27.08.2021:US stocks making correction, BTC trading higher (S&P500, DXY, USD/CAD, BTC/USD)

Having reached one-year highs, the US stock market began a downward correction. Experts say the Fed’s revision of monetary policy accounts for this correction. On the contrary, the US dollar is trading quietly with moderate growth. Amid such uncertainty, Bitcoin encourages crypto fans with its rally. Watch this video till the end to find out what is going on in the American trade!
On Thursday, the S&P 500 declined to the level of 4,470. Experts reckon the index is likely to trade in the corridor of 4,430 to 4,480, a bit lower than the recent one-year highs. Perhaps, the market is trading lower in anticipation of Fed’s Chairman keynote speech at the summit. He is widely expected to signal the Fed’s intention to taper monetary stimulus programs.
Besides, the macroeconomic data released in the US yesterday met the market expectations. The US GDP logged 6.6% expansion in the second quarter and the GDP price index rose 6.1%. Notably, these metrics are accompanied by high inflation which is uncomfortable for the Federal Reserve. This could assure the central bank to take counter-measures. Such prospects certainly impact on market sentiment.
The US dollar index climbed moderately yesterday to the level of 92.90. Nevertheless, it is set to trade in the same range from 92.60 to 93.20. The US currency is likely to trade quietly until the Fed’s policy meeting in the middle of September. The inflation report for July which is due today could also influence the greenback’s dynamic in case the actual CPI differs greatly from the forecast.
The USD/CAD pair closed at near 1.2665 yesterday. The expected range for today is from 1.2600 to 1.2700. On Thursday, the US currency asserted strength against its Canadian rival even despite a notable increase of oil prices. Experts say the currency pair has become immune to developments in the oil market for a while.
What is going on with the most popular cryptocurrency? Bitcoin again has reversed upwards. The digital token rose to 47,500 dollars, having gained over 1% in the last 24 hours. Meanwhile, Bitcoin has surged more than 60% from the lowest level of the year. Experts do not rule out a further advance of the flagship cryptocurrency because the resistance of 50,000 dollars has not been surpassed yet. So, Bitcoin is going to make another effort soon to break this level.
The US dollar and the US stock market are trading quietly as investors prefer to wait until the Fed’s policy meeting next month. However, the speech by Jerome Powell at the Jackson Hole symposium today could be a market catalyst in the American trade. Keep close tabs on market developments on InstaForex TV channel!

00:00 US market, dollar index, bitcoin
00:30 S & P500
01:38 DXY
02:09 USD / CAD
02:36 Bitcoin
03:14 Summary

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