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Risk on remains strong but losses strength  before FOMC

Risk on remains strong but losses strength before FOMC

Information is not investment advice

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Ichimoku Kinko Hyo

USD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

 XAU/USD: Gold facing a further consolidation on 50% retracement area. Bulls have returned recently.

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US Market View

 The Nasdaq was set to hit a new high at the open on Wednesday as falling Treasury yields lifted tech-heavy growth stocks, while investors focused on the Federal Reserve's minutes from the June meeting to gauge the trajectory of policy support going forward. China will use timely cuts in the bank reserve requirement ratio (RRR) to support the real economy, especially small firms, the cabinet said on Wednesday.

The People's Bank of China (PBOC) has been gradually scaling back pandemic-driven stimulus to curb debt risks, keeping borrowing costs low and telling banks to maintain support for small firms.

The furious rally in Treasuries has rekindled a decades-old relationship between stocks and bonds that’s at the heart of basic diversification strategies used by countless investors. An unwinding of bets by some hedge funds against 10-year U.S. Treasuries, the world's safest asset, explains the sudden ructions in bond markets, traders and fund managers told Reuters on Wednesday.

The 20-day correlation between futures for the S&P500 and Treasuries turned negative for the first time since February, according to data compiled by Bloomberg. While longer-term measures remain positive, it signals a reversal in the recent trend.

The two assets have been increasingly moving in lockstep in past few months, and the link between them jumped to a 2005 high earlier this year. It all stirred anxiety that bonds would fail in their traditional role of protecting portfolios from stock declines.

he euro zone economy will grow faster than previously thought both this year and next, the European Commission said on Wednesday, despite emerging concerns the fast-spreading Delta variant of the coronavirus could lead to new restrictions.

The European Union's executive arm also expected higher inflation this year for the 19-nation currency bloc than previously forecast,  but estimated consumer prices growth would slow next year.

The EU Commission predicted the euro zone will grow by 4.8% this year, much faster than the 4.3% expansion it had forecast in May.

USA Key Point

  • US stocks set for a small gain at the open.
  • IMF's Georgieva: There is risk of more sustained rise in inflation, which could require sooner policy tightening.
  • US MBA mortgage applications w.e. 2 July -1.8% vs -6.9% prior.
  • Japan reportedly preparing to declare state of emergency in Tokyo.
  • European Commission raises 2021 GDP growth forecast from 4.3% to 4.8%.

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