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US indices finally dipped yesterday, beginning their long-overdue correction. Both the DJIA and S&P 500 decreased by 0.7%, while the Nasdaq Composite slipped by 0.9%.
This happened even though there was no strong negative news in the US. In fact, the economy remains in a good shape having incentives from both the government and the Federal Reserve.
The coronavirus is also retreating gradually, unlike in the EU where the third wave is at its peak. It is actually not surprising if the US market grows again after this correction, although the pullback will be very strong.
With regards to the Asian markets, they also saw a fall this morning, with Japan indices dropping by 2%. The oil market decreased as well, by around 2.5%.
Forecasts:
The DJIA is currently at 33.828 points. It is projected to close between 33.500 - 34.000 points today.
Meanwhile, the USD index hit 91.17 points yesterday, mainly due to the euro dropping below 1.2080. The index is expected to range from 90.80 - 91.50 points today.
The Canadian dollar turned up sharply yesterday on the news of declining stock markets and oil prices. As a result, USD/CAD cost 1.2602, and is expected to fluctuate around 1.2550 - 1.2700 today.
Conclusion: The correction will most likely continue, which may bring the market to the 50 MA of the indices. Pay attention to the ECB decisions tomorrow, as well as the upcoming data from the United States.
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