After Fed President Janet Yellen´s speech in Jackson Hole, markets took the position, that a rate increase in September would be highly likely. Since then, there have been many comments from various regional Fed Governors, offering different opinions, as well as important important economic data. Accordingly, markets rose and fell. Latest comments by the Fed´s Lael Brainhard, caused a surge on Monday. Brainhard warned about prematurely ending expansive monetary policy, whilst suggesting that she would like to see a stronger up move in consumer spending. The US would currently be in recession, if it were not for the consumer. This is why the US employment numbers are of utmost importance to US monetary policy.
The DAX is in a downwards trend.
The Euro is trading sideways in a large trend. Support is at 1,0822, resistance at 1,1429. Short term the Euro is in a upward trend.
The USD is in a downward trend against the Yen. Major support is at 100 on a closing basis.
Gold mid term, is trending upwards.The next major resistance is at 1375, support at 1300.
Oil is in a downward trend.
After opening strongly, the DAX lost more and more ground during the day, closing moderately weaker at 0.43%. Larger loses were seen in other European markets. The French CAC 40 lost 1.19% and the Italian market lost 1.74%. Tuesday´s marked loss in WTI Oil put pressure on US markets. WTI Oil fell 3%. As such, Oil stocks were the largest losers on the New York Stock Exchange. Against the overall downward trend, Apple gained 2.4%. The US telecommunication company Sprint announced, that orders for the new iPhone had increased fourfold, compared to last year´s model. Asian markets trended lower, oil stocks performing worst. The USD gains 0.38% against the Yen and unchanged against the Euro. WTI retrace +.45%. Oil is unchanged.
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.