Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
Thursday’s stock market saw the Dow Jones slipping by 0.13%, ending its winning streak, while the S&P 500 and Nasdaq showed marginal gains. Declines in Cisco and Walmart heavily influenced the Dow’s dip, accompanied by a pullback in Chevron due to a 5% fall in U.S. crude oil prices. Despite this pause, November’s overall trajectory remained positive, buoyed by encouraging inflation reports earlier in the week. The currency market witnessed the USD index decline amid speculation about Fed rate cuts, impacting pairs like EUR/USD and USD/JPY. Fluctuations were observed in GBP/USD, while commodities like gold surged amidst falling yields, contrasting Bitcoin’s 4.2% decline.
Stock Market Updates
In Thursday’s stock market session, the Dow Jones Industrial Average concluded lower, halting its recent four-day winning streak, slipping by 0.13% to close at 34,945.47. Similarly, while the S&P 500 marginally increased by 0.12%, closing at 4,508.24, the Nasdaq Composite showed a slight uptick of 0.07%, ending at 14,113.67. This pullback was influenced by significant declines in specific stocks: Cisco Systems plummeted nearly 10% following a disappointing outlook for the current quarter and full fiscal year, while Walmart saw an 8% decline after issuing a below-expectation forecast, making them the primary detractors in the Dow. Chevron also experienced a dip of 1.6% as U.S. crude oil prices observed a 5% fall.
Despite this pause in the November rally, the overall trajectory for the month has been positive, with the three major indexes showing approximately 2% gains each. The market was buoyed earlier in the week by encouraging inflation reports: October witnessed a substantial 0.5% decline in the producer price index, the most significant drop since April 2020, while the consumer price index remained stable, reinforcing investor hopes that the Federal Reserve might be content with the moderating inflation trend. As a result, the S&P 500 surged over 7%, the Dow ascended by 5.7%, and the Nasdaq soared by 9.8%, indicating substantial growth across these indices for the month.
On Thursday, most sectors saw positive gains, with Communication Services leading with an increase of 0.94%, closely followed by Information Technology at 0.68%. Utilities and Health Care also showed moderate growth at 0.45% and 0.38%, respectively. However, Energy experienced a notable decline of 2.11%, while both the Consumer Staples and Consumer Discretionary sectors saw significant decreases of 1.20% and 0.91%, respectively. Real Estate had minimal growth at 0.03%, while Industrials slightly dipped by 0.06%. Financials and Materials showcased modest gains of 0.32% and 0.24%, respectively, painting a mixed picture across various sectors on the trading day.
Currency Market Updates
The USD index experienced a slight decline during the trading session following higher-than-expected weekly U.S. jobless claims, which prompted a downward movement in U.S. Treasury yields. This weakening trend in the dollar persists due to ongoing speculation among traders regarding the anticipated timing and magnitude of rate cuts by the U.S. Federal Reserve. As a result, the EUR/USD pair saw a marginal increase of 0.1% to reach 1.0857, buoyed by the decrease in USD yields, albeit stalling near 1.09 amidst anticipation of potential Fed rate adjustments. Conversely, USD/JPY retreated from its earlier high at 151.30 to 150.47 due to the narrowing U.S.-Japan yield spreads, showcasing cautiousness among USD bulls regarding potential intervention by the Ministry of Finance near the 152 mark.
GBP/USD experienced fluctuations, sliding from its post-claims highs at 1.2455 to 1.2420, unable to sustain above the 200-day moving average at 1.2442. Despite this, the cable remained supported by its daily cloud top and upper 30-day Bolli, while the falling Fed rate expectations favored GBP bulls in contrast to the Bank of England’s slower anticipated rate adjustments. Additionally, AUD and CAD witnessed declines owing to decreasing commodity prices and a dimmer outlook on global growth. Meanwhile, amidst falling yields, gold surged by 1.3% to $1,985, silver rose by 1.9% to $23.9, while Bitcoin faced a 4.2% decline to $36.3k, encountering selling pressure after peaking around $38k.
