EURUSD's uptrend might continue after a completion of the current retracement around $1.09 depending on important upcoming data. Inflation in the eurozone has continued to drop and flash GDP while lukewarm has at least not been negative, with neither the eurozone generally nor Germany specifically in recession now by this measure. It might be possible to see the...
XRP, the cryptocurrency issued by Ripple had the biggest move in July, by more than +42% increase. Following the court decision in favor of Ripple in the lawsuit against the SEC the cryptocurrency saw immense boost in its price pushing it past $0,80. This is the first industry win against the SEC, and sets the precedent for other crypto assets, tokens and...
US dollar-Canadian dollar, daily With both the USA and Canada posting relatively large and consistent declines in inflation over the last several months and the job market remaining fairly strong in both too, there’s no clear fundamental narrative affecting USDCAD at the moment. Rates in the two countries remain comparable while the loonie’s correlation with...
The pound has held early 2023’s gains against the Australian dollar as inflation in the UK remains among the highest of large, advanced economies and the Bank of England is likely to continue hiking at least in September and probably November as well. However, there has been considerable progress on inflation and June’s 7.9% was a bigger drop in the annual rate...
Gold is consolidating around 1945 - an intermediate-term support area, which would unlikely hold for long enough, and has a chance of moving below $1940.
BTCUSD had plummeted below the intermediate-term support level of $29500. Considering the softer than anticipated inflation in the US, FED would probably send a dovish signal to the markets, which can provide a limited support to cyclical assets, including Bitcoin. Risk-appetite stays at a relatively high level. This week is packed with different decisions from...
Nasdaq is driven by the tech earnings this week, however we’ve observed some rotation between tech and financial stocks. Techs consolidated, while financial sector has been on the rise during the previous week. As this week is a “tech week” in the earnings calendar, it’s possible to see Nasdaq moving up towards a new high, after which it may correct back.
Despite the consensus of buyers in the oil market, the intermediate-term level of $80 has not been achieve yet, and the maket might need more fuel to take this level. A potential pullback towards $73-75 below would be logical, after which Crude oil might complete the rally.
Gold struggled for much of the second quarter as it became increasingly clear that the Fed was very unlikely to pivot until the first half of next year. Sentiment in stock markets has generally remained strong in recent months but, with many shares being flat or consolidating, growth by major indices has come from a small number of major companies. From a...
Shares in Coca-Cola Company (The), (‘KO’) have made some gains in the first half of the second quarter with a top gains of around 10% before incurring losses and currently sitting at a minor profit of around 3%. The company is expected to report earnings for the quarter ending June 2023, on Friday 26th of July before market open. The consensus EPS is $0,71...
Shares in Meta Platforms, Inc. (symbol ‘META’) have performed in an almost perfect bullish rally throughout the whole of the second quarter of the year with gains of more than 45% outperforming both the S&P 500 and the Nasdaq. The company is expected to report earnings for the quarter ending June 2023, on Friday 26th of July after market close. The consensus EPS...
The lack of a clear result from Spain’s elections has been somewhat negative for the euro, but the apparently worsening economic downturn in the eurozone would traditionally be more significant. However, inflation has declined steadily this year and the ECB has maintained its hawkish policy, Australian employment figures remain strong, suggesting ongoing...
Shares in Alphabet Inc (symbol ‘GOOGL’) have made some significant gains in the second quarter of the year of around 38% and have somewhat continued their bullish run in the first half of July. The company is expected to report earnings for the quarter ending June 2023, on Tuesday 25th of July after market close. The consensus EPS is $1,32 compared to $1,21 in...
Shares in Microsoft Corporation (symbol ‘MSFT’) have performed exceptionally well throughout the whole of the second quarter of the year with gains of around 80% outperforming the S&P 500. The company is expected to report earnings for the quarter ending June 2023, on Tuesday 25th of July after market close. The consensus EPS is $2,55 compared to $2,23 in the same...
GBPJPY pair is in focus this week with a possible pullback to the 182 area before continuing its bearish rally at around 178. The main narratives behind this is the differences in the 10 year bond yields of the two countries that show capital flowing more aggressively in favor of the Yen as well as the economic data expected later in the week which , if confirmed,...
Oil prices dropped by over 1% on Monday due to slower than expected Chinese economic growth and the partial restart of halted Libyan output. China's GDP grew 6.3% in the second quarter, below market expectations of 7.3%, leading to concerns about weakening demand from one of the world’s top oil importing countries. The resumption of output at two Libyan fields...
The recent bullish revival in the pair is attributed to a significant selloff in the USD shown in the Dollar index (DXY) following positive inflation data in the US. However, the upcoming UK inflation data adds complexity to the short to medium term outlook for the pair. Despite the Bank of England's hawkish stance, UK core inflation has been accelerating,...
USOIL has found resistance on the Bollinger bands and is currently correcting to the downside without any strong signals as to the short term direction. The area between $71-$72 is the strong support area consisting of the 20 and 50 day moving averages in combination with the 50% and 61.8% of the daily Fibonacci retracement levels.