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American equity markets pull back Wednesday

The US Stock market experienced a definitely negative opening Wednesday after the reporting of economic data earlier and in anticipation of the FOMC minutes later today at 19:00 GMT. Earlier today in the United States, Building Permits (MoM) were reported at 0.925M in January, beating estimates of only 0.915M. Meanwhile the vaunted Producer Price index ex Food and Energy (MoM and YoY) grew +0.2% in January (in line with expectations of +0.2%), and +1.8% (exceeding projections calling for only +1.6%) respectively. Finally, the Producer Price Index (MoM and YoY) climbed only +0.2% in January (slightly missing a consensus of +0.3%) and yielded +1.4% in January (consistent with projections) respectively.

Beginning with the indices and composites, the NASDAQ fell -0.23% as it settles in region of 3206.30, down -7.26 points in these moments. In addition, the S&P 500 is trading in negative territory, operating at 1527.58, descending -3.36 points or -0.21% at the time of writing. Finally, the Dow Jones has moved lower at the opening as well, trading in the zone of 14021.77, presently -0.10% after a movement of -13.90 points.

Sectors are nearly all in the red currently, however the Basic Materials and Capital Goods sectors have distinguished themselves as main losers thus far, plummeting -1.36% and -0.37% respectively. In other news, the price of crude has settled above USD $96.62 Wednesday.

EMU: Consumer Confidence (flash) improves slightly to -23.6 in February

The preliminary release of February consumer confidence was expected to improve slightly from -23.9 to -23.1 in the Eurozone. Actual data came in less attractive as it improved only to -23.6.
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Forex Flash: EUR/CAD with solid support on dips to the low/mid 1.35 area – TD Securities

TD Securities analysts notice the resumption of the upmove in the EUR/CAD “and a positive close today will support the impression of a sustainable bullish break out from the consolidation (flag) formation that built up over the turn of the month”. “Trend support is strong from shorter-term MAs and the DMI oscillator measures which are aligned across a range of timeframes here as well—this is a very bullish signal and implies limited downside potential and an ongoing grinding bid at least for EUR/CAD”, wrote analysts Shaun Osborne and Greg Moore, pointing to support at 1.3185 to maintain bulls in control and targeting the 1.40 area. “Expect solid support on dips to the low/mid 1.35 area now”, they added.
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