Stocks Rally after Delayed Reaction to Friendly Beige Book Data
equity markets finished higher after the Fed released friendly Beige Book data
but remained inside the ranges for the week. The lack of follow-through to the
downside following Tuesdayâ€™s sell-off helped trigger a strong short-covering
retracement rally early in the trading session.
Earnings, bank fees and taxes were on the minds of traders all
day. These factors may have helped to limit gains.The markets also reacted positively to the
Congressional testimony by Wall Street Honchos.
March Treasury Bonds gave back most of Tuesdayâ€™s gains after
testing a 50% price level at 116â€™28. The new short-term range is 114â€™16 to
117â€™02.The first downside objective at
115â€™25 was reached at the mid-session. Talk of higher interest rates from Fed
President Plosser and in the U.K.
pressured fixed income instruments today.The Beige Book data did not offer anything new but traders realize that
this may mean higher interest rates later in the year.
February Gold traded better after testing a key 50%
retracement level at $1119.10.The
actual low was $1118.50.This trading
action triggered a short-covering rally which should take the market back to
$1140.70 over the short-run.
News that China may be ending its stimulus, and signs that
the cold weather on the East Coast may be moderating helped chase speculators
out of March Crude Oil the past three days.Based on the range of 73.52 to 84.45, the charts indicated a break to
78.99 was likely over the near-term. Todayâ€™s break took the market down to
78.80 where new buyers came in. The new upside objective is 81.63.
The U.S. Dollar finished lower after a choppy trading
session. Even upbeat Beige Book data failed to stimulate buying interest in the
Dollar. The Greenback traded higher last night after Germany announced that its economy
had shrunk more than expected in 2009.Hawkish comments from Federal Reserve Bank of Philadelphia President
Plosser also triggered a rise in the Dollar.
The Dollar could not hold its earlier strength and broke
sharply lower ahead of the New York
opening before mounting a strong recovery in the Cash Dollar Index to
77.03.Increased demand for higher
yielding assets was the theme today.
This afternoonâ€™s Beige Book confirmed the improvements in
economy but offered no solid evidence that the Fed is getting ready to raise
interest rates sooner than expected.
The main trend turned up in the March British Pound
overnight on the trade through 1.6240.The next upside target is 1.6355.Watch for a technical bounce at this level.The British Pound is being boosted by hawkish
comments from Bank of England member Andrew Sentence.He said that the BoE has done enough to
stimulate the economy and that interest rates should be allowed to rise this
The March Euro recovered after overnight weakness triggered
bearish GDP report.Short-covering ahead
of Thursdayâ€™s European Central Bank meeting could have been the catalyst behind
the turnaround.The charts indicate the
Euro is still on pace for a near-term test of 1.4680. Trading on Wednesday was
primarily sideways on low volume.
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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