Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.
Weakness is starting to seep into the NAS100, with the index charting a lower peak.
The Federal Reserve's policy committee decided to keep its interest-rate target unchanged yesterday and expressed confidence in the ongoing strength of the economy. They conveyed a hawkish message regarding the near and medium term.
Today’s FOMC statement and press conference will affect financial markets, with its tone being of particular importance. The market wants to know how long rates will be at elevated levels.
Gold is resilient ahead of the FOMC policy meeting.
The effects of the strike are starting to be felt, with FXCM’s US Automobiles basket starting to show signs of pressure.
Oil prices are rising today due to concerns about a potential supply shortage. Saudi Arabia and Russia announced they would continue reducing their oil production until the end of the year.
The US 10-year real yield’s green 5-day EMA has pulled away from its orange 10-year EMA (black circle). This is suggestive of strength in the real yield, which is currently trading at 2%. This is elevated and is providing a layer of support for FXCM’s USDOLLAR basket.
Since the end of July, the US 10-year real yield has been moving upwards. US data has been strong, and inflation is proving to be sticky. The thinking has shifted that rates may be higher-for-longer.
Almost 13,000 United Auto Workers (UAW) members went on strike at three American assembly facilities belonging to General Motors, Ford Motor, and Stellantis. This after the union and the automotive companies failed to come to an agreement regarding a fresh labour contract on Thursday evening.
Following a cumulative 450 basis point rate hike, the ECB has now elevated its deposit rate to an all-time high.
Oil prices are running strong today. Brent crude has topped $93 per barrel for the first time this year. WTI touched $90 per barrel, which is a 10-month high. Anticipation of a more constrained supply for the remainder of 2023 eclipsed worries about sluggish economic expansion and the increasing stockpiles in the United States.
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