Treasury Secretary Steve Mnuchin says market plunge on Fed rate hike ‘is completely overblown’
- Treasury Secretary Steven Mnuchin says the stock market’s plunge after the rate hike announced by Federal Reserve Chairman Jerome Powell was “completely overblown.”
- Mnuchin also says on Fox Business that “U.S. equities are a tremendous value.” Read More @ https://www.cnbc.com/2018/12/20/treasury-secretary-mnuchin-says-market-reaction-to-rate-hike-overblown.html
Shutdown threat adds to Wall Street woe
Wall Street shares closed at their lowest levels in roughly 14 months on Thursday, as the threat of a government shutdown added to wider investor angst. Losses accelerated around midday, as Republicans said President Donald Trump would not sign the current bill to fund the government. Shares rebounded a bit but fell again as Mr Trump spoke about his decision. The blue-chip Dow Jones index sank 2%, while the S&P 500 and the tech-heavy Nasdaq ended about 1.6% lower. Read More @ https://www.bbc.com/news/business-46639301
WHAT IS THE USD SAYING?
USD is at critical support of a major trendline; government shutdown threatens the USD. We believe the market will continue to swing till end of the year.
TODAYS NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES
- 5.30pm – UK will release their current account, GDP and Public Borrowings – expected to be mixed – volatility expected.
- 9.30pm – CANADA will go to action once again with retail sales and GDP data – expected to be no change or weak – we continue sell CAD.
- 9.30pm – US will release their GDP and core durable goods order – expected no change.
- 11.00pm – USD will release personal spending and consumer confidence – both are expected to be good. We maintain BUY for USD.
The market still pushing USD as a safe haven for now; always keep money management as your number 1 priority as the festive season approaches,
High Risk Investment Warning:
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