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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 […]
The market’s most traded currency pair is in consolidation on Friday. The current EURUSD quote is 1.0890. The US dollar strengthened rapidly yesterday after the US employment statistics were published, but investors found the strength to stabilise the situation. Data on the number of open jobs in the labour market, excluding agriculture, showed a decline […]
TitleEURUSD H4 | Running into resistance TypeBearish Reversal Preference:Price could approach the pivot point at 1.09183 and potentially reverse from here; we could see momentum carry price down to its 1st support at 1.08432. Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 1.09646. To discuss this trading idea, […]