FOREX NEWS & BLOG

Cooling economy scares USD. Forecast as of 06.05.2024

Cooling economy scares USD. Forecast as of 06.05.2024

May 6, 2024 9:13 am |

Can a single report break a trend? Fed officials say they don’t have enough data to make decisions, but one event in the markets could lead to a trend reversal. Let’s discuss this topic and make up a trading plan for EURUSD. Weekly US dollar fundamental forecast In December, investors received a signal from the Fed that the cooling of the US economy would lead to a reduction in the Federal funds rate. The process began only four months later. The worst six-month job gain of 175,000, an increase in unemployment from 3.8% to 3.9%, and a slowdown in average wages… Read full author’s opinion and review in blog of #LiteFinance

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Webull Launches ’24-Hour Trading’ in Australia

Webull Launches ’24-Hour Trading’ in Australia

May 6, 2024 8:44 am |

Webull, an American stock trading platform with a global presence, has expanded its offerings for traders in Australia by introducing 24-hour trading services. However, the service will be limited to the trading of US equities and ETFs.

Aligning with US Market Hours

According to today’s announcement (Friday), the platform will initially support 24-hour trading of more than 60 popular US stocks and ETFs. This includes well-known stocks such as Tesla, Nvidia, Microsoft, Amazon, and Google, as well as sought-after ETFs like SPY and QQQ.

“Traditionally, US market hours made trading the world’s largest capital market a challenging task for us here in Australia, which has been a deterrent for those seeking international equity exposure,” said Rob Talevski, CEO of Webull Australia.

“Now, Webull clients can fully engage and participate as if they were trading local equities and even benefit from emerging out-of-hours trading events in the US, such as significant market developments, macro events, or crucial company news.”

Meanwhile, Webull is on an expansion drive and has recently entered several international markets. It is also in discussions with South Korean regulators for approval to become the first foreign firm in the country’s stock trading industry.

The Demand to Trade All Day

24-hour trading offers traders the opportunity to execute trades outside the hours when exchanges are operational. With this, traders can take advantage of the pre and post-market volatility.

Webull noted that its 24-hour trading in Australia will be available from 10:00 to 17:58 AEST, Monday to Friday. This will allow Australian traders and investors to execute orders during the Australian business day, outside of regular and extended US trading hours, within a new trading session – US overnight hours. It will also ensure next-day settlement, regardless of the time of execution.

“We’ve designed the Webull Australia platform to optimise the online trading experience, both for experienced investors and those new to the market, and the launch of 24-hour trading is simply an extension of these efforts,” added Talevski.

Around-the-clock trading is becoming the norm across markets. Recently, Interactive Brokers extended trading hours for US Treasury bonds to 22 hours each day, up from the previous nine hours.

This article was written by Arnab Shome at www.financemagnates.com.

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What changed after the US NFP report?

What changed after the US NFP report?

May 6, 2024 8:31 am |

Last Friday, the US NFP missed consensus coming in at 175K vs. 243 expected with the unemployment rate ticking higher to 3.9% vs. 3.8% expected. Moreover, the average hourly earnings surprised to the downside with the Y/Y growth rate coming in at 3.9% vs. 4.0% expected and the M/M figure at 0.2% vs. 0.3% expected. Overall, it was a soft report but not bad. As a consequence, the market increased the rate cuts pricing with futures implying basically two rate cuts now by the end of the year with the first one coming in September. We might have reached peak hawkishness in the short term with even Fed’s Bowman tuning down a bit her tone following the labour market report.

The ISM Services PMI data released after the NFP made things a bit murkier as the index missed by a big margin falling back in contraction for the first time since December 2022 and the price paid sub-index jumping to 59.2 vs. 53.4. Unfortunately, the survey has been giving some false signals in this cycle but overall it’s hard to see a real re-acceleration in inflation with a softer labour market and falling wage growth. To sum up, the data didn’t really give much conviction to either side, but it did alleviate the hawkish sentiment for the time being.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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Gold continues to hang in there but buyers not able to seize near-term control

Gold continues to hang in there but buyers not able to seize near-term control

May 6, 2024 7:35 am |

The hourly chart is very much in focus for gold right now:

As the dollar fell on Friday, the precious metal caught a solid bid to $2,320 initially. But only to run up against offers at the 200-hour moving average (blue line) before being sent back down to $2,280. The weekly low just above that held before price action stabilised but we are still sitting thereabouts over the last one week i.e. in and around $2,300.

Gold is back up by 0.5% to $2,314 but is still facing resistance from its 200-hour moving average at $2,317 currently. Sellers have been showing up close to the key near-term level and that is limiting any further upside for now.

It’s a more pensive start to the week as the dollar is on edge. However, gold buyers are standing ready to make the most of it on a break of the key near-term level above. That will shift the near-term bias to being more bullish with the 26 April high of $2,352 a notable target. But for now at least, the technical hold above must still be respected.

This article was written by Justin Low at www.forexlive.com.

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European equities a touch higher to kick start the day

European equities a touch higher to kick start the day

May 6, 2024 7:22 am |

  • Eurostoxx +0.2%
  • Germany DAX +0.2%
  • France CAC 40 +0.1%
  • Spain IBEX +0.2%
  • Italy FTSE MIB +0.3%

S&P 500 futures are up 0.1%, so it points to a steadier risk mood to start the session at least. For European stocks, they’ll be looking for a bit more of a base after the poor showing in April.

This article was written by Justin Low at www.forexlive.com.

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