The market's reaction across the board on stocks could be seen as a technical price recovery move from the recent declines. Being at the end of the month's trading this could be attributed to liquidation and short-covering from traders looking at the coming Friday's reports on jobs.
Today's Fed commentary would be looked upon as a remake of the interest rate hike and how inflationary effects are tamed leaving the FED to continue its course towards the end of the year. This would provide a probable chance for stocks to recover within the 4th quarter period . However, the likelihood for the Dow to reach its all time high would not be done in this period alone. Thus, any price recovery may only be short-live and a temporary relief.
Meanwhile, European majors are under pressure as a disjoint trend between the Euro and Cable are running in a discourse. That is why the significant EURGBP cross rates has been more in line where we have seen quite a recovery from its previous low. This move have supported the Euro before a decline is being seen or in the making as of this writing which is currently working below the 1.1200 handle. A retest will be bound to be made given the manner of the market's extension of its consolidation and range trading.
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EURUSD 9.30.15 |
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EURGBP CROSS RATE 9.30.15 |
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