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NYLON HANDOVER: FED's Dudley 'less compelled' by rate rise

A session of reversals saw a stronger Greenback pull Gold and EURUSD down whilst Global stocks bounced higher, having reached a bearish extreme signalled  by the options market earlier this week.

 





- US Presidential candidates urge Obama to cancel Chinese President Xi Jinping's visit to US next month, pointing their fingers at China for the recent turmoil which now undermines US interest rates
- William Dudley told a conference "it was important not to overreact to short-term market developments" whilst also adding that raising rates in September seemed "less compelling" than a few weeks ago
- Markets expected to pay close attention to Jackson Hole symposium and any commentary from FED officials in relation to China, global growth and US rate rise
- US and European Indices continued to hold above the recent 'plunge lows' and finishing in the green. Bullish reversal patterns such as Morning Star and Bullish Piercing Lines are present but in contrast of the drops preceding them, volatile retracements can be expected so hardly unexpected to see them rebound from a technical perspective.  
- Gold traded sold off to a 5 week low, helped by stronger stocks and weaker US Dollar
 





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