The three major US equity indices advanced between 0.97% and 1.88%. A risk-on impulse since last Wednesday underpinned US equities, lifted by US corporate earnings of Amazon and Apple. The US Dollar Index fell below 106.000, while the US 10-year T-note yield finished around 2.654%. US equities finished the week on a higher note, as
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US dollar loses momentum late on Friday amid lower US yields. EUR/USD practically flat for the week remains sideways. Price keeps moving below 1.0260 and supported by 1.0100. The EUR/USD printed a fresh daily low during the American session at 1.0145 and then rebounded back above 1.0200, amid lower US yields and higher equity prices in
Some of the shine has been taken of the strong US dollar but case for more sustained and deeper sell off is not yet compelling, explained analysts at MUFG Bank. They consider that global growth fears are supportive for the greenback. They added the Federal Reserve policy pivot is not yet sufficiently dovish. Key Quotes:
USD/JPY recovers over 200 pips from a multi-week low and climbs back closer to the daily high. A solid intraday USD bounce turns out to be a key factor behind the strong intraday move up. The lack of follow-through buying beyond the 50-day SMA warrants caution for bullish traders. The USD/JPY pair is prolonging its
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Here is what you need to know on Thursday, July 28: The Fed did as expected but unexpectedly went all dovish, saying it will adopt a wait-and-see approach going forward. Risk assets liked what they heard and rallied hard, but US GDP just out confirms a recession as the economy shrank 0.9% when growth of 0.5%
AUD/JPY drops to key support line on mixed data, takes offer of late. Sustained break of 200-HMA favor sellers to break nearby support. Weekly low lures intraday bears, buyers need validation from 95.70. AUD/JPY takes offers to renew intraday low around 94.50 after mixed Aussie data favored bears during Thursday’s Asian session. Australia’s preliminary Retail
Shopify missed on top and bottom lines for Q2. SHOP stock is down more than 6% in Wednesday’s premarket. Shopify has begun laying off 10% of its workforce. Shopify (SHOP) stock is having a bad week, to say the least. First, the company announced mass layoffs that would affect about 10% of its workforce or
Gold price picks up bids to consolidate the weekly losses, stays mildly bid during the first positive day in three. Markets brace for the Fed’s 75 bps rate hike as yields, S&P 500 Futures recover amid sluggish session. US President Biden’s readiness to talk to China’s Xi adds to the pre-Fed optimism. XAU/USD could rise
McDonald’s (MCD) is due to release quarterly earnings on Tuesday before the open. MCD stock has outperformed in 2022 due to its defensive nature. S&P 500 is down 18% YTD, but McDonald’s stock is only down 5%. UPDATE: McDonald’s earnings came out better than expected on Tuesday morning, as the fast food restaurant chain printed 2.55 EPS,
The Bank of England (BoE) will likely shy away from a bigger interest rate rise in August and instead stick to the more modest 25 basis point increases it has been delivering, but it is a very close call, per the latest Reuters poll of economists. Key findings A slight majority in the July 13-25
SIGA stock is up 26% in Monday’s premarket. WHO declares Monkeypox a public health emergency of global concern. SIGA stock rallying as the company has a monkeypox treatment. SIGA stock is up again as monkeypox treatment stocks continue to see renewed interest as the monkeypox outbreak shows no signs of abating. SIGA stock advanced 43% in
Aussie bulls are aiming to sustain above 38.2% Fibo retracement around 0.6920. Advancing 20-and 50-period EMAs add to the upside filters. The RSI (14) has shifted into the 40.00-60.00 range after a mild correction. The AUD/USD pair is attempting to hold itself above the crucial support of 0.6900 after a sharp decline in the initial
EUR/JPY finishes negative in the week, down by 0.48% as the yen shows signs of strength. Deteriorated market mood, augmented appetite for safe-haven peers. EUR/JPY Price Analysis: In the near term is downward biased, eyeing a fall below 137.00. The EUR/JPY plummets from weekly highs hit on Thursday at 142.32, drops more than 160 pips
The GBP/JPY finished the week with decent losses of 0.68%. July’s worldwide reported S&P Global PMIs resurfaced recession concerns in the financial markets, shifting sentiment sour. GBP/JPY Price Analysis: In the short-term downward biased unless buyers reclaim 164.00; otherwise, losses would extend towards 161.80. The GBP/JPY slides for the third straight day creep below the
Analysts at MUFG Bank hold onto a short EUR/USD trade idea and see it moving below parity. They consider the euro will be affected by ongoing fears over disruption to the Eurozone economy and fragmentation risks. Key Quotes: “We expect the EUR to remain under downward pressure in the near-term driven by ongoing fears over
AUD/USD is set to finish the week up by 2.23%. US Services and Composite PMIs plummeted below 50, suggesting a recession could be near. Hawkish RBA minutes revealed during the week cushioned the AUD/USD from falling further on weak Aussie PMIs. The AUD/USD rises for the second consecutive day, registering solid gains amidst a fragile
Here is what you need to know on Friday, July 22: Equity markets just about held the positive narrative on Thursday with Tesla leading the Nasdaq higher as it surged 8% on the back of positive earnings. However, after the bell things turned ugly as Snap (SNAP) showed that advertising never holds up well in a recession,