US and Germany released disappointing consumer confidence data on Tuesday. US consumer confidence fell to a near-decade low with the index slipping to 98.7 in June from 103.20 in May. While Consumer confidence in Germany was negative 27.4 points in July.
monetary policy announcements as ECB president on Thursday. Markets are not expecting any
changes to monetary policy after the ECB announced fresh stimulus in September.
Asian markets traded lower on Tuesday as investors and traders are awaiting clues about the status of
the US-China trade war ahead of a fresh round of tariffs scheduled to take effect on Sunday.
Wall Street closed lower after three days rally. The Dow slipped 105.46 points to 27,909.60, the
NASDAQ fell 34.70 points to 8,621.83 and the S&P 500 dropped 9.95 points to 3,135.96.
Oil prices slipped on Tuesday for a second straight sessio
outlook outweighed the pros of OPEC’s agreement with associated producers at the end of last week
to deepen crude output cuts in early 2020.
The dollar and yen mostly held the safe
looming deadline for U.S. tariffs on China, the British election and upcoming Federal Reserve and
European Central Bank meetings.
Gold prices are trading steady as markets wait to hear from the FOMC later this week, even as lack of
updates on the US-China trade war keep markets guessing about when a trade deal would be signed.
Today UK GDP monthly showed that the UK economy showed no growth in October, arriving at 0% versus 0,1% expected and - 0,4% previous and the same time German DecZEW economic sentiment beats estimates with 10.7.
AUD/NZD: The pair holding well above the support 1.0380/1.04 and trading oversold level. If it hold steady above the support we may see a bounce to 1.0460/1.0480 level.
GOLD: Gold trading strong on Tuesday ahead of central bank meetings. The pair supported below 1460, any drop below 1460 will open 1456&1450 and on the other side the yellow metal will face immediate resistance at 1464 then 1470.
Quote of the day: Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.
EURUSD remains steady above 1.0580 following the hawkish comments from ECB President Lagarde. Lagarde speaks at the ECB Forum on Central Banking in Sintra, Portugal on Tuesday Morning. Lagarde said if the Inflation outlook doesn't improve, we will have enough information to act faster.
Retail sales in the UK decreased 0.5% in May, after a downwardly revised 0.4% increase in April and compared to market expectations of a 0.7% fall. The ONS said food store sales fell by 1.6% in May from April, the biggest monthly fall since January.
FedEx Corporation (NYSE: FDX), the global courier delivery services company is set to report financial results for the fourth quarter today after the market close. The company is expected to post quarterly earnings of $6.91 per share and revenues are expected to be $24.57 billion.