US open: Markets in holding pattern

We have ADP payrolls later today, while Friday will see the release of Eurozone CPI as well as US nonfarm payrolls and ISM PMI, to hopefully liven things up

Fawad Razaqzada
By :  ,  Market Analyst
January 5, 2023 12:12 PM
Research
Fawad Razaqzada
By :  ,  Market Analyst

So, the FOMC minutes didn’t move the needle last night, and therefore nothing has changed in terms of market direction. US stocks fell from their highs but not by much, keeping US indices contained inside recent ranges. News that Amazon has announced job cuts has sent the stock higher pre-market, helping the Nasdaq futures slightly. European indices continue to perform well thanks to warm weather reducing fears over a gas supply shortage here. Italy’s FTSE/MIB briefly touched its best level since April in the previous session. Spain’s Ibex was trading at its best level since June this morning. The UK’s FTSE was holding above 7600 by mid-morning London session and was therefore not very far from reaching its February 2022 high of 7687. China’s re-opening continues to help the local markets there, while providing support for London-listed miners. In FX, the dollar was little changed, with the bulls largely staying on the side lines because of the slight positive tone across the global stock markets in what has been a very quiet day so far. We have ADP payrolls later today, while Friday will see the release of Eurozone CPI as well as US nonfarm payrolls and ISM PMI, to hopefully liven things up. Against this backdrop, patience and capital preservation should be the top of the agenda for traders.

 

markets

 

How to trade with City Index

You can trade with City Index by following these four easy steps:

  1. Open an account, or log in if you’re already a customer 

    • Open an account in the UK
    • Open an account in Australia
    • Open an account in Singapore

  2. Search for the company you want to trade in our award-winning platform 
  3. Choose your position and size, and your stop and limit levels 
  4. Place the trade

 

Related tags: Trade Ideas Indices Forex

Latest market news

View more
Gold outlook: Metal continues to defy gravity, but how long?
Today 12:00 PM
S&P 500 Forecast: SPX steady with Middle East tensions & Netflix in focus
Yesterday 01:23 PM
US dollar analysis: EUR/USD and USD/JPY remain in sharp focus - Forex Friday
Yesterday 12:00 PM
USD/JPY 155 in focus around US inflation, BOJ meeting: The Week Ahead
Yesterday 06:01 AM
Crude oil spikes on reports of Israeli airstrike, gold threatens new high
Yesterday 03:35 AM
US dollar taps 106 as US 2yr eyes break of 5%, gold rangebound: Asian Open
April 18, 2024 11:27 PM

Open an account today

Experience award-winning platforms with fast and secure execution.
Open account

Web Trader platform

Our sophisticated web-based platform is packed with features.
Learn more
Economic Calendar

Latest Trade Ideas articles

Research
US dollar analysis: EUR/USD and USD/JPY remain in sharp focus - Forex Friday
By:
Fawad Razaqzada
Yesterday 12:00 PM
    Energy
    Crude oil spikes on reports of Israeli airstrike, gold threatens new high
    By:
    Matt Simpson
    Yesterday 03:35 AM
      Research
      US dollar taps 106 as US 2yr eyes break of 5%, gold rangebound: Asian Open
      By:
      Matt Simpson
      April 18, 2024 11:27 PM
        stocks_09
        S&P 500 analysis: Will the recovery hold as focus turns to tech earnings?
        By:
        Fawad Razaqzada
        April 18, 2024 04:46 PM

          This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

          StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

          In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

          StoneX Financial Pte. Ltd. is not under any obligation to update this report.

          Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.cityindex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.