Date : 5th July 2022. Market Update – July 5 – USD Hold Gains, RBA Acts, Stocks Steady. USD holds at highs (USDIndex 104.85), Stocks closed higher in Europe and hold gains in Asia with US FUTS higher too. Yields are flat but off recent lows. Asian markets buoyed by positive Yellen-Liu He meeting, prospect of Chinese & Australian Fin. Min. meeting this week and better PMI data from Japan & China, all despite action from the RBA. Covid concerns continue to weigh (Hang Seng +0.07%, Nikkei +1.04%) Oil ticks to $110, Gold holds over $1800 & BTC regains $20k. JPY underperforms in Asian. RBA raises rates in line with expectations by 50bp to 1.35%. USDIndex tested 105.00 Monday before slipping back to 104.85 now. Equities – USA500 closed +39 (3825), Friday US500FUTS higher at 3854 now. Yields 10-year yield lower, closed down Friday at 2.889% , trades at 2.880% now. Oil & Gold had mixed sessions – USOil rallied to $110.40 earlier from $108.00 Monday. Gold holds between resistance at $1815 and support at $1800, trading at $1808 now. Bitcoin continues to trade around $20K, testing $20.3K today. FX Markets – EURUSD remains pressured at 1.0430, USDJPY rallied to 136.30 earlier from under 135.00 Monday. Cable trades at 1.2110 now. Overnight – China Services PMI’s better at 54.3 vs 47.3, Japanese Service PMI also improve at 54.0 vs 52 last time. Today – EZ/UK Services and Composite Final PMIs, US Factory Orders, BoE Mins. & FSR, Speeches from BoE’s Bailey & Tenreyro. Biggest FX Mover @ (06:30 GMT) EURJPY (+0.54%). JPY weaker today. Rallied from under 140.00 Thursday to 142.20 now, next resistance, 142.75 & 143.00. MAs aligning higher, MACD histogram positive & rising, RSI 66.00 & rising, H1 ATR 0.212, Daily ATR 1.402. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 6th July 2022. Market Update – July 6 – Dollar Dominates on Global Recession Fears. USD moves to 20-year highs (USDIndex 106.34), US Stocks fell 2% on open but closed positively (NASDAQ +1.75%). Global PMI data overall in line. European markets fell 2%+ & Asian markets are negative (Hang Seng -2.38%, Nikkei -1.2%). Yields closed down -2.77%. Oil tanked -8.2% trading under $100, Gold closed under $1765 & BTC rotates at $20k. EUR fell to new 20-year lows with parity in sight. Heavy fighting in Donetsk adds to the sombre mood. UK PM lost two cabinet ministers adding to woes for Johnson and Sterling. USDIndex tested 106.55 and remains on Bid at 106.25 now. Equities – USA500 closed +6.0 (3831), after a weak day, US500FUTS at 3818 now. Yields 10-year yield lower, closed at 2.808% , trades at 2.802% now. Oil & Gold had weak sessions – USOil tanked under $100.00 to $97.30 lows, back at $100 now. Gold fell to 1762 earlier, 1768 now. Bitcoin continues to trade around $20K, testing $20.1K today. FX Markets – EURUSD remains pressured at 1.0260, USDJPY rallied from under 135.00 to 135.80 now. Cable trades at 1.1932 now. Overnight – German Factory Orders better at 0.1% from -1.8%. Today – EZ Retail Sales, US ISM Services PMI, FOMC Minutes, Speeches from Fed’s Williams & BoE’s Pill. Biggest FX Mover @ (06:30 GMT) CADJPY (-0.42%). CAD JPY weaker today. Fell from allied from under 106.00 Tuesday to 103.50 today before recovering. MAs aligning lower, MACD histogram neagtive but flat, RSI 41.00 & rising, H1 ATR 0.291, Daily ATR 1.378. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 7th July 2022. Market Update – July 7 – Fed focused on Inflation, USD bid, Stocks flat, Gold tumbles. USD moved down from new to 20-year highs at 107.00 but remains in demand (USDIndex 106.64), US Stocks flat on close (NASDAQ +0.35%). FED Minutes leaned to the hawkish side. – ‘more restrictive’ policy as likely if inflation fails to come down. Asian markets are mostly positive (Hang Seng -0.13%, Nikkei +1.4%). Yields closed up +3.3%. Oil fell another -1.0%, Gold plummeted again to $1735 & BTC rotates at $20k. UK PM Johnson has now lost over 50 members of his government but refuses to resign. AUD outperforms overnight. Yesterday US ISM Service PMIs were better than expected but still at 25-mth low & JOLTS showed 11.25m job vacancies (1.9 jobs for every unemployed person). USDIndex tested 107.00 and remains on Bid at 106.65 now. Equities – USA500 closed +0.36% 13.69pts (3845), US500FUTS at 3854 now. Yields 10-year yield higher, closed at 2.92%, trades at 2.90% now. Yield curve inverted again yesterday. Oil & Gold had weak sessions – USOil traded down to $95.10 lows and remains under $100.00 at $98.48. Gold fell to 1732, next support at 1725, trades at 1745 now. Bitcoin continues to trade around $20K, testing $20.3K today. FX Markets – EURUSD remains pressured at 1.0200, USDJPY rallied from under 135.00 to test 136.00 now. Cable trades at 1.1950 now. Overnight – German Industrial Output missed at 0.2% from 1.3%. Australian Trade Balance much better at 15.97b vs 10.7b & 13.25b prior. Today – US ADP Employment & International Trade, ECB Minutes, EIA Oil Inventories, Speeches from Fed’s Waller & Bullard, ECB’s Lane & Enria, BoE’s Pill. Biggest FX Mover @ (06:30 GMT) AUDJPY (+0.42%). AUD lifted by trade data. Rallied form allied from 91.50 Wednesday to 92.70 today before cooling. MAs aligning higher, MACD histogram positive & rising, RSI 55.24 & rising, H1 ATR 0.227, Daily ATR 1.398. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 8th July 2022. Market Update – July 8 – Stocks Rise, USD holds, Johnson Resigns, Abe Shot. USDIndex tested 107.00 again following safe haven bids for USD & JPY following shooting of former Japanese PM Shinzo Abe (he remains in a critical condition). US Stocks rallied into close (NASDAQ +2.28%), lifting on hopes of less restrictive FED despite the tone of the minutes. Asian markets were positive before shooting closing flat. (Hang Seng +0.22%, Nikkei +0.1%). European FUTS positive too. Yields closed up +3.85%. Oil rallied 4.3%, Gold flat up 0.2% & BTC rallied to $22k. UK PM Johnson resigned but will remain caretaker PM for now (FTSE100 gained 1.14%, Cable recovered to 1.2000). USDIndex holds the bid at 107.00 Equities – USA500 closed +1.50% 57.54pts (3902), US500FUTS at 3899 now. Yields 10-year yield higher, closed at 2.85%, trades at 3.05% now. Oil & Gold had volatile sessions – USOil traded up to $104 from $96.60 lows and remains over $100.00 at $102.00. Gold fell to $1742, and rotates their currently. Bitcoin rallied from $20K, testing $22.4K today on chatter of major investments coming. FX Markets – EURUSD remains pressured at 1.016, USDJPY capped by 136.00 traes at 135.50 now. Cable traded to 1.2050 at 1.2000 now. Overnight – A weak set of data from Japan – Household spend -0.5% vs 2.2%, Econ. Watchers Sentiment 52.9 vs. 55.0 Today – US & Canadian Labour Market Reports, US Wholesale Inventories, Speeches from ECB’s Lagarde & Fed’s Williams. Biggest FX Mover @ (06:30 GMT) GBPJPY (–0.39%). JPY safe haven bid following ABE shooting stemmed the rally to 164.00 from 160.40 on Wednesday. Down to 162.80 now. MAs crossed lower, MACD histogram positive but falling, RSI 44 & falling, H1 ATR 0.319, Daily ATR 1.983. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 11th July 2022. Market Update – July 11 – Stocks pressured, USD gains. The NFP report was slightly disappointing overall (372k June payroll gain & -74k in downward revisions). USD & Yields spiked, with USDIndex 107.59. Fed funds futures are dropping as the jobs report gives no reason for the FOMC to slow its policy trajectory, keeping a 75 bp hike at the July 26-27 FOMC intact and 50 bp move at the September 20-21 meeting. Stocks remain under pressure. Asian stocks struggled further overnight, with China bourses once again hit by lockdown concerns. Chinese CPI hotter at 2.5% vs 2.1%, but PPI cooler 6.15 vs 6.4%. COT report shows long positions on USD were reduced. China discovered its first case of a highly transmissible Omicron subvariant in Shanghai and that new cases jumped to 63 in the country’s largest city from 52 a day earlier. USDIndex is heading for a new 20 year high – eased a bit at 107.23. Yields: The 2-year rate is up over 3.119%, 3-year at 3.165% & 10-year higher at 3.095%. Stocks : USA30 was down -0.15%, while the USA500 was off -0.08%. The USA100 rose 0.12%. In Europe, the picture is not much better and GER40 and UK100 futures are down -1.4% and -1.0%. Twitter fell 5% (with more to come) after MUSK withdrew the $44bln offer. The market mood will be tested by earnings from JPMorgan and Morgan Stanley on Thursday, with Citigroup and Wells Fargo the day after. Oil prices fell slightly today reversing some gains amid lockdown fear in China, i.e. concerns about tight supply. USOIL at $102.96 – New mass COVID testing in China potentially hitting demand. Gold steady for a 3rd day at $1,732-$1,750. FX Markets: USDJPY at 137.26 – 24-year high. Japan’s ruling conservative coalition’s strong election showing indicated no change to lose monetary policies. Today – Fed’s Williams speech. Biggest FX Mover @ (06:30 GMT) EURUSD (–0.62%) down to 1.0105. MAs aligning lower, MACD histogram negative & declining, RSI 31, H1 ATR 0.0014, Daily ATR 0.01032. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 11th July 2022. Market Update – July 11 – Stocks pressured, USD gains. The NFP report was slightly disappointing overall (372k June payroll gain & -74k in downward revisions). USD & Yields spiked, with USDIndex 107.59. Fed funds futures are dropping as the jobs report gives no reason for the FOMC to slow its policy trajectory, keeping a 75 bp hike at the July 26-27 FOMC intact and 50 bp move at the September 20-21 meeting. Stocks remain under pressure. Asian stocks struggled further overnight, with China bourses once again hit by lockdown concerns. Chinese CPI hotter at 2.5% vs 2.1%, but PPI cooler 6.15 vs 6.4%. COT report shows long positions on USD were reduced. China discovered its first case of a highly transmissible Omicron subvariant in Shanghai and that new cases jumped to 63 in the country’s largest city from 52 a day earlier. USDIndex is heading for a new 20 year high – eased a bit at 107.23. Yields: The 2-year rate is up over 3.119%, 3-year at 3.165% & 10-year higher at 3.095%. Stocks : USA30 was down -0.15%, while the USA500 was off -0.08%. The USA100 rose 0.12%. In Europe, the picture is not much better and GER40 and UK100 futures are down -1.4% and -1.0%. Twitter fell 5% (with more to come) after MUSK withdrew the $44bln offer. The market mood will be tested by earnings from JPMorgan and Morgan Stanley on Thursday, with Citigroup and Wells Fargo the day after. Oil prices fell slightly today reversing some gains amid lockdown fear in China, i.e. concerns about tight supply. USOIL at $102.96 – New mass COVID testing in China potentially hitting demand. Gold steady for a 3rd day at $1,732-$1,750. FX Markets: USDJPY at 137.26 – 24-year high. Japan’s ruling conservative coalition’s strong election showing indicated no change to lose monetary policies. Today – Fed’s Williams speech. Biggest FX Mover @ (06:30 GMT) EURUSD (–0.62%) down to 1.0105. MAs aligning lower, MACD histogram negative & declining, RSI 31, H1 ATR 0.0014, Daily ATR 0.01032. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 12th July 2022. Market Update – July 12 -USD spiked, Oil fell & Euro closer to parity. USD spiked, Oil fell and the Euro inched closer to parity. The strong haven bid rise as the prospect of further tightening by central banks, renewed COVID outbreaks in China and Europe’s energy shortages spooked investors. The Fed’s George, the dissenter in favor of a 50 bp June hike, noted concerns over aggressive policy action & the hawk Bullard still favors a 75 bp move. Recession angst again cropped up and hammered equities with weakness in megacap tech knocking the USA100 down -2.26%. USDIndex above 108.00. Wall Street’s losses have deepened. China imposing strict covid restrictions amid a rise in the subvariant BA.5 Omicron. Earnings season starts on Thursday with JPMorgan kicking it off. It could be a tough season for profits given rising costs. Bloomberg cites IBES data from Refinitive showing Q2 y/y earnings growth of 5.7% which would be the slowest since Q4 2020 and down from 6.8% from April 