Forex Spotlight: Fed Rate Cuts May Trim Mortgage Rates by 2024

The Forex newsletter for the day is here. Dollar Index, XAUUSD, XAGUSD, Copper, Crude Oil, NASDAQ, S&P 500 E-Mini, GBPUSD

Dollar Index

Buy above $101.00
Upside Targets Looks $101.40—$102.00
Stop loss below $100.50

XAUUSD

Sell on rise around $2520
Downside Target Looks $2500–$2480
Stop-loss above $2538

XAGUSD

Buy above 28.80
Upside Targets Looks $29.00—$29.20
Stop loss above $28.60

COPPER (HG1)

Buy above $4.1200
Upside Target Look $4.1700
Stop Loss below $4.0400

USOIL (WTI)

Sell below $69.00
Downside Target looks $68.00—$67.
Stop-loss above $70.00

NASDAQ

Buy around 19000
Upside Target Looks 19200—19400
Stop-loss below 18800

S&P 500 E-Mini

Sell around 5530
Stop loss above 5545
Downside Target Looks 5500—5480

TOP PICK-

GBPUSD

Sell on rise around $1.3200
Stop loss above $1.3250
Downside Target Looks $1.3150—$1.3100

J.P. Morgan projects Federal Reserve rate cuts will have a limited direct effect on mortgage rates, but re-steepening of the yield curve and reduced market volatility could lower primary mortgage rates by compressing the primary/secondary spread and reducing MBS/Treasury basis by 20-30 basis points.

Happy trading!

Commodity Samachar Securities
We Decode the language of the market

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