The Federal Reserve’s apparent conclusion on interest rate hikes following subdued inflation data triggered a Dollar retreat. However, the USD showcased resilience post-data release, backed by a rebound in US yields. While the negative Dollar sentiment prevails, the USD’s strength is evident against a backdrop of comparatively robust US economic performance. This correction in EUR/USD is viewed as a temporary adjustment in light of ongoing market expectations regarding the Fed’s stance on rates. The coming US economic data could further impact the pair’s movement.
Technical analysis shows a flat movement in the EUR/USD on Thursday as it moves near the middle band of the Bollinger Bands. Presently, the pair is trading between the middle and upper bands, hinting at a potential slight decline towards the middle band. Additionally, the Relative Strength Index (RSI) stands at 64, indicating a sustained bullish bias.
Resistance: 1.0890, 1.0935
Support: 1.0835, 1.0772
XAU/USD (4 Hours)
XAU/USD Surges Amidst Weaker Dollar and Economic Reports
Spot Gold, represented by XAU/USD, surged as it broke above the $1,975 resistance level, reaching its highest point in over a week. The rally was fueled by a weaker US Dollar and declining Treasury yields. Despite reports showing a rise in weekly Jobless Claims and a contraction in Industrial Production, Gold soared over $20, propelled by technical factors and the growing sentiment that the Federal Reserve is halting interest rate hikes. With the focus now on the bond market’s volatility and overall risk sentiment, the looming question is the potential height of XAU/USD’s weekly close, as upcoming US data is unlikely to significantly alter the current trajectory.
Technical analysis indicates that XAU/USD moving higher on Thursday, aiming for the upper band of the Bollinger Bands. Currently, the gold price hovers slightly below this band, hinting at a potential slightly higher movement to push the upper band. The Relative Strength Index (RSI) is currently at 65, indicating that the XAU/USD pair is still exhibiting a slight bullish bias.
As part of our commitment to provide the most reliable service to our clients, there will be server maintenance this weekend.
Maintenance Hours :
18th of November 2023 (Saturday) 00:00 – 06:00 (GMT+2)
Please note that the following aspects might be affected during the maintenance:
1. The price quote and trading management will be temporarily disabled during the maintenance. You will not be able to open new positions, close open positions, or make any adjustments to the trades.
2. There might be a gap between the original price and the price after maintenance. The gaps between Pending Orders, Stop Loss and Take Profit will be filled at the market price once the maintenance is completed.
3. Please refer to MT4/MT5 for the latest update on the completion and market opening time. Our services will be back online once the maintenance is completed.
4. Please note after the Phase 2 maintenance finished, the system time will change from (GMT+3) to (GMT+2)
Thank you for your patience and understanding about this important initiative.
If you’d like more information, please don’t hesitate to contact [email protected]
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
After positive inflation data, stock markets continued their climb, marked by modest gains in the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average. However, despite a notable drop in the producer price index, retail sales declined, painting a mixed economic picture. Corporate highlights included Target’s 18% surge on strong Q3 results and V.F. Corp’s 14% rise post-JPMorgan’s upgrade. Currency markets saw the US dollar rebound after strong retail sales, influencing US Treasury yields and readjusting rate-cut forecasts. EUR/USD faced resistance, while USD/JPY surged and GBP/USD declined amidst varied economic data. Commodity-linked currencies like CAD and AUD held steady amid global growth expectations and the dollar’s resurgence despite falling oil prices.
Stock Market Updates
Wednesday saw stocks maintaining their upward momentum after favorable inflation data. The S&P 500 inched up by 0.16%, reaching 4,502.88 at closing, and the Nasdaq Composite recorded a slight 0.07% rise, closing the day at 14,103.84. The Dow Jones Industrial Average climbed by 0.47%, gaining 163.51 points to close at 34,991.21. The 10-year U.S. Treasury yield rose by 9 basis points, reaching 4.537%, rebounding after slipping below 4.5% previously.
October’s producer price index, a measure of wholesale prices, experienced its most significant drop since April 2020, decreasing by 0.5%. However, retail sales also declined, presenting a mixed picture of economic data. These movements followed a strong prior session triggered by the consumer price index remaining flat for October, contrary to expectations of a slight increase.
