Market Wrap: Stocks, Bonds, Commodities
The dollar fell on Thursday, after two days of gains, as Federal Reserve Chair Jerome Powell struck a cautious tone on further interest rate moves, saying that the risk of under- or over-tightening is now more balanced.
The Dow Jones Industrial Average rose 56.76 points to 38,834.86, the S&P 500 gain 0.25% to 5,487.03 and the Nasdaq Composite ascend 3.41 points to 17,860.43.
MSCI’s index of Asia-Pacific stocks outside Japan is below 0.09% to 704.89 levels. The Australian index was lower by 0.00% to 7,769.40. Japanese Nikkei Index increase 0.29% today.
European stocks were positive on Thursday, with the Stoxx Europe 50 Index increase 0.60% to 4,914.85, Germany’s DAX ascend 0.61% to 18,177.05, and France’s CAC higher 0.54% to 7,6611.28 and U.K.’s FTSE 100 gain 0.14% to 8,216.55.
Benchmark 10-year U.S. Treasury rose as demand for safe assets slipped again, today 10-year bond yields increase 2.50% to 4.2550.
Oil prices dipped on Thursday after hitting seven-week highs as summer demand optimism and concerns over escalating conflicts offset an industry report that said U.S. crude inventories unexpectedly rose.
Spot Brent crude oil up 0.24% to $85.27 per barrel. US West Texas Intermediate crude is either up or down 0.02% to $80.57 a barrel.
The yellow metal gold is either up or down 0.02% to 2,345.70 dollars per ounce.
Market Wrap: Forex
The dollar eased against the euro on Thursday after retail sales data indicated signs of exhaustion among U.S. consumers, boosting the case for Federal Reserve rate cuts later this year.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which ascend 0.26% to 105.145.
The Euro US Dollar (EUR/USD) is a widely traded pair that is decrease 0.26% today. This left the pair trading around $1.07140.
The Japanese yen was positive against the U.S. dollar on Thursday. Today USD/JPY is trades pair that increases 0.07% to the 158.380 level.
Another commodity-related currency negative against the U.S dollar, AUD/USD slipped 0.01% to 0.66700 , and NZD/USD descend 0.06% to 0.61280 level.
EUR/USD Intraday: Major trend on the downside
Our pivot point is at 1.07370
Preferable Price Action: Take sell positions below pivot level with targets at 1.07260 & 1.07150 in extension.
Alternative Price Action: Buy pivot looks for a further upside to 1.07490 & 1.07600.
Comment: RSI is below 50 levels and pairs are below its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
GBP/USD Intraday: Trend on the downside
Our pivot point is at 1.27100
Preferable Price Action: Sell positions below pivot with targets at 1.27000 & 1.26900 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.27200 & 1.27290.
Comment: RSI is below 50 levels and pairs are below its 20MA and 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
USD/JPY Intraday: Trend on the upside
Our pivot point is at 158.100
Preferable Price Action: Buy position above pivot with the target at 158.300 and 158.460 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 157.920 and 157.770.
Comment: MACD is above 50 levels and pairs are above its 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
AUD/USD Intraday: Trend on the downside
Our pivot point is at 0.66740
Preferable Price Action: Sell positions below pivot with targets at 0.66610 & 0.66480 in extension.
Alternative Price Action: Above pivot a further upside with 0.66880 & 0.67010 as targets.
Comment: RSI is below 50 levels and pairs below its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
CRUDEOIL Intraday: Trend on the upside
Our pivot point is at 80.41
Preferable Price Action: Above pivot buy oil with 80.80 & 81.18 as targets.
Alternative Price Action: Sell crude below pivot with targets at 80.03 and 79.66 in extension.
Comment: RSI is above 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
XAU/USD Intraday: Trend on the upside
Our pivot point is 2340.30
Preferable Price Action: Further upside to 2348.60 and 2356.30.
Alternative Price Action: If the price gives an downside breakout of a pivot, then the price extends to 2331.40 and 2323.20.
Comment: MACD is above 50 levels and Paris above its 20MA and 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
Dow Jones Intraday: Major trend on the upside
Our pivot point is 38,823.40
Preferable Price Action: Take buy positions above the pivot with targets at 38,909.80 & 38,991.20.
Alternative Price Action: Below 38,823.40 looks for further downside to 38,737.00 & 38,649.60.
Comment: RSI is above 50 levels and pairs above its 55MA & 20MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced