Brent: Future is Still Sunny
What happened? Brent returned to the rising channel on Wednesday by gaining 4% during the trading session…
The GBP is the strongest and the NZD is the weakest
Information is not investment advice
Ichimoku Kinko Hyo
EUR/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
Fibonacci Levels
XAG/USD: Silver after a remarkable selling moves higher since nfp .
US Market View
Oil prices rose on Monday, driven higher by a disagreement inside OPEC+ about output policy that led to a third day of talks to try to break an impasse among producers in the group.
The dollar dipped against a basket of major currencies on Monday, after hitting a speed bump when last week's mixed bag of U.S. labour data allayed investor fears about a faster end to monetary stimulus. While the headline June job creation figure beat forecasts, unemployment ticked higher and workforce participation didn't budge - suggesting positive progress, but space for the Federal Reserve to wait before tapering asset buying or hiking rates. Bonds rallied, stocks rose and the dollar slipped in the wake of the data - dropping most against the risk-sensitive Australian and New Zealand dollars and the rates-sensitive yen.
Russia's economy has been recovering robustly in the past few months, a boon for authorities ahead of elections, but an abrupt surge in COVID-19 cases and the need to raise interst rates to combat inflation are challenging further growth. After shrinking 3% in 2020, its sharpest contraction in 11 years, the Russian economy was on the mend thanks to a rebound in consumer demand and high prices for oil, its key export, prompting a series of upgrades to its economic outlook. The central bank expects the economy to grow 3-4% this year, despite its three rate increases aimed at reining in stubbornly high inflation. But an expected fourth rate hike, to at least 6% in July, and prospects of even more expensive lending could take its toll on business activity.
Britain's financial watchdog on Monday proposed making it easier for tech companies to list in London to strengthen the capital's ability to compete with New York and the European Union following Brexit. The Financial Conduct Authority (FCA) has proposed allowing dual class share structures for "innovative, often founder-led companies" for the first five years of a listing on the London Stock Exchange's premium segment. Dual class share structures allow company founders to maintain control at the expense of ordinary shareholders and are popular in New York and Amsterdam, the EU's top share-trading centre.
USA Key Point
- USD/CAD a little higher to start the new week but sellers still keep near-term control.
- Oil stays relatively upbeat awaiting OPEC+ decision.
- Eurozone July Sentix investor confidence 29.8 vs 28.1 prior.
- UK June final services PMI 62.4 vs 61.7 prelim.
- Pound a little higher in light trading so far today.
- SNB total sight deposits w.e. 2 July CHF 712.1 bn vs CHF 712.5 bn prior.
Gerasimos Papagiannis
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