In the corporate world, Target’s stocks surged almost 18% after surpassing third-quarter expectations, while V.F. Corp’s shares rose 14% post an upgrade from JPMorgan. Meanwhile, the focus shifted to Washington as lawmakers aimed to avert a government shutdown. The House of Representatives passed a bill for a “laddered” continuing resolution, moving it to the Senate for a vote to avoid a potential federal shutdown by week’s end.
On Wednesday, the market showed a mix of positive and negative movements across sectors. Sectors like Consumer Staples (+0.70%), Communication Services (+0.60%), and Financials (+0.57%) saw gains, while Information Technology (-0.08%), Utilities (-0.33%), and Energy (-0.34%) experienced slight declines. Overall, the market displayed a balanced but somewhat subdued performance with some sectors in the positive territory and others marginally down.
Currency Market Updates
Recent currency market fluctuations, especially regarding the US dollar, reflect a responsive pattern to economic data and evolving rate forecasts. Following Tuesday’s post-CPI decline, the US dollar index saw a rebound fueled by stronger-than-expected US retail sales. This upward momentum in sales contributed to a rise in US Treasury yields, which helped alleviate the intensified selling pressure on the US currency. As a result, the extreme dovish predictions for Federal Reserve rate cuts in the second quarter of 2024 and beyond were tempered, with the market recalibrating its year-end rate-cut estimates.
The EUR/USD pair encountered a 0.3% drop to 1.0848 amidst the surge in US Treasury yields, unable to breach the resistance level of around 1.0882 for the second consecutive session. In contrast, USD/JPY surged past the 151 mark, targeting the 2022 high at 151.94, buoyed by favorable US-Japan rate spreads and the absence of pronounced dovishness from the Fed or hawkishness from the BoJ. Conversely, GBP/USD faced downward pressure, initially triggered by lower-than-expected UK CPI figures and further exacerbated by the robust performance of US retail sales. Additionally, commodity-linked currencies like CAD and AUD maintained modest gains despite a decline in oil prices, leveraging the rise in global growth expectations prompted by falling rates and the US dollar’s resurgence.
Picks of the Day Analysis
EUR/USD (4 Hours)
EUR/USD Retracement Amidst Fed Sentiment: Analyzing Dollar Dynamics
The EUR/USD pair experienced a corrective dip from its recent highs near 1.0900 to around 1.0830. Nevertheless, the prevailing bias suggests an upward trajectory, driven by declining confidence in the US Dollar. The Federal Reserve’s apparent conclusion on interest rate hikes following subdued inflation data triggered a Dollar retreat. However, the USD showcased resilience post-data release, backed by a rebound in US yields. While the negative Dollar sentiment prevails, the USD’s strength is evident against a backdrop of comparatively robust US economic performance. This correction in EUR/USD is viewed as a temporary adjustment in light of ongoing market expectations regarding the Fed’s stance on rates. The coming US economic data could further impact the pair’s movement.
Technical analysis shows a slight downward movement in the EUR/USD on Wednesday as it eased from the upper band of the Bollinger Bands. Presently, the pair is trading between the middle and upper bands, hinting at a potential slight decline towards the middle band. Additionally, the Relative Strength Index (RSI) stands at 71, indicating a sustained bullish bias.
Resistance: 1.0890, 1.0935
Support: 1.0835, 1.0772
XAU/USD (4 Hours)
XAU/USD Edges Lower Amid Dollar Rebound: Short-Term Upside Bias Persists
Spot Gold, represented by XAU/USD, encountered a retreat after hitting a weekly peak at $1,975, struggling to maintain ground above $1,970. This pullback was influenced by a US Dollar correction and a resurgence in US yields. Despite this, the immediate trajectory for Gold seems inclined toward further upward movement. Recent economic data, including the Producer Price Index (PPI), decline and softer Retail Sales, suggests a cooling of inflationary pressures, reinforcing the Dollar’s dip on Tuesday. Factors such as ongoing risk appetite, sturdy US bonds, and the Dollar’s vulnerability may continue to bolster Gold’s prospects. However, upcoming US releases like the Jobless Claims report and Industrial Production could potentially sway market sentiments, impacting Gold’s trajectory amid changing yield dynamics.
