICE CHART: 1-MINUTE TIME FRAME (24 MARCH 2020 INTRADAY)

Dow Price Chart DJIA Dow Jones Industrial Average Coronavirus Markit PMI

Chart created by @RichDvorakFX with TradingView

Stocks remain about 30% off all-time highs recorded last month, however, as the novel coronavirus (COVID-19) wreaks havoc on the global economy. Economic data is just starting to trickle in detailing how gloomy coronavirus fallout has been.

Trading Forex News: The Strategy
Trading Forex News: The Strategy
Recommended by Rich Dvorak
Learn how to analyze and react to market news in real-time
Get My Guide

On that note, the IHS Markit PMI reading for March just crossed the wires, which revealed the flash composite output index crashed to 40.5 – a new series low. The services business activity index plunged to 39.1, also a new series low, while the manufacturing PMI fell to 49.2, a 127-month low. According to commentary from Chris Williamson, IHS Markit Chief Business Economist, the flash PMI data “underscores how the US is likely already in a recession that will inevitably deepen further.”

Read More: Gold Price to Resume Ascent as Fed Asset Purchases Balloon

-- Written by Rich Dvorak, Junior Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

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

DISCLOSURES

News & Analysis at your fingertips.