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[QUOTE="HFM, post: 267260, member: 46567"] [B]Date : 29th August 2022. Daily Market update: 29 August 2022.[/B] [I]Dollar on the front foot on the back of hawkish Jackson Hole comments by FED chair Powell[/I] [B]Dollar Index[/B] The dollar index ended Friday’s trading session with some exuberance, closing at the [B]108.73[/B] level following a sustained hawkish tone from FED chair Powell at the Jackson Hole Symposium. His message was consistent with the narrative that the FED isn’t quite done yet fighting off inflation and a possible recession. Which essentially means Americans are going to have to brace for more interest rate hikes and consequently slower growth in the economy and a weaker job market. [B]Technical Analysis:[/B] In terms of market structure, last week saw the completion of the larger bullish continuation pattern ([I]falling wedge[/I]) that found support from the [B]104.00[/B] level and produced an impulsive wave that went on to revisit the [B]109.00[/B] area last week. Considering current price action and how it is approaching the 20-year highs in the form of a smaller bullish continuation pattern [I](descending channel)[/I], it’s an increasing probability that price could continue beyond the [B]109.00[/B] key level henceforth. [B]Stocks[/B] On the back of the dollar strength, there was a selloff in US Stocks, with a [B]3%[/B] decline on the prospect of the FED remaining firm on a sustained period of further rate hikes. [LIST] [*][B]Dow[/B]: Reacted to the statements by plunging [B]3%[/B] (just over 1000 points) on the day. [*][B]S&P 500[/B]: Reacted to the statements and fell by[B] 3.4%.[/B] [*][B]Nasdaq[/B]: Being heavily linked to the technology sector, the Nasdaq is particularly more sensitive to interest rate hikes and reacted by falling [B]3.9%.[/B] [/LIST] [B]Currencies[/B] [LIST] [*][B]Euro[/B]: EURUSD slipped back to below parity levels, closing the day at [B]0.99654.[/B] [*][B]Pound[/B]: GBPUSD closed the day retesting the weekly low at [B]1[/B].[B]17391 [/B]after hitting a session high at [B]1.1900.[/B] [/LIST] [B]Commodities[/B] [LIST] [*][B]Gold[/B]: Remained pressured by Powell’s comments despite a momentary bounce earlier in the week, ending Friday’s session at the [B]$1 738 [/B]mark. [*][B]Oil[/B]: The black gold remained resilient last week, closing the week buoyed by verbal intervention from the Saudis concerning the possibility of cutting oil production. This potentially lends credence to the idea that the Saudis are unable to tolerate a price below [B]$90[/B] a barrel at the present moment. [/LIST] [B]Bitcoin[/B] The leading cryptocurrency broke through the psychological [B]$20 000[/B] mark as bears largely drove the market last week, seeing a [B]20%[/B] decline in a week from a high of [B]$25 211[/B]. An interesting sidenote going into September is that Bitcoin has produced a bearish market environment in price for each of the past four months in the year. It’ll be interesting to see how it performs going into the new month and the last part of the year. [B]Today[/B] – Speeches from ECB’s Lane, Fed Vice Chair Brainard. [B]Biggest Mover[/B] @ (06:30 GMT) [B]NASDAQ [/B]([B]-3.9%[/B]). Dropped to [B]12387$[/B] from [B]13206$[/B]. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/B] Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. [B]Ofentse Waisi Market Analyst HFMarkets Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]
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