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Forex Today: Stocks Rise as Markets Expect US Rate Cut Tomorrow

By Adam Lemon
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked with...

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Stock markets are rising as markets expect the Fed to start cutting rates tomorrow, with the S&P 500 and the NASDAQ 100 Indices trading at record high prices.

  1. Stocks are bullish, with the MSCI World Index up, and US markets looking especially bullish as the Federal Reserve is universally expected to start a program of rate cuts in the USA tomorrow with a cut of 0.25%. There is even speculation that the Fed will cut by 0.50%, which would send the Dollar tumbling and stock markets soaring if it happened. The two major US indices, the broader S&P 500 Index and the tech-based NASDAQ 100 Index, are both trading at new all-time high prices, and trend and momentum traders will be interested in being long here.
  2. Gold and Silver are looking very bullish, with Gold rising strongly to reach a new record high at about $3,689 and Silver gaining by even more to make a new 14-year high price. Trend and momentum traders will remain interested in being long of both.
  3. In the Forex market, the Australian Dollar has been the weakest major currency since today's Tokyo open, with the Japanese Yen the strongest. The GBP/USD currency pair rose firmly yesterday, and traders will be looking for the EUR/USD currency pair to close above $1.1806 to begin a new long-term bullish trend which might be worth following.
  4. There will be releases today of Canadian CPI (inflation) and US Retail Sales data.
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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