Market Sentiment

Current Sentiment:
Yesterday’s NY session saw a broad USD sell off as sentiment for a September rate hike continues to decline and oil prices continue to fall. US data was largely irrelevant during the session as better than expected Existing Home Sales and Philly Fed Manufacturing failed to offset concerns raised by Wednesday’s FOMC minutes which showed the economy may not be strong enough to warrant a rate hike.

Sellers were lined up at the stock market where the Dow fell a very steep 2.1%, accelerating USDJPY losses on the day which has now fallen over 240 pips from it’s August highs. Oil has been another major factor as it has fallen to a six-year low under $41 with the prospect of a break below $40 in the cards.

In Asia, the USD continued it’s retreat seeing the EURUSD trade as high as 1.1288 on the session. China’s August manufacturing PMI continued to decline for a 6th straight month accelerating to a print of 47.1, down from 47.8 in July which was a 2 year low. The AUD fell on the release of the data however has currently recovered to pre-release levels. The AUD continues to see risk from the ongoing uncertainty surrounding China.

Today we have French and German Manufacturing PMI’s on tap during London, and Canadian Core CPI and Retail Sales later after the NY open.

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Source:: Market Sentiment

About the Author
Jarratt Davis is the world’s ranked #2 (2008-2013) Forex Trader by Barclays FX Hedge Index, following years of mastering his art as a self employed trader Jarratt has now entered the field of education and delivers the most robust Forex education package on the market. Jarratt’s mentorship is one of the only programs on the market that is conducted by a verified professional trader. Forex Alchemy readers can get the FREE mini course where Jarratt gives away some of his secrets to success by Clicking Here... [space height="20"] [social type="facebook"][/social] [social type="twitter"][/social] [social type="google-plus"][/social] [social type="youtube"][/social]

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