Day: July 8, 2023
Cuts Supporting Oil Prices Crude oil prices are rising into the end of the week with crude futures once again testing the 72.61 level. Fresh production cuts from Saudi Arabia and Russia at the start of the week have started to filter into bullish sentiment in the market. With cuts from the two producers totalling […]
EURUSD Range Persists EURUSD continues to hold in very choppy, tightly congested formation ahead of the upcoming headline US data today. The market has been tightly wound recently with some pointing to huge looming option expiries around the $30 billion mark which are keeping price constrained. A number of strikes are set to roll off […]
Gold Holding Gold prices are holding steady ahead of the US jobs reports later today. On the back of solid US data yesterday, US yields have turned higher. Gold bulls will be wary of these conditions heading not the headline data today. Despite continued calls for a US recession from some players, US data remains […]
Daily Market Outlook, July 07, 2023 Munnelly’s Market Commentary… Asian equity markets lower as global markets experienced selling pressure driven by declines on Wall Street. The Nikkei 225 opened with a slump following disappointing Household Spending data, although it later recovered some of its losses. The Hang Seng and Shanghai Comp. were also in negative […]
The US fixed income market remains under pressure as Treasury bond yields break key resistance levels on US data surprises. On Thursday, the data from ADP and ISM surprised on the upside, once again underscoring resilience of the US economy against high borrowing costs. According to ADP, employment grew by an impressive 497K jobs, while […]
The FTSE Finish Line – July 07 – 2023 FTSE A New Three Month Low In A Challenging Week For UK Investors On Friday, the FTSE 100 index in the UK reached a low not seen in over three months, driven by ongoing concerns about high global interest rates. However, there was positive news for […]
TitleUSDCHF H4 | Potential bullish reversal TypeBullish Bounce Preference:Price is falling towards the pivot point of 0.89266 and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 0.89879. Alternative scenario:If price breaks below the pivot point, it could hit the 1st support at 0.89011. To discuss this […]