Dow plunges 1,600 points at lows, marks worst intraday point drop in history, on computer-driven selling

The Dow Jones Industrial Average fell nearly 1,600 points at its lows on Monday, after a period of selling accelerated sharply heading into the close of the session. Amplifying the slump was computer-programmed trade set to dump shares at certain levels. According to traders, the Dow DJIA, -4.60% was set to trigger trades once it fell below 25,000 and 24,000, for example, and 2,700 for the S&P 500 SPX, -4.10% The S&P 500 finished the session off 113 points, or 3.9% at 2,648, the Nasdaq Composite Index COMP, -3.78% ended down 273 points, or 3.8%, at 6.967. The Dow, meanwhile, shed as much as 1,597 points at its low, and closed out the session 1,175 points, or 4.6%, down at 24,345. Read More @ https://www.marketwatch.com/story/dow-suffers-1500-point-collapse-as-computer-driven-selling-amplifies-rout-2018-02-05

The White House, following a steep drop in the stock market on Monday, said President Donald Trump was focused on “exceptionally strong” fundamentals in the U.S. economy.“The President’s focus is on our long-term economic fundamentals, which remain exceptionally strong, with strengthening U.S. economic growth, historically low unemployment, and increasing wages for American workers,” White House spokeswoman Sarah Sanders said in a statement. ”The president’s tax cuts and regulatory reforms will further enhance the U.S. economy and continue to increase prosperity for the American people,” she said.

CHINA PROTECTS THE CONSUMER AND THE CHINESE MARKET

China to stamp out cryptocurrency trading completely with ban on foreign platforms – Offshore platforms targeted after recent efforts to shut down domestic exchanges failed to eradicate trading.

China is to block all websites related to cryptocurrency trading and initial coin offerings (ICOs) – including foreign platforms – in a bid to finally quash the market completely. Read More @ http://www.scmp.com/business/banking-finance/article/2132009/china-stamp-out-cryptocurrency-trading-completely-ban

AUSTRALIA (AUD) TURN TO MAKE THE SOUTH MOVE – Housing weakness could produce a shock in Australia’s next GDP numbers

Credit Suisse analysts are forecasting a large miss in Australian economic growth for the December quarter. And the recent housing downturn forms a central part of their analysis, as consumers reduce spending amid cooling house prices and other areas of the economy fail to pick up the slack. The consensus forecast is for Q4 economic growth to come in around 0.9%, leaving annual growth in a range between 2.75% and 3.25%. The data is scheduled for release on March 7. “We believe that the actual number is likely to come in south of 0.5%, taking year-ended growth below 2.4%,” Credit Suisse said. Read More @ https://www.businessinsider.com.au/housing-weakness-could-produce-a-shock-in-australias-next-gdp-numbers-2018-2

Deja vu? It’s looking like 1987 again for the US economy – USD MAY JUST GET A BREATHER THIS WEEK – BEFORE IT FALLS AGAIN

The financial markets have Paul Volcker to thank for rising share prices. As chairman of America’s central bank, the Federal Reserve, Volcker had given the US economy shock treatment to rid it of its inflationary excesses. Record-high interest rates triggered the worst recession in the US since the 1930s, but once inflation started to come down borrowing costs were cut sharply and the economy recovered. The president at the time, Ronald Reagan, showed little gratitude for the boom that won him a second term with a landslide victory in 1984. Volcker, who had been appointed by Reagan’s predecessor, the Democrat Jimmy Carter, was seen as insufficiently keen on Reagan’s plans for financial deregulation, so he was replaced by someone deemed to be more on message: Alan Greenspan. Two months later, in October 1987, there was a market meltdown. READ MORE @ https://www.theguardian.com/business/2018/feb/04/is-this-the-1987-us-economy-or-just-deja-vu

THE USD INDEX TECHNICAL CHART

NEWS THAT MAY AFFECT YOUR TRADES TODAY.

  1. 8.30am – Australia Retail Sales – Australia’s December retail sales report has come in well under expectations, partially reversing a strong lift in November According to the Australian Bureau of Statistics (ABS), sales fell by 0.5% to $ 26.261 billion in seasonally adjusted terms, missing forecasts for a smaller decline of 0.2%. Read More @ https://www.businessinsider.com.au/australia-retail-sales-december-2017-2018-2
  2. Trade Balance likewise was bad- AUD will have a nightmare this week.
  3. 11.30am – RBA RATE STATEMENT – is about tim that the RBA RAISE RATES. If they don’t we can expect the AUD to fall further.
  4. 5.00pm – German Weidmann Speaks – expect volatility in teh EUR pairs – for us we maintain BUY for EUR.
  5. 9.30pm – Canada Trade Balance which is expected to be good. We maintain BUY for CAD.
  6. 9.30pm – US will release their trade balance and is expected to be weak.

High Risk Investment Warning:

Please note that Forex and other leveraged trading involves significant risk of loss, It is not suitable for all traders and you should make sure you understand the risks involved, it is recommended that you seek an independent advice, if necessary

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