Market Report 06.09: All you need to know to trade.
Good Morning Traders,
On Friday, U.S. released its jobs report. 151,000 jobs were added in August. This was very disappointing, but good for Wall Street and all the markets because that reduce the chances to increase the interest rate for the FED. Now, after the employment report release, investors are pricing in chances of 24% of a September rate hike. So naturally, speculators furiously bid up everything from stocks to gold and silver. But these labor announcements have no long-term impact on the price of anything, so in the same day we saw big changes on the prices in all the assets.
After a lot of movements in the last week, today we have a relaxing day and in positive trend, U.S. markets were shut for the Labor Day public holiday on Monday. With U.S. markets closed yesterday, trade was primarily driven by Europe and was a confusing day with low volume and a lot of volatility.
Asian shares traded mixed and in a tight range as investors digested the Reserve Bank of Australia’s decision to keep cash rates unchanged at 1.5 percent.
On the economic data front, the U.S. will release its ISM non-manufacturing index later on Tuesday, this is the most important information today, and we will see volatility after the data will realize. The forecast is 54.7 but for the market and the USD is better as high as possible.
In commodities, the price of oil jumped yesterday after Russia and Saudi Arabia agreed to discuss ways to stabilize the oil market. The price of Brent crude initially jumped by 5% but then fell to stand 1.6% higher at $47.56 a barrel. A statement said the plan was to support the “stability of the oil market … ensuring a stable level of investment in the long term”.
In currency markets, the Australian dollar was trading up 0.57 percent against the U.S. dollar at 0.7620, after the RBA announced it would hold rates steady. The U.S. dollar stood at $95.754 against a basket of currencies, while U.S. dollar/Japanese yen remained at 103 levels, trading at 103.64.
The pound sterling was trading at $1.3321 against the greenback, after rising to $1.3375 during Europe trading yesterday, it’s highest since July. Now is trading up again, and trying to break the price of resistance at 1.3352. Is very important to check the news in US calendar today.
Graphics by: www.etoro.com
Shares of Amazon touched a new 52-week high of $776.00 on Friday. Average volume of shares traded over the last three months was approximately 2,928K. So, was a important raise and is possible to will continue going up in the next trading days. The first resistance can be the maximum price in 775.62 and the point of support is in 770 usd.
Graphics by: www.etoro.com
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