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Markets wait for Jackson Hole

Posted on: August 23, 2016

Volatility continues to be at its low as markets wait on the sideline for Jackson Hole which begins on Thursday. Just to give you a tidbit on how quiet the markets have been recently from a quote in the Wall Street Journal. “The past 30 days have been the least volatile of any 30-day period in more than two decades. Only five days during the most recent stretch saw the S&P 500 move by more than 0.5% in either direction, the lowest since the fall of 1995”

All eyes will be on Yellen’s comments on the possibility of rate hike at Jackson Hole. I am still leaning towards a no rate hike for the next meeting.

Crude took a tumble overnight as it broke the $47 support and traded a low of 46.59 in the morning but has since recovered on report of Iran supporting joint action in stabilizing oil price. USDCAD also did a roundabout face with it testing yesterday’s low of 1.2861 but failed to break through and it is trading at 1.2900 at the moment. Will need a catalyst to break out of this dull trading range. I’m hoping for some surprise comments from Yellen in the later part of the week but I think I’m being overly optimistic.

Good luck trading!

  • Previous Day’s NA Range 1.2903 - 1.2965
  • Asia overnight range 1.2893 – 1.2946
  • London overnight range 1.2885- 1.2922


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