Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
The Federal Reserve will conclude its two-day meeting on monetary policy today.
Information is not investment advice
Ichimoku Kinko Hyo
CHF/JPY: The CHF/JPY pair is trading slightly above the Kumo. An upward wave would lead the market to exceed the Tenkan sen level. Further bullish momentum will lead the exchange rate higher.
US Market View
U.S. equities futures were slightly higher during morning trading Wednesday after the major averages pulled back from record highs, snapping a five-day winning streak.
The Standard & Poor’s futures rose some 0.1% and Nasdaq 100 futures edged up 0.3%. Futures contracts for the Dow Jones Industrial Average were flat.
Investors digested a number of quarterly results from mega cap tech names. Google-parent Alphabet climbed more than 4% in premarket trading after the tech giant posted quarterly results, registering a 69% increase in advertising revenue.
Boeing shares also climbed 3.5% in pre - trading after the firm posted its first profit since the third quarter of 2019 thanks to a rebound in aircraft deliveries.
Apple shares dipped some 1.3% even after the company beat top- and bottom-line estimates and said iPhone sales surged 50% YoY. Microsoft rose 1.2% after reporting an earnings beat despite a dip in revenue from its Windows sales.
The Federal Reserve will conclude its two-day meeting on monetary policy today. The Federal Open Market Committee is set to release a statement at 2 p.m. ET followed by a press conference with Chairman Jerome Powell.
The major averages are still higher than July 1st. The S&P is up 2.4% for July, while the Nasdaq Composite and Dow have gained 1.1% and 1.6%, respectively.
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Bulls Are Coming Back
The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.
Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
What to trade on June 20-24?
Last week was shocking! The US dollar gained more than 2% against other currencies ahead of the 75-basis points rate hike by the Federal Reserve on Wednesday but dropped after the announcement…
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