#FTSE100:
Britain's economic recovery from the shock of the COVID-19 pandemic has gathered pace. Retail sales rose above pre-pandemic levels in July, the first full month for many shops reopening after lockdown, and August's Purchasing Managers' Index data showed the fastest growth in almost seven years. Grocery sales are 3% up on the year and online sales are 50% higher than before the pandemic. The UK is still seeing a V-shape bounce in activity. This is a positive signal for the stock market!
Trading recommendation: Buy 6000 and take profit 6076.
#SP500:
Positive macroeconomic statistics from the United States signal the continuation of the uptrend. IHS Markit said its flash U.S. Composite PMI Index rose to a reading of 54.7 this month - the highest since February 2019 - from 50.3 in July. Its flash - or preliminary - indicator for the manufacturing sector stood at its highest since January 2019 and for the services sector it was the highest since March 2019. The survey's flash composite new orders index climbed to 54 in August - the highest since March 2019 - from a final reading of 49.7 in July. Factory activity climbed for a fourth straight month, with the flash manufacturing PMI increasing to 19-month high of 53.6 from a reading of 50.9 in July.
Trading recommendation: Buy 3394 and take profit 3420.
XAUUSD:
The Fed, at its July 28-29 meeting, dismissed the notion that it should exert controls over the yield curve, the minutes showed. Benchmark yield from the U.S. Treasury’s 10-year note had been negative for most of the past two months and traders had been hoping the Fed would keep it that way by subjecting controls on the instrument. When the central bank balked at the idea, it gave forex traders an excuse to drive the Dollar Index higher — despite the trillions of dollars of stimulus issued by the U.S. Congress and actions by the Fed to support a pandemic-struck economy. This is a negative signal for gold!
Trading recommendation: Sell 1944 and take profit 1925.
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