1. Twitter Inc TWTR.N sent a letter to Elon Musk saying his effort to abandon his $44 billion takeover is “invalid and wrongful” and that Twitter has not breached any of its obligations, according to a regulatory filing. USDIndex broken through the 108.00 level, currently at 108.32 – highest since October 2002. Yields: 10-year sector was the outperformer yesterday, back below the 3.00% level again to 2.97%. Stocks: USA100 tumbled -2.26%. The USA500 is off -1.15%, and the USA30 has slid -0.52%. USOIL down to $102.00 support. Gold steady for a 3rd day at $1,730. FX Markets: EURUSD dip to within 4 pips of parity at 1.0004, USDJPY spiked to 137.47. The AUDUSD slumped and was one of the worst performers versus the USD amid growing recession angst that has overshadowed the two consecutive 50 bp hikes from the RBA. Today – PepsiCo earnings, German ZEW, & BoE’s Governor Bailey speech Biggest FX Mover @ (06:30 GMT) GBPJPY (-0.25%) Fallen from a test of 164.50 on Monday, to 162.40 now, traded below 162.00 on Thursday. MA’s aligned lower, MACD histogram & signal line lower and below 0 Line, RSI 33.00 and falling. H1 ATR 0.287, Daily ATR 1.895. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 14th July 2022. Market Update – July 14 – Focus on PPI & Earnings. It was all about June CPI and the report did not disappoint. Risk was for a hot report and the Administration warned of rising pressures. The most dramatic movers were the hot CPI report and the BoC’s 100 bp hike. Those opened the door for an outsized Fed move and in turn heightened risk for a recession. A bearish curve inversion play as the data nail the coffin for a 75 bp hike on July 27, with nontrivial risk of more aggressive action, either with a 100 bp increase which the BoC just effected, or with consecutive 75 bp moves in July and September. USD sustained gains, Oil settled at 200 DMA and Stocks traded mixed. Stocks were up 0.6% and 0.4% in Japan and Australia respectively, the latter helped by a record low unemployment report (50-year low) while Chinese imports continue to linger as the country’s Covid policy keeps a lid on activity. The AUD rallied on the numbers, as traders boosted speculations for a 75 bp rate hike from the RBA in August. USDIndex held above 108.00 level, but failed to break 3-day resistance. Yields: the 10-year ended over 7 bps lower at 2.89%, reflecting credibility in the FOMC’s policy stance. Fed funds futures priced in a 54% chance for a 100 bp rate hike on July 27 with rising odds for 170 bps in hikes from here. Stocks: USA100 tumbled -0.15%. The USA500 is off -0.45%, and the USA30 has slid -0.67%. USOIL traded at $95 holding above 200-day SMA. Gold found a bid but gains were trimmed. Currently down to $1,706. FX Markets: EURUSD holds fractionally above parity at 1.0002, USDJPY skyrocketed to 139.28, Cable fell to 1.1856. AUD and to a lesser extent the NZD gained. Today – US calendar has jobless claims and PPI, but the earning releases are in the spotlight with JPMorgan Chase & Co., Morgan Stanley, First Republic Bank, Cintas etc. Biggest FX Mover @ (06:30 GMT) NZDJPY (+1.62%) breached 85.20. MAs aligned higher, MACD histogram & signal line extend further northwards, RSI above 701 but falling. H1 ATR 0.193, Daily ATR 0.975. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 15th July 2022. Market Update – July 15. Trading Leveraged Products is risky USD steady at 108.50, Oil holds above 200 DMA, Stocks and bonds weaker on poor earnings news and bearish spillover from Europe on recession fears and political turmoil, and dove on the initial PPI print which kept the door open for a hefty 100 bp rate hike from the FOMC at the upcoming July 26-27 meeting. China bourses were under pressure after weaker than expected data that included a 0.4% y/y rise in GDP, which clearly missed expectations for a 1.0% y/y rise. Equity Market: JPMorgan and Morgan Stanley missed earning forecasts. Net income at both lenders fell nearly 30% in the second quarter as work on IPOs and SPACs dried up. It was the first earnings miss from