Several big news agencies report today that HSBC and other major banks have allowed criminals to transfer billions of dollars of illegal money around the globe. These allegations are based on leaked documents that reveal how banks deal with suspicious cases and what they report to the authorities. In some cases, reports were made but banks didn’t stop the illegal fund flows. By reading further you agree with our disclaimer at the bottom of this page and acknowledge that we do not provide investment advice.

The news is likely to cause increased volatility in the share prices of the banks in question. HSBC has already dropped substantially in Hong Kong and is likely to do the same in London and the US as those exchanges open. HSBC stock has been trending lower for some time and this news just intensified the move. 

US equity indices drifted lower in Friday’s trading with technology index Nasdaq being weaker than S&P and DJIA. Market participants are clearly in need of further positive news now that the US economic stimulus is still being debated by the politicians and the number of coronavirus cases continues to grow Globally. With stock market valuations quite high markets would really need to see some mood-lifting news. US economic stimulus news or positive news on coronavirus vaccine development would most likely do the trick.

US stock indices are sending mixed signals. On the other hand, they corrected lower for weeks but some of that downside momentum was lost over the last week. Nasdaq (NQ1!, red line) shows most weakness by trading below medium-term rising trendlines and by breaking below a support level that kept the index from falling on 8th and 11th September. Small and medium cap stock index future Russell 2000 (RTY1!, black line) didn’t fall as much as the other indices. This contradicts the bearish indication derived from Nasdaq’s weakness. To take advantage of our analysis and ultra-low trading fees, register for an account and deposit here.

Small and medium cap stocks being less liquid are sometimes referred to as a risk barometer. This is because fund managers only put money into these riskier stocks when they believe the stock market overall could move higher. We will take a closer look at the charts in today’s Daily Market Commentary video available on our YouTube channel.

US Dollar Index (DXY) is trading above one of its long term Fibonacci retracement supports. When measured from April 2011 low to January 2017 high Fibonacci retracements coincide with some key technical levels in the index. Nearest of the is the 38.2% level at roughly 92 and then the next Fib-support (50%) can be found at 88.27 a level that coincides with the February 2018 low. Two weeks ago DXY rallied to 20 week SMA but failed to move beyond it last week. This suggests that the index is likely to re-test the latest support at 91.75. If this support fails the next levels that probably come into play are the highs from February and April 2018. This region (90.63 – 90.93) is a level quite likely focused on by those that look for a reasonable downside target for their dollar shorts. In today’s Daily Market Commentary video available on our YouTube channel we will cover the main currency pairs as we seek for trading opportunities. 

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Recent macroeconomic data releases

  • Canadian ADP Non-Farm Employment Change, -205K
  • US Philly Fed Manufacturing Index, 15 (15 expected)
  • US Unemployment Claims, 860K (825K expected)
  • UK Retail Sales, 0.8% (0.8% expected)
  • Canadian Core Retails Sales, -0.4% (0.5% expected)
  • US CB Leading Index, 1.2% (1.3% expected)
  • Preliminary UoM Consumer Sentiment, 78.9% (75 expected)

Macroeconomic data releases today and tomorrow

  • Fed Chair Powell Speaks
  • UK Public Sector Net Borrowing, 40.6B expected
  • BOE Gov Bailey Speaks
  • Fed Chair Powell Testifies

You may access the times and dates in the economic calendar here.

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Trade Safe!

Janne Muta
Chief Market Analyst

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Janne Muta

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