FX.co ★ 18.06.2021: How Wall Street trading on federal holiday. Outlook for S&P500, DXY, USD/CAD, BTC/USD.

18.06.2021: How Wall Street trading on federal holiday. Outlook for S&P500, DXY, USD/CAD, BTC/USD.

Yesterday President Joe Biden signed the bill making Juneteenth a new federal holiday to commemorate the end of slavery in the US. Government employees are away from work on Friday, but trading floors are still operating. Wall Street has revived after unexpectedly hawkish policy statements of the US Fed. The key stock indices dropped sharply but recovered in the late session. The US regulator decided to move up the timeline of rate hikes and discuss scaling back the bond-buying program. The next trading week is going to be interesting because the market’s response will be 100% clear. Now let’s try to figure out how Wall Street is trading on the final day of the week. On Thursday, the benchmark stock indices closed mixed. The S&P500 logged a zero change yesterday, closing at 4,224. The index is expected to trade in the corridor of 4,180 to 4,260 until the end of the week. Experts think that a spike in commodity prices could be short-lived. For example, futures on US timber fell steeply by 40% following a rapid rally in April – May. It goes without saying that stable commodity prices will benefit both producers and consumers. Having perked up after the Fed’s announcements, the US dollar is clicking into gear. The US currency has advanced 2% for the last two days. Yesterday, its index climbed to 91.90. The outlook for the US dollar is bullish. From Monday, its index is expected to trade in the corridor of 91.80 to 92.20. In terms of technical analysis, it could shoot as high as 93-94 points, the strongest levels of March 2021. Yesterday, we projected the Canadian dollar to weaken to 1.2350 against its American rival. However, next day the loonie has already reached this level. Today the USD/CAD pair is trading at about 1.2370. The currency pair is likely to trade in the corridor of 1.2300 to 1.2470 in the near time. The greenback is expected to hold the upper hand in this currency pair. However, there is a strong resistance zone at around 1.2500 where the Canadian dollar could seek support from rising oil prices. Currently, oil prices are making a downward correction. The Fed’s shift towards the hawkish stance on monetary policy pushed oil prices down. Likewise, Bitcoin has not been able to hold at highs. It has been trading in the red for three days straight. Today the most popular digital token is trading at around 37,200 dollars amid the US dollar’s advance and the Fed’s revision of its long-term policy. Such a sharp response from the crypto market will be muted soon. All in all, experts foresee the uptrend of digital assets. Nevertheless, the crypto market is likely to carry on declining on Monday Next week, we will see whether US stocks and investors are ready for a new bullish wave on Wall Street after the revised Fed’s rhetoric. That’s all for today. Subscribe to our channel and leave your likes and comments! Have a nice weekend!

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