either JPMorgan — the largest US lender by assets and an industry bellwether — or Morgan Stanley since the start of 2020. Alibaba Group Holding Ltd. dragged Chinese tech shares lower as concerns about a crackdown on the sector resurfaced after company executives were reported to be facing an inquiry linked to the theft of a vast police database. USDIndex garnered strong early support and rose to 29on diverging central bank stances and political uncertainties before drifting to 108.55. Yields: the 10-year was 2.8 bps higher at 2.961%, versus a 3.02% intraday peak. Stocks: In China, fresh worries of regulatory pressure are adding to a decline in tech stocks. The ASX also struggled and corrected -0.7%, but the Nikkei found a footing and lifted 0.5%, with the GER40 gaining nearly 1%, the UK1004%, and a 0.2% rise in the USA100. USOIL traded at $95.50 holding above 200-day SMA. Gold near 5th consecutive weekly loss. Currently down to $1,704.73. FX Markets: EURUSD slumped below parity to 9952before it bounced to 1.0023, USDJPY is still at a very high level at 138.70, Cable at 1.1820. Today –US Retail Sales. Earnings: UnitedHealth Group, Wells Fargo, BlackRock, Citigroup etc. 2022-07-15_10-57-36.jpg HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 18th July 2022. Market Update – July 18 – Stocks Rally, Dollar Dips, Biden Fist Bump. USDIndex continued last week’s slip to test 107.60. US data on Friday (Retail Sales, Empire State & UoM Con. Sentiment) all better than expected. Bullard talked 75bp not 100bp for July. US Stocks rallied into close (DOW +2.15%), despite misses from Wells Fargo & BlackRock. Asian markets positive, (Hang Seng +2.42%, Nikkei +0.43%). European FUTS positive too. Yields closed down -1.25% but the rate curve is still inverted. Oil up to $98, Gold up to $1714 BTC has rallied to $22k. Biden fist bumped Crown Prince Mohammed bin Salman but got little from visit, Yellen pushes minimum global corporation tax, IMF are “exceptionally uncertain” over global growth & Reuters report on 12 countries on brink of default. Week Ahead – ECB & BOJ Rate Decisions, RBA Mins, a raft of CPI & Retail Sales data and Earnings Season gets into full swing including Banks & IBM today, Netflix, Tesla, Twitter and Johnson & Johnson later in the week. USDIndex slides further from Thursday’s 109.00 to 107.60 now as expectations of a 100bp rate hike next week recedes. Equities – USA500 closed +1.92% 72.54pts (3863), US500FUTS at 3897 now. Citi BIG Earnings beat +13.2%, Wells Fargo profits fell 50% but stock closed +6.2%, United Health +5.4%, BlackRock +2%, Netflix +8.2%, BAC +7.04%. 35 companies have reported; 80% have beat estimates. Yields 10-year yield higher, from close +2.92%, trades at 2.935% now. Oil & Gold had volatile sessions last week – USOil trades up back to $100 from $90.90 lows last week, following inconclusive Biden visit to Mid-East; OPEC next meet Aug 3. Gold fell under $1700, last week but back to $1714 now on weaker USD. Bitcoin rallied from $19K, testing $22.2K today on more chatter of major investments coming. FX Markets – EURUSD remains pressured at 1.0100 but moving up today, USDJPY down from 139.30 to 138.20 now. Cable trades back to 1.1900 from 1.1760 lows last week. Race to be new PM is reduced to two contenders this week. New PM Sept 5. Overnight – NZ CPI hotter than expected (1.7% (32-year high at ) vs. 1.5%). NZD jumped too. Today – Little economic data, speech BOE’s Saunders. Earnings – Bank of America, IBM, Goldman Sachs & Charles Schwab. Biggest FX Mover @ (06:30 GMT) EURUSD (+0.68%). EUR rallying ahead of ECB this week ? From under Parity (0.9951) on Thursday to 1.01400 now. MAs aligned higher, MACD histogram positive but flat, RSI 69 & rising, H1 ATR 0.00172, Daily ATR 0.01088. Biggest FX Mover @ (06:30 GMT) EURUSD (+0.68%). EUR rallying ahead of ECB this week ? From under Parity (0.9951) on Thursday to 1.01400 now. MAs aligned higher, MACD histogram positive but flat, RSI 69 & rising, H1 ATR 0.00172, Daily ATR 0.01088. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
