- CFD trading
- CFD trading
- Markets
- Markets
- Products overview
- Forex
- Commodities
- Metals
- Indices
- Shares
- Cryptocurrencies
- Treasuries
- ETFs
- Accounts
- Accounts
- Compare our accounts
- Our spreads
- Funding & withdrawals
- Open CFD account
- Try free demo
- Company, Trust or SMSF account
- Platforms
- Platforms
- Platforms overview
- MetaTrader 4
- MetaTrader 5
- cTrader
- cTrader copy trading
- Mobile trading platforms
- GO WebTrader
- Premium trading tools
- Premium trading tools
- Tools overview
- Trading central
- VPS
- Genesis
- Autochartist
- Share trading
- Share trading
- Invest in shares
- Invest in shares
- Trade ASX shares and ETFs
- Share trading platform
- Log into share trading
- Open share trading account
- Help centre
- Downloads
- Downloads
- Android app
- iOS app
- Education
- Education
- Resources
- Resources
- News & analysis
- Education hub
- Economic calendar
- Courses
- Courses
- Introduction to forex
- First steps in forex
- Next steps in forex
- Help & support
- Help & support
- About
- About
- About GO Markets
- Our awards
- Sponsorships
- Client support
- Client support
- Contact us
- FAQs
- Quick support
- Trading hours
- Fraud and scam awareness
- Legal documents
Open Account
- CFD trading
- CFD trading
- Markets
- Markets
- Products overview
- Forex
- Commodities
- Metals
- Indices
- Shares
- Cryptocurrencies
- Treasuries
- ETFs
- Accounts
- Accounts
- Compare our accounts
- Our spreads
- Funding & withdrawals
- Open CFD account
- Try free demo
- Company, Trust or SMSF account
- Platforms
- Platforms
- Platforms overview
- MetaTrader 4
- MetaTrader 5
- cTrader
- cTrader copy trading
- Mobile trading platforms
- GO WebTrader
- Premium trading tools
- Premium trading tools
- Tools overview
- Trading central
- VPS
- Genesis
- Autochartist
- Share trading
- Share trading
- Invest in shares
- Invest in shares
- Trade ASX shares and ETFs
- Share trading platform
- Log into share trading
- Open share trading account
- Help centre
- Downloads
- Downloads
- Android app
- iOS app
- Education
- Education
- Resources
- Resources
- News & analysis
- Education hub
- Economic calendar
- Courses
- Courses
- Introduction to forex
- First steps in forex
- Next steps in forex
- Help & support
- Help & support
- About
- About
- About GO Markets
- Our awards
- Sponsorships
- Client support
- Home
- News & analysis
- Economic Updates
- The Rally on Wall St continues – Tech leads on soft US data, FX markets choppy – range bound
- Home
- News & analysis
- Economic Updates
- The Rally on Wall St continues – Tech leads on soft US data, FX markets choppy – range bound
News & analysisNews & analysisThe Rally on Wall St continues – Tech leads on soft US data, FX markets choppy – range bound
18 July 2023 By Lachlan MeakinUS equities pushed higher again in Monday’s session with soft US manufacturing data (lowering rate expectations from the Fed) counteracting weak Chinese figures during the Asian session. This saw the NASDAQ outperform, breaking through resistance and hitting its highest level since January 2022.
FX Markets
USD was flat on Monday, the US Dollar Index (DXY) trading either side of 100 in a low volatility, tight range session. Highs of 100.18 were seen just before the US cash session opened when US Treasury yields were at their highs, before sharply paring and trading sub 100 throughout the rest of the US. The US Federal Reserve is now in its blackout period ahead of its July 26th meeting, further adding to the low volatility.
EURUSD saw marginal gains, holding on to the 1.12 handle throughout the session. ECB’s Nagel spoke once again stating he expects a 25bp hike in July but is data dependent for September and he does not currently see a risk of over-tightening, helping to bolster EUR somewhat, also outperforming GBP in a choppy session, before finding resistance just below the big 0.86 figure.
AUD and NZD were generally softer vs the USD, failing to benefit from risk on sentiment with the upside in US stocks. AUD and NZD both falling victim to soft Chinese GDP data released during the Asian session. AUDUSD briefly lost hold of 0.68 when the Dollar peaked but managed to reclaim the level shortly after and have held hold above it since. NZDUSD found support at 0.6300. AUDNZD rallied slightly, moving back to its 2023 mid-point.
Commodities
Oil had an exciting session, initially drifting lower after weak Chinese data only to explode higher early in the European session after Reuters printed a headline about Saudi Arabian production cuts , which was retracted minutes later seeing USOUSD give up all the gains in minutes.
In today’s economic announcements, the RBA minutes from their July meeting will be released at 11:30 AEST, with the market split on the RBA’s next move (Rates markets pricing in a 25% of a hike in August) AUD traders could see some action at this time.
Ready to start trading?
The information provided is of general nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information provided, you should consider whether the information is suitable for you and your personal circumstances and if necessary, seek appropriate professional advice. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice. Past performance is not an indication of future performance. Go Markets Pty Ltd, ABN 85 081 864 039, AFSL 254963 is a CFD issuer, and trading carries significant risks and is not suitable for everyone. You do not own or have any interest in the rights to the underlying assets. You should consider the appropriateness by reviewing our TMD, FSG, PDS and other CFD legal documents to ensure you understand the risks before you invest in CFDs. These documents are available here.
#Economy #Economics #Finance #MarketsNext Article
Eyes on EURUSD going into European inflation data
After surging close to 4% since early July off the back of a weakening USD, the EURUSD pair has stabilised around $1.123. With very little volatility seen this week in the pair, eyes now turn to the euro, as the European inflation data is set to be released today. Analysts are predicting a continued downward trend in inflation, with a Year-on-Ye...
July 19, 2023Read More >Previous Article
The Economics of Currency Pegs: Stability vs. Risk
A currency peg is a policy in which a country's government or central bank fixes the exchange rate of its currency to the value of another currency or...
July 17, 2023Read More >Please share your location to continue.
Check our help guide for more info.