State of The Markets

Author: MFMTeam   |   Latest post: Fri, 15 Oct 2021, 9:21 AM


Stocks Rebound Amid Dovish Feds

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Stocks rebound amid dovish Feds. US stocks staged a rebound in the late afternoon post Fed’s statement on its monetary policy. All indexes from Dow (+1.00%), Nasdaq (+1.02%) to S&P (+0.96%) and Russell (+1.48%) rallied after Fed’s Chair Jerome Powell stated that reducing asset purchases “would soon be warranted” and rate hike likely happen in 2022. Dollar (DXY) broke the 93.50 mark before closing slightly lower around 93.49 as the 10Y benchmark yielded lower to 131 basis points.

In the commodities market, crude was firmed around $72/bl after EIA reports showed that inventories fell to the lowest since October 2018. Elsewhere, gold spiked up past $1,787.00 during FOMC before settling lower around $1,797.90/oz after Feds signaled tapering announcement in November and rate hike to follow in 2022.

In the FX space, risk is back as short term traders demanded more Loonie and Aussie with Dollar and Kiwi, while offering Euro, Sterling, Swiss and Yen. Long term accounts are back in bidding Dollars while ditching Euro as the rest was little changed. Markets look forward to seeing better jobless claims with slower PMI numbers.


OUR PICK – No New FX/commodities Pick

No new FX/commodities picks as we have achieved profit objectives. We have achieved our profit objectives for the month and will be resting. For high probability picks, please use our Trading Central services.


This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.


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