Outlook on FTSE 100, DAX 40 and S&P 500 ahead of the Fed’s preferred PCE inflation reading.
EUR/USD IG Client Sentiment: Our data shows traders are now net-long EUR/USD for the first time since May 09, 2024 when EUR/USD traded near 1.08.The FTSE 100 slid to a near-one-month low at 8,138 on Thursday before recovering as real estate and telecom shares outperformed. Auto Trader shares rose by 12.9% in the UK as the company reported FY revenue and profits above expectations.
The DAX 40 is revisiting its April-to-May tentative uptrend line which so far underpins at 18,420 with Thursday’s low at 18,379. While this continues to be the case, the April high and mid-May low at 18,623 to 18,636 may be revisited. Failure at 18,379 would put the 18,238 late April high on the cards.
The S&P 500’s corrective move lower from last week’s record high at 5,343 has taken it to 5,220, below which lies the mid-May low at 5,194. If fallen through, the 8 May low at 5,164 may be reached next.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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