Back to daily news


The Reserve Bank of Australia increased its benchmark interest rate from 0.5% to 1.35% on Tuesday and It is the third consecutive month in which the central bank has hiked rates.


The Reserve Bank of Australia increased its benchmark interest rate from 0.5% to 1.35% on Tuesday and It is the third consecutive month in which the central bank has hiked rates. The RBA confirmed more hikes would come to curb surging inflation set to occur over the coming months.

The central bank predicts inflation will peak at the end of this year and fall back into the 2-3% range next year. RBA Governor Philip Lowe said the bank was taking the hard but necessary steps to control soaring inflation in Australia. “The size and timing of future interest rate increases will be guided by the incoming data and the board’s assessment of the outlook for inflation and the labour market,” he added.


Asian shares traded higher on Monday in hopes of US president Joe Biden is reportedly planning to announce a drastic reduction in tariffs against China this week. While Chinese Vice Premier Liu has voiced concern about American tariffs on Chinese goods in an online meeting with US Treasury Secretary Janet Yellen.


Crude oil futures retreated from the early session highs weighed down by the strong US dollar. Meanwhile, the oil prices ended higher on Monday after the strike in Norway threatened to disrupt oil and gas production. The strike is expected to cut oil and gas production by 89,000 barrels per day, of which gas production will be 27,500 barrels per day.


In the currency market, EURUSD plunges to its lowest level in 2 decades of 1.0280. At the time of writing, the currency pair rebounded back to above 1.0300. On the other hand, the U.S. Dollar Currency Index, which tracks the greenback against six major currencies surged to the highest level since November of 2002.


The precious metal struggling to find the upside momentum. The metal trades flat on Tuesday. However, the metal is expected to regain momentum after the release of the Federal Open Market Committee (FOMC) minutes, which are set to be released on Wednesday.

Economic Outlook

On the data front, Eurozone and Germany reported mixed services PMI figures. The UK Services PMI was revised higher to 54.3 in June from a preliminary estimate of 53.4. China’s services activity in June bounced back into expansionary territory for the first time since February.

Coronavirus update:

Worldwide, more than 549 million people have been confirmed infected and more than 6.3 million have died. The United States has confirmed over 87.5 million cases and has had more than 1017,200 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: Technically the overall trend looks bearish after the heavy selling pressure. However, if the pair find some support above 1.0250, we may see a short-term retracement to 1.0400 and 1.0500.


The important levels to watch for today: Support- 1.0280 and 1.0250 Resistance- 1.0350 and 1.0380.

GOLD: For today, $1,794 is the immediate support level, followed by $1,788. If the pair breaks below the $1,788, the slump will quickly extend toward the $1,780 mark. On the upper side, gold is likely to find immediate resistance at $1,816, any break above the $1,816 level could lead the prices of the precious metal towards the next resistance levels of $1,822 and $1,830.

gold neww

The important levels to watch for today: Support- 1794 and 1785 Resistance- 1816 and 1822.

Quote of the day - “When it comes to investing, we want our money to grow with the highest rates of return, and the lowest risk possible. While there are no shortcuts to getting rich, there are smart ways to go about it.” – Phil Town

Read more



The US reported lower-than-expected US inflation numbers for July on Wednesday. The consumer price index report showed that US inflation fell to 8.5%



Online gaming platform Roblox Corporation (NYSE: RBLX) is set to report financial results for the company’s second-quarter 2022 financial results today after the market close. Roblox is expected to post a loss per share of $0.26 and revenues are expected to be $643 million.



This week the global market witnessed more aggressive rate rises by the RBA and BOE, and investors are now turning their eye on the release of US labor market data today. The US Bureau of Labor Statistics (BLS) will release the July NFP numbers today at 12.30 GMT.



Today all eyes are on the Bank of England monetary policy decision which is set to be announced at 11:00 GMT. The BOE expected to raise interest rates by 0.50% at its meeting today, its largest increase for more than 25 years.