Forex Analysis & Reviews: 09.09.2021 - Review of the US market on...

Live Chat

InstaForex - Official partner of Dragon Racing

This section features the most important information about trading with InstaForex. We provide both analysis from leading experts for experienced traders and articles on trading conditions for beginners. Our services will help increase your profit potential.

Become Trader

Account Opening

See also

Trading Conditions

Forex Analytics

Charts

This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.

Start as Beginner

How to start trading

Useful information

Training and recordings

InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.

Become Investor

PAMM System

ForexCopy System

Passive investments

OYS account

Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.

Become Partner

Main Page

Partner Area

Advantages for Affiliates

Registration

This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.

All Promo Campaigns

Bonuses

Contests

Events

Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.

Full details

Forums

We are in social networks

Forex humour

Forex Portal

InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.

Learn More

History

Why Choose Us

InstaSport

Regulation

Company News

Awards

InstaForex Stars

InstaForex Offline

Headquarters

Key documents

Social Responsibility

InstaForex Loprais Team - Official participant of the Dakar rally

09.09.2021 10:20 AM

Review of the US market on September 9

S & P 500 chart.

The US stock market continued to decline, albeit moderately. Dow closed 0.2% lower on Wednesday, while NASDAQ and S&P 500 closed minus 0.6% and 0.1% respectively.

Following this, Asian markets also dropped this morning. Japan indices fell by 0.5%, while China indices slipped 0.6%.

On the bright side, the oil market posted growth, rising by as much as $1. Now, Brent is worth $ 72.80, which is near the highest price one and a half months ago. Apparently, excess US oil dropped by 2.9 million barrels over the week, and the Department of Energy said production in the Gulf of Mexico, which was damaged by Hurricane Ida, will be restored this September. The department also gave a positive forecast, that is, an increase in global oil demand in 2022. They said it will soar to 101 million barrels per day.

With regards to the coronavirus, there is a slight jump in cases from the United States. It rose to 157,000, which, in turn, pushed global incidence to approximately 600,000 on Wednesday.

As for macro statistics, inflation on manufactured goods in China rose to 13-year highs in August despite attempts of the authorities to combat the rise in commodity prices.

In Europe, the ECB is scheduled to have a policy meeting today, but it is unlikely that they will adopt any changes in the course. They may, however, give hints of a potential tapering, similar to that of the US Federal Reserve. After all, Spain's new Treasury chief said he was preparing the country for ECB stimulus cuts next year.

Bank of England Governor Andrew Bailey said the same.

So, it was not a surprise that the S&P 500 valued 4.514 points, ranging from 4.470 to 4.540. Data released by the Fed in its Beige Book also indicated widespread slowdown in economic growth amid the re-outbreak of COVID-19. Although the US labor market remains strong, the rate of hiring is slowing due to a shortage of skilled workers. And even though wages are rising, it inevitably dampens hiring growth. All districts are also experiencing a rise in prices, especially in metal, building materials, and transport services.

But even though the US market has been declining for the past two days, it is actually at yearly highs so a correction is very likely.

Talking about dollar, it hit 92.70 points yesterday and ranged from 92.40 to 93.00. Buying pressure clearly took a pause, but it may resume today after the ECB's decisions.

As for USD/CAD, price hit 1.2720 yesterday, ranging from 1.2650 to 1.2780. Surprisingly, the pair has been growing for three consecutive days despite high oil prices. It seems that investors are waiting for the Fed to tighten its policy.

Conclusion: Market sentiment will depend on the the decisions of the ECB over its monetary policy.

You have already liked this post today

*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.