{"id":1405,"date":"2018-12-20T11:20:15","date_gmt":"2018-12-20T10:20:15","guid":{"rendered":"https:\/\/inscx.com\/trading\/?p=1405"},"modified":"2018-12-20T11:20:15","modified_gmt":"2018-12-20T10:20:15","slug":"general-market-comment-19-12-18","status":"publish","type":"post","link":"https:\/\/inscx.com\/trading\/2018\/12\/20\/general-market-comment-19-12-18\/","title":{"rendered":"General Market Comment 19.12.18"},"content":{"rendered":"

General Market Comment <\/strong><\/p>\n

U.S. indices closed lower on Wednesday as the Federal Reserve raised the federal funds rate to a range of 2.25% – 2.5% , as expected. Shares in the Semiconductors & Semiconductor Equipment (-4.36%), Transportation (-3.16%) and Technology Hardware & Equipment (-2.88%) sectors ended lower. The Federal Reserve raised the federal funds rate to a range of 2.25% – 2.50% as widely expected. However Fed official’s median forecast implied that there will be two more rate increases in 2019, down from three times estimated in September. Meanwhile, 2019 GDP growth forecast was lowered to 2.3% from 2.5% and inflation forecast was cut to 1.9% from 2.0%. Chairman Jerome Powell added that inflation remains below 2% target which gives the FOMC room “to be patient”. The S&P 500 (2,506.96) remains below its 20d moving average (2,655.81 – negative slope) and 50d moving average (2,708.06 – negative slope).<\/p>\n

European markets are expected to start on a negative note.<\/p>\n

Foreign Exchange<\/span><\/strong><\/p>\n

The US dollar was bearish against most of its major pair on Wednesday with the exception of the AUD. On the economic data front, MBA mortgage applications fell by 5.8% in week ended December 14th from an improvement of 1.6% in the prior week. Also, current account deficit dug deeper towards $124.8B in 3Q (estimated $125B) compared to a deficit of $101.2B in 2Q. In other news, existing home sales increased to 5.32M units in November (forecasted 5.2M) from 5.22M in October. Finally, the Federal Reserve raised the federal funds rate to a range of 2.25% – 2.5% , as expected. Fed officials are expecting further increases in the future and reaffirmed their previous statement that the economy has been rising at a “strong” rate. The Chairman Powell added that inflation remains below 2% which gives the FOMC room “to be patient”.<\/p>\n

The Euro was bullish against all of its major pairs. The euro zone construction output declined 1.6% in October after a 2% increase a month earlier. The German PPI was up by 0.1% in November (-0.1% expected) after increasing 0.3% in October. The UK CPI increased by 2.3% in November YoY, as expected, decelerating from a 2.4% rise in October.<\/p>\n

The Australian dollar was lower against all of its major pairs.<\/p>\n

Commodities<\/span><\/strong><\/p>\n

After the close of Wall Street, WTI Crude Future (FEB 19) was up $0.7 to $47.29. The contract was below its 20D MA (@ $51.46) and below its 50D MA (@ $59.34). The US Department of Energy reported that, for the week ended 14 December, crude oil inventories fell 497k barrels compared to the previous week.<\/p>\n

Gold was down $6.5 to $1242.9. The precious metal was above its 20D MA (@ $1235) and above its 50D MA (@ $1228).<\/p>\n

Copper Future (MAR 19) on Comex was about flat to 267.25c\/lb. The contract was below its 20D MA (@ 276.03c) and below its 50D MA (@ 276.47c). In Europe, the London Metal Exchange reported its copper inventories increased 6350 tons to 128350 tons.<\/p>\n","protected":false},"excerpt":{"rendered":"

General Market Comment U.S. indices closed lower on Wednesday as the Federal Reserve raised the federal funds rate to a range of 2.25% – 2.5% , as expected. Shares in the Semiconductors & Semiconductor Equipment (-4.36%), Transportation (-3.16%) and Technology Hardware & Equipment (-2.88%) sectors ended lower. The Federal Reserve raised the federal funds rate … <\/p>\n

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