Market Insights and Trading Recommendations for September 12, 2023

Thank you for providing the daily market newsletter for September 12, 2023. Here's a summary of the key market developments and trading recommendations:

Market Wrap: Stocks, Bonds, Commodities:

• U.S. stocks had a positive start to the trading week, with the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 all posting gains.

• The U.S. 10-year Treasury yield rose to 4.290%.

• Top-performing sectors included automobiles, retailing, and telecoms services, while the energy sector saw losses.

• Notable stock moves included Tesla (TSLA) surging, Meta Platforms (META) gaining, Qualcomm (QCOM) advancing, and RTX Corp (RTX) falling.

• JM Smucker (SJM) announced an agreement to buy Hostess Brands (TWNK) for $5.6 billion, resulting in both stocks moving significantly.

Market Wrap: Forex:

• The U.S. dollar weakened against major currencies ahead of the inflation data release.

• USD/JPY fell, and the Bank of Japan hinted at a potential end to its negative interest rate policy.

• EUR/USD increased despite a lower Eurozone economic growth forecast.

• GBP/USD gained, and AUD/USD also rose.

• Bitcoin tested support at $25,000.

Morning Trading:

• In Asian trading, AUD/USD remained stable, EUR/USD and GBP/USD were steady, USD/JPY edged up, and gold and Bitcoin held their levels above $25,000.

Expected Today:

• Germany's ZEW economic sentiment index is expected to drop in September.

• The U.K. jobless rate is anticipated to remain stable.

• In the U.S., the NFIB business optimism index is estimated to decline in August.

Trading Recommendations:

• EUR/USD Intraday: bullish bias above 1.0730.

• For EUR/USD, there is a bullish bias above 1.0730, with targets at 1.0760 and 1.0775.

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• GBP/USD Intraday: caution.

• For GBP/USD, caution is advised, with short positions favored below 1.2525 and targets at 1.2500 and 1.2485.

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• USD/JPY Intraday: the upside prevails.

• For USD/JPY, the upside prevails, with long positions favored above 146.25 and targets at 147.00 and 147.25.

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• Dow Jones (CME)‎ (Z3)‎ Intraday: intraday support around 34845.00.

• For Dow Jones (CME), intraday support is seen around 34845.00, with long positions favored above this level and targets at 35070.00 and 35220.00.

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Please note that market conditions can change rapidly, and it's essential to perform your own research and consider your risk tolerance before making any trading decisions based on these recommendations.