Market News 29/8
🙌Hello everyone! Welcome to the new week! I've gathered the main headlines that move the market today. Let's start!
🦅During the Jackson Hole Economic Symposium on Friday, Fed Chair Jerome Powell signaled higher interest rates for a prolonged period, pushing the US dollar up and driving the stock indices down.
📉S&P500 gapped down to the 50-day SMA at 4010. After that, the index has been trying to fill this gap, moving closer to the 100-day SMA at 4050. If bulls fail to test it, the selloff towards 3920 will be in focus.
🍯The gold has crossed the $1730 level and inched lower to $1715.
⚔️While the Fed Chair sounds ultra-hawkish, the BOJ Governor Haruhiko Kuroda is sticking to his monetary easing plans, as a substantial rate increase by the BOJ would seriously hurt the economy. USDJPY has been up by more than 0.8% since the start of the week.
📱Apple will hold its big product launch event on September 7, where it's expected to unveil the iPhone 14.
🗣According to Elon Musk, there is no need to use oil and gas to keep civilization running. Some additional oil and gas exploration is warranted.
💴Today, the USD may move again based on FOMC Member Brainard's comments at 21:15 GMT 3.
🍀Good luck in trading!
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