Trading Insights:
Increased expectations the US FED will cut interest rates helping to strengthen the case for buyers of stocks and stock indices
Last hours to trade ahead of today’s key monthly American employment report (Non-Farm Payrolls – NFP)
- European stock index futures find support in overnight trading
- German DAX price dropped -380 points last 5 days but finds support near the 50% August low – September high Fibonacci retracement level in a signal that buyers are willing to buy on the dips on bets that this recent selloff is part of a normal market correction and that the multi-year bull market will continue
Is the correction over for stock market investors and stock indices traders ?
Time to buy the dip?
EUR / USD higher on a weaker USD ahead of today’s US NFP
- EUR / USD + 30 pips higher last 5 days as investors shift out of the USD ahead of today's NFP report and the weaker US economic data
Commodities price moving higher on the weaker USD
- Gold price +$9.77 last 5 days and is currently back above $1,500 to $1,508 on the weaker USD and weaker US economic data
- Crude Oil price (CL) finding support near $50.50, current price $52.60 +$1.70 higher since yesterday's low
Source: FXGM Investment Research Department