News

Stock market rally

10/07/2019

Wall Street is set for a higher opening after the release of Fed Chair Powell's report to Congress. Analytics predict that the Fed's next move will be to cut rates. The S&P 500 futures trade at 20 points, or 0.8%, above previous daily close.

Simultaneously Euro market bulls to 1.1250 vs USD, as expected rate cut influences on US currency according to interest rate parity formula.

Fed Chair Powell cite that "there is a risk that weak inflation will be even more persistent" than the Fed currently anticipates. Mr. Powell also mentioned that trade tensions and slowing global growth pose risks to the U.S. economic outlook.

If nothing changes, today stock market will close at historical highs. Other risky assets like oil (expecting news today) and crypto currencies to follow.

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