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
Bearish
Oil - US Crude
Bullish
Wall Street
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
Gold
Bearish
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/ZDuee58Abe
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/niJL2W2yXV
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/0rNbbrd58e
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/zPzJAxBJxt
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/uf6KEYTes5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/gRjdVfbg66
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/mLLGqYUygY
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/HUYJzEkYiT
  • #Gold prices put in a major breakout last month and, so far, buyers have held the line. But a really big Fed meeting is on the calendar for this week. Can Gold bulls hold? Get your market update from @JStanleyFX here: https://t.co/NGRTSfceOW https://t.co/QkSUORIQE2
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/PHK2sqB1jV
S&P 500 Hits New Record High as Fed’s Powell Vows to Stay Dovish

S&P 500 Hits New Record High as Fed’s Powell Vows to Stay Dovish

Rich Dvorak, Analyst

S&P 500 INDEX POPS TO FRESH ALL-TIME HIGHS AS FED CHAIR POWELL VOWS TO LOOK THROUGH TRANSITORY INFLATION INCREASES

  • S&P 500 jumps to a new intraday record high in the wake of the Federal Reserve
  • Stocks pushing higher as Fed Chair Powell vows to keep policy accommodative
  • Powell echoes that it is not yet time to have a conversation about tapering QE

The S&P 500 Index is gaining ground and probing fresh record highs as Fed Chair Powell sparks a late-session bid beneath stocks. Federal Reserve officials agreed to leave the central bank’s policy path unchanged as widely expected, and Chair Powell further soothed investor nerves surrounding potential tapering of asset purchases during his press conference.

POWELL PRESS CONFERENCE KEY TAKEAWAYS

  • Inflation: Inflation data will likely rise further before moderating. The recent pickup in consumer spending stands to boost prices, but this will likely be temporary. It seems unlikely that inflation would rise persistently amid labor market slack. We are in close touch with industries struggling with supply chain bottlenecks. The Fed would use its tools if inflation expectations were to move persistently above 2%. Breakevens are close to mandate-consistent level whereas before they were below.
  • Economy: Controlling the course of the virus is the most important factor for the economic recovery. The recovery remains uneven and far from complete. Sectors of the economy most affected by the pandemic have shown improvement. We have not seen the level of economic scarring we were worried about. We are seeing the strongest housing market since the global financial crisis, but do not see financial stability concerns around housing. Spending on services has picked up, and we want to see continued string of strong monthly jobs numbers.
  • Tapering: Substantial further progress needed before we taper asset purchases from the current level of $120-billion per month. It is not time yet to have conversations about tapering. Transitory rises in inflation won’t warrant a rate hike. Some things in equities do reflect froth in markets, but has a tremendous amount to do with vaccines and economic recovery rather than Fed policy. Overall financial stability is mixed but manageable. Need to see more data to determine whether there has been substantial further progress, and so far, we are not close to reaching that goalpost.

S&P 500 PRICE CHART: 15-MINUTE TIME FRAME (26 APRIL TO 28 APRIL 2021)

SP500 Price Chart S&P 500 Forecast Fed Powell Inflation Tapering

Chart by @RichDvorakFX created using TradingView

That said, the 4,200-price level has proved to be a formidable area of technical resistance so far for the S&P 500 Index. In addition to news flow surrounding the Fed, investors are also digesting the latest round of earnings. Strong quarterly results from tech darlings like Apple and Amazon could provide the S&P 500 with a bullish catalyst to eclipse this technical obstacle. Traders might also want to keep an eye out for commentary from President Joe Biden who is scheduled address congress tomorrow.

-- 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