Commotions in the Market

By Kenneth@Xtrade - on July 2, 2018

  • The week seems to be driven by the impact of US lead trade tariffs which has snowballed to a ping pong of trade wars. None the less a capricious undertone is highlighted for the day.
  • Asian Markets fell, with China’s Yuan receded to two-year lows. The Crunch spilled to the European Markets which opened slightly positive were short-lived to be pinned down by the threat of possible resignation of Germany’s interior Minister on migrations concerns
  • Germany 30 (DAX30) was trading between 12,132.93 – 12,277.62 by 08:40 GMT down 0.25% at 12,273.22.
  • UK’s 100 (FTSE100), receded 0.83% ranging hopelessly between 7,539.25 – 7,584.86 even positive reports today did not move the GBP into a bullish light.
  • France 40 (CAC40) plunged 0.91% to 5,275.57

The Commodities have also been hit hard with almost metals, energy down.

  • Gold dropped 0.39% to 1,249.60.
  • WTI Oil recedes 0.35% to trade at $73.89bbl, ranging from 72.62 – 74.00. Trump’s tweet on Saturday claim Saudi had agreed to increase productions to bring prices down was quickly refuted. Volatility is expected as eyes pray on OPEC for clear direction.
  • The USD managed to consolidate its gains from Friday. USD was seen hawkish to the EUR, GBP, AUD, and even safe haven JPY conceded to the US.
  • Market participants are looking at Friday’s NFP report to determine if the rates may be hiked once or twice before the end of the year.
  • Cryptocurrencies retreat from Friday’s highs amid news that Facebook has removed its blanket ban.
  • Reversal and corrections are expected as the day’s economic reports are delivered.

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