S&P 500 index reaches for another record
The S&P 500 index resumed the climb after the latest FOMC minutes hinted at a rate cut at the next meeting. Most officials supported a September rate cut if inflation continued to drop. Stocks are looking to recover from the August sell-off as focus intensifies on the jobs market. With tech stocks leading the charge, another correction could cause a complete reversal and see the recent gains wiped out. The index tests the critical resistance of 5680, and 5500 is the first support.
EURUSD rally extends
All eyes were on Jackson Hole as the Fed confirmed that most of the panel observed that if the data they are monitoring continues to progress, their policy would be eased at the next meeting. This could cause more volatility for Dollar as weakness continues across the board. The next rate decision is on September 18th, should Jerome Powell take further steps to prepare the economy for a rate cut after holding off for so long. The pair is pushing towards 1.1200 with 1.1050 firm support.
GBPUSD advances to multi-month highs
The pound moved higher as the Bank of England boosted investor confidence with more signals of changes to their monetary policy. With the greenback pulling lower, it has been a case of buyers attracting buyers for another rally. After the bullish rhetoric has continued for most of the month, the overbought RSI could bring some relief to bears wanting to make a quick buck. The pair is heading towards 1.3150 with 1.3000 as fresh support.