S&P 500 Outlook: Fed Rate Cut Speculation & Market Volatility | March 20, 2024
Abstract：Navigating Uncertainty: Insights for Traders & Investors
Market Wrap: Stocks, Bonds, Commodities (March 20, 2024)Stocks
US stocks closed higher ahead of the Federal Reserve's interest rate decision.
S&P 500 hits a new record close (+0.56%)
Dow Jones Industrial Average also gains (+0.83%)
Tech stocks (Nvidia, Apple, Microsoft, Amazon) post gains
Nordstrom surges on potential privatization news.
Microstrategy falls further as it acquires more Bitcoin.
Bonds
US 10-year Treasury yield falls 4.5 basis points.
Commodities
WTI crude oil closes at a four-month high (+0.87%).
Gold prices slightly decline.
US dollar remains strong, Dollar Index climbs.
USD/JPY surges after the Bank of Japan ends negative interest rate policy.
AUD/USD, EUR/USD, and GBP/USD all see declines.
Canadian dollar weakens after inflation data.
Bitcoin suffers a heavy sell-off, dropping over 7%.
Trading Analysis
GBP/USD: Bullish above 1.2700. Targets: 1.2735, 1.2745
USD/JPY: Upward trend continues. Targets: 151.90, 152.20
EUR/USD: Bullish above 1.0850. Targets: 1.0875, 1.0890
Dow Jones (CME): Trending towards 39670.00. Targets: 39670.00, 39770.00
______________________________________________________________________________Important Note: Market volatility can invalidate these targets.Explore More: For detailed analysis, visit https://www.tradetaurex.com/Disclaimer: This information is for reference only and does not constitute investment advice. Investments carry risks; proceed with caution.
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Dovish FOMC Meeting Minutes Hammers Dollar
The dollar continued to face downside pressure following the release of the FOMC meeting minutes. Concerns were raised by FOMC members over potential labour market deterioration, with the majority of the members signalling that a September rate cut might be appropriate. This dovish narrative provided buoyancy to the equity market, as all major U.S. indexes gained in the last session.
KVB Market Analysis | 7 August: AUD/USD Recovers Above 0.6500 Amidst RBA Hawkish Hold and Commodity Price Gains
Following fresh 2024 lows near 0.6350, AUD/USD bounced back above 0.6500 on Tuesday, returning to positive weekly territory. The pair remains focused on the 200-day SMA at 0.6592, with a negative bias expected below this level. The recovery was supported by rising copper and iron ore prices and a hawkish hold from the RBA.
KVB Market Analysis | 6 August: USD/JPY Recovers from January Lows Amid Recession Fears and Fed Rate Cut Speculation
The USD/JPY pair has rebounded to around 145.40 after dropping to its lowest level since January at 141.68, amid early Asian trading. The US Dollar's decline was driven by recession fears and expectations of significant Federal Reserve rate cuts. The rise in the US Unemployment Rate in July has heightened concerns about a recession, leading markets to anticipate rate cuts of 50 basis points in September and November, and an additional 25 basis points in December.
KVB Market Analysis | 31 July: USD/JPY Holds Near 152.50 as Markets Eye BoJ and Fed Decisions
The USD/JPY pair hovers around 152.50, just above a three-month low, as traders anticipate the Bank of Japan's policy decision, expecting a 10-basis-point rate hike and bond-buying tapering, which supports the Yen. A slight recovery in the US Dollar has paused the pair's rise, with the Dollar Index near 104.50 ahead of the Federal Reserve's meeting, where rates are expected to stay unchanged but with dovish guidance.
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