Technical analysis indicates that XAU/USD remained stable on Wednesday, aiming for the middle band of the Bollinger Bands. Currently, the gold price hovers slightly above this band, hinting at a potential minor decline towards this level. The Relative Strength Index (RSI) is currently at 52, indicating that the XAU/USD pair is still exhibiting a neutral bias.
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
The stock market witnessed a robust surge buoyed by an optimistic response to the latest US inflation report. Major indices like the Dow Jones, S&P 500, and Nasdaq rallied significantly, with tech stocks, in particular, hitting record highs. The lower-than-expected CPI figures fueled hopes of a sooner-than-anticipated end to the Federal Reserve’s rate hikes, leading to drops in the dollar and favorable movements in various asset classes, including stocks and precious metals. The market’s reaction also triggered shifts in rate expectations, influencing currency pairs like EUR/USD, USD/JPY, and GBP/USD, while highlighting divergent rate trajectories between different central banks by December 2024.
Stock Market Updates
The stock market experienced a robust rally fueled by optimistic sentiments following a favorable U.S. inflation report. The Dow Jones Industrial Average surged by 489.83 points, marking a 1.43% increase, while the S&P 500 rallied by 1.91%, briefly crossing the significant 4,500 threshold. This surge, the most substantial since April for the broad-market index, was met with the Nasdaq Composite jumping by 2.37% to close at 14,094.38. These gains contributed to an already impressive month for stocks, with the S&P 500 and Dow marking increases of 7.2% and 5.4%, respectively, in November, while the Nasdaq soared by 9.7%, on track for its most significant monthly gain since January.
The market’s upbeat response was primarily driven by the latest Consumer Price Index (CPI) figures, which indicated a stagnant inflation rate, contrary to expectations of a slight increase. This lower-than-anticipated core CPI, stripping out food and energy prices, presented the slowest rise in two years. This development buoyed hopes that the Federal Reserve might conclude its rate-hiking campaign sooner than anticipated. As a result, fed-funds futures pricing suggested a likelihood of steady rates at the next Fed policy meeting, fostering a market environment that saw the 10-year Treasury yield drop below 4.5%. Technology stocks surged notably, with the Technology Select Sector SPDR Fund hitting a record high, and specific companies like Tesla experiencing gains of more than 6%. Additionally, sectors sensitive to rate hikes, like banks, including Bank of America and Wells Fargo, witnessed substantial jumps amid hopes that the economy could avoid a recession. Among individual stock performances, Home Depot’s impressive 5% surge based on better-than-expected third-quarter earnings led the Dow’s gains, while companies like Enphase Energy, Boston Properties, and SolarEdge Technologies each climbed over 10%, contributing to the S&P’s upward trajectory.
On Tuesday, the overall market saw a strong upswing with a notable gain of 1.91%. Real Estate emerged as the top-performing sector, soaring at 5.32%, followed by the Utilities and Consumer Discretionary sectors, which rose by 3.94% and 3.32%, respectively. Materials and Industrials also showed significant increases of 2.91% and 2.04%. Meanwhile, Financials and Information Technology experienced moderate gains of 1.94% and 1.92%. Communication Services followed suit with a rise of 1.42%, while Consumer Staples and Health Care showed more modest increases of 0.89% and 0.70%. Energy had the smallest increase at 0.54%, rounding up the day’s performance across sectors.
Currency Market Updates
The US dollar suffered a significant decline following the release of below-expected US CPI data, erasing lingering concerns of a hawkish Fed stance. The soft inflation figures prompted investors to recalibrate their projections for Fed rate cuts, moving the expected timeline to begin around May-June 2024 instead of June-July. Market sentiment now anticipates a substantial 98 basis points of Fed easing by December 2024, a stark shift from the earlier projection of -73 basis points prior to the data release. This adjustment in rate expectations heavily impacted the US yield curve, notably causing drops of 20 basis points in 2-7-year Treasury yields and 17 basis points in 10-year yields. The market reaction favored risk assets, with the S&P 500 surging by 1.9%, gold climbing 0.85% to $1,962, and silver rising by 3.4%.
