Back to daily news

DAILY MARKET REPORT

The Euro bounced against the US dollar on Tuesday after the European Central bank President Christine Lagarde reiterated plans to raise the ECB’s interest rates twice this summer. As of this writing, the EURUSD trades above 1.0570.

DAILY MARKET REPORT

The Euro bounced against the US dollar on Tuesday after the European Central bank President Christine Lagarde reiterated plans to raise the ECB’s interest rates twice this summer. The ECB Chief Economist Philip Lane also said the ECB will raise interest rates by 25 basis points at its July meeting, but the size of its September hike is still to be decided, suggesting a larger 50 basis point hike could be on the cards. As of this writing, the EURUSD trades above 1.0570.

EQUITIES

US future extended from the previous session gains while the Chinese shares ended flat on Tuesday. Meanwhile, on Monday the People’s Bank of China (PBoC) interest rate was kept unchanged at a one-year loan prime rate of 3.70% and the central bank paused its policy easing.

OIL

Crude oil prices recovered from the previous session's lows. On Monday, the oil prices plunged to the fresh monthly lows as the investors remain concerned about the aggressive monetary tightening that could lead to a global recession and demand slowdown. Moving ahead, the oil traders should closely monitor the release of API and EIA crude inventory data, which is set to be released later this week.

CURRENCIES

In the currency market, the Australian dollar slightly regains upside momentum following the release of hawkish RBA minutes. The GBPUSD rebounded back to above 1.2400 on Tuesday boosted by the weaker dollar.  

GOLD

The precious metal struggling to rebound despite the weak US dollar as the gold traders are waiting for Fed Chair Jerome Powell's testimony on Wednesday and Thursday. At the time of writing, the metal trades were near $1830.

Economic Outlook

On the data front, the RBA released the June meeting minutes. The minutes showed the Central bank flagged more rate hikes over the months ahead amid current inflation pressures and the still very low level of interest rates in the country.

Meanwhile, the Reserve Bank of Australia governor Philip Lowe said in a speech that, monetary policy tightening, and interest rate hikes globally would work together to drive down inflation by creating a balance between the demand and supply of goods.

Moving ahead today, the important events to watch:

Canada – Retail Sales: GMT – 12.30

US –Existing home sales: GMT – 14.00

Coronavirus update:

Worldwide, more than 539 million people have been confirmed infected and more than 6.3 million have died. The United States has confirmed over 86 million cases and has had more than 1013,200 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: In the short-term perceptive, the immediate bias will remain bullish as long as prices are held above 1.0500. On the flip side, any break below 1.0500 then the next support near the 1.0470 followed by 1.0440 level.

eurusd

The important levels to watch for today: Support- 1.0590 and 1.0640 Resistance- 1.0500 and 1.0470.

GOLD: The key resistance is located above $1845, a break above this level will confirm a possible move to $1855/58. On the downside, if the metal loses the $1828 handle, then we expect a move toward $1820/12.

gold neww

The important levels to watch for today: Support- 1830 and 1828 Resistance- 1840 and 1845.

Quote of the day - "How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case” - ROBERT G. ALLEN.

Read more

DAILY MARKET REPORT

DAILY MARKET REPORT

Precious metals like gold and silver prices extended declines in early trading on Friday. The strong bearish sentiment fueled by fed Chairman Jerome Powell's hawkish stance on Wednesday encouraged dollar bulls and pressured metal prices lower.

DAILY MARKET REPORT

DAILY MARKET REPORT

Global markets remain volatile following the hawkish comments from the central bank chiefs during the European Central Bank's (ECB) annual forum in Portugal. The central bankers have warned that the era of low-interest rates and moderate inflation has come to an end.

DAILY MARKET REPORT

DAILY MARKET REPORT

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.

DAILY MARKET REPORT

DAILY MARKET REPORT

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.