Date : 26th July 2022.Market Update – July 26 – On Hold Ahead of FED, Oil Rallies.
Trading Leveraged Products is risky
USDIndex ticked lower again but held over 106.00, ahead of the FOMC decision tomorrow. FX markets subdued with a 75 bp hike fully priced in, however uncertainty weighs over guidance. Russia will cut gas supplies to Europe from tomorrow. US Stocks rallied into close after a weak day (NASDAQ -0.43%), Walmart fell -9% (after hours) following profit warning, Newmont missed earnings -13%. AMZN raised prices for Amazon Prime. Alibaba cut back global expansion plans. Asian markets mixed (Hang Seng +1.76%, Nikkei -0.23%). European FUTS lower too. Yields bounced to close up +1.67%. Oil rallied $5/barrel to $98.00 after Russian announcement. Gold remains under $1725 and BTC under $22k. Biden talked down a “recession” and called for more investment from Oil companies.
Week Ahead – FED Rate Decision, US GDP and Earnings Season sees the technology giants (APPL, AMZN & META) plus many more companies all reporting Q2 data.
Week Ahead – FED Rate Decision, US GDP and Earnings Season sees the technology giants (APPL, AMZN, MSFT, GOOGL & META) plus many more companies all reporting Q2 data.*
USDIndex up, support at 106.20 holds, & trades at 106.30 – the Dallas & Chicago Fed indexes both slumped and remained in negative territory, another sign of recession. *
Equities – USA500 closed +5.12 pts (0.13%) (3966), US500FUTS at 3958 now. 4th 8%+ rally of the year, previous 3 have resulted in lower lows… *
Yields 10-year yield recovered to close at 2.8%, trades lower again at 2.79% now. *
Oil – in–focus following tight supply and the announcement from Russia rallied over 5% from $93. *
Gold had a volatile session from $1736 to $1714 to settle at $1724 once again. *
Bitcoin sank from $21.8K yesterday down to $21k now. *
FX Markets – EURUSD remains pressured but rotates at 1.0225, USDJPY down to test 136.00 yesterday; now 136.70. Cable breached the key 1.2000 last week, trades at 1.1990 now.Overnight –
JPY CPI & PPI – firmer & in-line at 1.6% & 2.0% respectively.Today:
US Monthly Home Prices, US Consumer Confidence, US Richmond Fed, IMF Short-term Forecasts, EU’s Energy Summit. Earnings from MSFT, GOOGL, Coca-Cola McDonald’s, UBS (missed), 3M, UPS, GE, Visa.Biggest FX Mover
@ (06:30 GMT) Copper (+2.37%). Rallied from 3.2460 lows last week to 3.4370 now, next resistance 3.4687 (20-day MA). MAs aligned higher, MACD histogram positive & rising, RSI 73 & OB zone, H1 ATR 0.0172, Daily ATR 0.1246.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.
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