The fluctuating dollar also influenced major currency pairs, with the EUR/USD gaining 1.6% as the Fed’s rate outlook aligned more closely with the ECB’s lower rate expectations. Conversely, the USD/JPY fell 0.75% as decreased Fed rate projections alleviated pressure from the US-Japan rate spread, impacting the pair’s positioning near its 2022 high. GBP/USD saw a rise of 1.76% to 1.2492, benefitting from compressed rate spreads. Sterling’s upward momentum above key resistance levels signals potential further gains, particularly as attention shifts to the UK CPI data for insights into the Bank of England’s potential actions amid the post-pandemic recovery. Meanwhile, the Australian dollar outpaced the Canadian dollar, bolstered by the RBA’s recent rate hike, while futures markets indicate a divergence in expected rate trajectories between the BoC and the Fed by December 2024.
Picks of the Day Analysis
EUR/USD (4 Hours)
EUR/USD Surges on Dollar Weakness Triggered by US CPI Data
The EUR/USD pair saw a substantial 200-pip surge following a Dollar selloff catalyzed by the release of stagnant US consumer inflation data. Despite the Eurozone experiencing a slight contraction, the Dollar’s tumble to monthly lows came as US CPI remained unchanged in October, sparking Treasury bond rallies and Wall Street stock gains. This shift strengthened the Euro against the Dollar, with expectations firming that the Federal Reserve might hold off on further rate hikes. The upcoming US Producer Price Index (PPI) release and October Retail Sales report are anticipated to provide further insights, potentially keeping the US Dollar vulnerable pending signs of easing inflation and consumer softness.
According to technical analysis, the EUR/USD moved higher on Tuesday, reaching above the upper band of the Bollinger Bands. Currently, the EUR/USD is trading just above the upper band, indicating the potential for a continuation move to widen the band further. The Relative Strength Index (RSI) is at 79, signaling a bullish bias for the EUR/USD.
Resistance: 1.0890, 1.0935
Support: 1.0835, 1.0772
XAU/USD (4 Hours)
XAU/USD Surges Amidst Dollar Decline and Inflation Data: Market Anticipates Fed’s Move
Spot Gold experienced a significant surge, propelled by a notable downturn in the US Dollar and an upswing in Treasury bonds. Climbing from $1,945 to $1,970, its highest in six days, XAU/USD rallied following the release of US inflation figures that triggered a strong market response, bolstering stocks and pushing the Dollar to multi-month lows. The Consumer Price Index showed a drop in annual inflation rates, below market expectations, easing speculation of a Federal Reserve rate hike before year-end. This led to a shift in market sentiment, advancing predictions for an earlier rate cut. With upcoming data releases on the Producer Price Index and Retail Sales, further evidence of softening inflation and consumer metrics might sustain Gold’s rally, reinforcing beliefs that the Fed’s tightening phase has reached its conclusion.
According to technical analysis, XAU/USD moved higher on Tuesday and managed to reach the upper band of the Bollinger Bands. Presently, the price of gold is moving just below the upper band, creating the possibility of further upward movement to push towards the upper band. The Relative Strength Index (RSI) is currently at 56, indicating that the XAU/USD pair is still in a neutral bias.
In order to provide you with a better user experience, VT Markets will upgrade our MT4 software to version 1380 on November 18, 2023 (Saturday). During this upgrade period, the MT4 trading software will be temporarily unavailable for login and use. However, this will not impact your existing trading orders, and there will be no changes to your trading account or login password for the software.
If your current software version has not been updated, we sincerely recommend that you synchronize and upgrade to the latest version 1380 after November 18, 2023.
Check your MT4 software version with the following steps:
※ PC: Open the MT4 software>Help>About;
※ Android: Open the MT4 app>About;
※ iOS: Open the MT4 app>Settings>Settings.
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
Insights 
VT 
