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
EUR/USD
Mixed
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
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/USD
Mixed
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
Bullish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.09%, while traders in GBP/JPY are at opposite extremes with 68.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/uHjF1RXMxX
  • Heads Up:🇺🇸 Fed Waller Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-13
  • Macklem Q&A - Expect inflation to go up to 3% before pulling back - Would not over rotate on one month's inflation data
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.61% Silver: -0.06% Oil - US Crude: -3.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cupf2HmOUY
  • The price of oil appears to be stuck within the opening range for May amid the failed attempt to test the March high ($67.98). Get #crudeoil market update from @DavidJSong here:https://t.co/6r9Iger50J https://t.co/LC27xlCypr
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.35% 🇨🇭CHF: 0.30% 🇯🇵JPY: 0.14% 🇦🇺AUD: 0.02% 🇨🇦CAD: -0.09% 🇬🇧GBP: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/FMpuAZcLAz
  • BoE's Bailey - We don't think higher inflation will persist - We are watching inflation very carefully - US inflation number yesterday was very high - Will watch very carefully for how much of savings are spent by households
  • BoC's Macklem: - Important to get a bounce back of all sectors - Canada is still about 700K jobs below where it should be
  • BoC's Macklem: - We do expect inflation to rise to around 3% - Increase in inflation will be temporary - Inflation to come down because some sectors still weak $CAD $USDCAD
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.22% US 500: 1.04% Germany 30: 0.09% FTSE 100: 0.05% France 40: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/qXutk9LfLr
Nasdaq, S&P 500 Recover as Powell Testimony Echoes Dovish Fed

Nasdaq, S&P 500 Recover as Powell Testimony Echoes Dovish Fed

Rich Dvorak, Analyst

STOCK MARKET OUTLOOK: NASDAQ, S&P 500 CLAW BACK LOSSES AS FED CHAIR POWELL REITERATES ACCOMMODATIVE STANCE

  • Nasdaq, S&P 500 attempting to erase intraday downside as investors race to buy the dip
  • Federal Reserve Chair Powell helps calm market angst with his congressional testimony
  • Powell echoes how the Fed remains committed to keeping conditions accommodative
Advertisement

Fed Chair Jerome Powell is in the spotlight right now with markets tuned into his semi-annual congressional testimony. Stocks faced heavy selling pressure at the New York opening bell on Tuesday, but it appears that risk appetite is recovering in the wake of Powell’s latest remarks. Fed Chair Powell pledged to the Senate banking committee how the FOMC remains committed to its dovish policy stance.

Specifically, Powell stated how the Federal Reserve won’t remove monetary support until both of its objectives – maximum employment and inflation moderately above 2% for some time – are met. This means that the Fed intends to continue using its full range of tools including quantitative easing to the tune of at least $120-billion a month. In response, Treasury yields and the US Dollar dropped while the Nasdaq and S&P 500 rebounded off session lows.

NASDAQ, S&P 500 INDEX PRICE CHART: 1-MINUTE TIME FRAME (23 FEB 2021 INTRADAY)

Nasdaq Price Chart with S&P 500 Index Overlaid Reaction to Fed Powell Testimony

Chart by @RichDvorakFX created using TradingView

Powell deferred to comment on the fiscal stimulus debate, but noted that the recent move higher in sovereign interest rates reflects better growth expectations and more confidence in the economy. The head central banker does not anticipate inflation to rise to troubling levels, adding that the risk of not providing enough support to the economy outweighs potential inflation risk.

Fed Chair Powell also mentioned how the covid vaccination rollout stands out as the single best policy for the economy and returning to normal. That all said, and in light of the more than 60-million vaccine doses administered across the US, it seems most likely that the latest pullback in equities will chalk up to a mere consolidation rather than a reversal of the broader bullish trend.

Keep Reading – EUR/USD Outlook: US Dollar Eyes Fed Chair Powell, Stimulus

-- Written by Rich Dvorak, 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