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DAILY MARKET REPORT

Federal Open Market Committee, a committee within the Federal Reserve System (the Fed), will release June’s FOMC meeting minutes later today. In the June meeting, FOMC raised interest rates by 75 bps, the biggest increase in three decades.

DAILY MARKET REPORT

Federal Open Market Committee, a committee within the Federal Reserve System (the Fed), will release June’s FOMC meeting minutes later today, which investors may closely scrutinize for clues on rate hike timings in the second half of 2022. In the June meeting, FOMC raised interest rates by 75 bps, the biggest increase in three decades.

EQUITIES

US futures and European shares slightly rebounded on Wednesday morning and there have been decent moves to start the day so far with markets looking lively but all the attention remains on the minutes of the US central bank's last policy meeting.

OIL

Crude oil futures slightly recovered from the previous session's losses. On Tuesday, the oil prices plunge to fresh monthly lows as recession worries grow, raising concerns that a downturn in the economy may reduce demand for petroleum products. Citigroup said in a note that a recession could lead prices to as low as $65 this year if OPEC and other major producers do not step in to provide support and companies do not invest.

CURRENCIES

In the currency market, the US dollar index hovering close to the two decades high as investors continued to favour the greenback amid global growth concerns, while the euro kept declining driven by recession fears loom in Europe. The Australian and New Zealand dollar also posted modest gains, but trading ranges remain relatively narrow for both pairs as they stick around near unchanged levels since the trading session in Asia.

GOLD

The precious metal is trading near the lowest level since mid-December of 2021, as a firmer dollar and Amid prospects of aggressive monetary policy tightening dented the safe-haven appeal of the precious metal.

Economic Outlook

On the data front, factory orders in Germany increased by 0.1% in May, beating market forecasts of a 0.6% drop. On Tuesday, the Commerce Department released the latest US factory order data. The data showed the factory orders rose 1.6% in May after advancing 0.7% in April.

Moving ahead today, the important events to watch:

US – ISM services PMI: GMT – 14.00

US –JOLT’S job openings: GMT – 14.00

US – FOMC meeting minutes: GMT – 18.00

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: For today, the first support for the pair appears to be around 1.0230, in the short-term any break below 1.0230 the next downside level is to watch 1.0200. On the other upper side, the immediate resistance is around 1.0300 any break and close above this level will open at 1.0350.

eurusd

The important levels to watch for today: Support- 1.0230 and 1.0200 Resistance- 1.0300 and 1.0350.

GOLD: For today, the immediate support for the gold stands near the level of 1760. On the flip side, the first resistance at 1772 any break above this level will open 1780/84 minimum.

gold neww

The important levels to watch for today: Support- 1760 and 1755 Resistance- 1772 and 1784.

Quote of the day - Only buy something that you would be perfectly happy to hold if the market shut down for 10 years – Warren Buffet.

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DAILY MARKET REPORT

DAILY MARKET REPORT

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%

DAILY MARKET REPORT

DAILY MARKET REPORT

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.

DAILY MARKET REPORT

DAILY MARKET REPORT

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.

DAILY MARKET REPORT

DAILY MARKET REPORT

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.