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US stock indices are trying to correct down

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    2023/02/27
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According to the results of the last week both the US stock prices and the dollar index rose. On Monday, durable goods orders for January exceeded the forecasts in the US. This pushed the US stock indices up. For the first time since 1987, the Dow Jones updated its record high for the 12th time in a row. The US President Donald Trump said that he would suggest allocating $54 bln to the Pentagon. This contributed to the increase of the defense companies’ stocks. The dollar index slightly rose due to the strengthening of the euro on the background of the decreased political risks ahead of the presidential elections in France. Let us recall, that their first round will take place on April 27, 2017.

On Tuesday, weak economic data came out in the US. The GDP growth in Q4 was less than expected and the trading deficit for January advanced. An additional negative was the weak forecast of the financial indicators of the US retail network Target. This pushed the S&P retail index down by 0.9%. The US dollar neglected all the negative indicators and showed a strengthening. Investors were looking forward with optimism to the speech of the US president Donald Trump at the Congress. It occurred on Wednesday evening and indeed did not disappoint them. Donald Trump offered tax cuts, which may stimulate the US economy by almost $1 trillion. All the three main US stock indices updated their historic highs. Moreover, the Dow index exceeded the psychological level of 21000, and the S&P500- 2400. The US dollar closed in the black as well.

On Thursday, no significant economic data came out and the stock indices corrected down. This was contributed by the report about the search warrant in Caterpillar company within the framework of investigating its interaction with shareholders. The dollar index continued rising due to the increase in the likelihood of the Fed rate hike on its next meeting on March 15, 2017, up to 80% from 35% on Tuesday.

On Friday, the reverse trend was observed. The dollar index dropped, while the stocks advanced. No significant economic data were released. The Fed Chair Janet Yellen confirmed the readiness of the Central Bank to raise the rate. The likelihood of such an event in March increased to 86%. However, this did not support the dollar index. Its decline was triggered by the strengthening of the euro by almost 1% after the latest poll in France. It showed that Marine Le Pen’s chances of victory at the presidential elections have markedly decreased.

This week significant economic data in the US will be released only on Friday: labor market overview and Non-farm Payrolls for February.

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