US Slaps Iran With Sanctions, Asia Up on EarningsBy Kenneth@Xtrade - on August 7, 2018
Tuesday Tango, The Markets are witnessing corrections and change of trends while the China-US trade tariffs morph into the unknown. Meanwhile, US sanction against Iran is going to take effect today despite pleas to US President Trump from allies amid Wall Street gains
While Earnings Reports dictate the pace of triumph for Global markets. On Monday Netflix and others Wowed markets with upbeat reports which lift not only the US Shares, however it impacted the Asian and EU stocks in a Bullish way. Today with some 383 entities scheduled to report their Q2 earnings including name such as CEVA Inc.( CEVA), Crocs Inc. (CROX), Bluerock Residential Growth REIT Inc. (BRG), Avis Budget Group Inc.( CAR) and others. Investors are banking on another positive run for Global markets.
The Earnings report on Monday lifted wall street and gave Asian Stocks a boost which was reflected on EU shares.
- Germany 30: rose 0.70% to range between 12,644.74 – 12,740.12
- UK100: jumped up 0.47% to trend between 7,678.17 – 7,748.25 with more upside.
- Italy 40: surged 1.20% ranging from 21,635.00 – 21,845.00
- France 40: was also up trending 0.52% perhaps up to a 1.00% high oscillating between 5,490.08 – 5,528.21
- The EUR has been rallying in a confined around the 1.15 handle since Friday. Market participants forecast a climb above 1.1615 and more. EUR/USD was up 0.038% with lows at 1.1551 and highs 1.1608 as the first resistance level.
- GBP/USD has also been bullish after sliding last week Thursday on BOE’s weak forwarding guidance. GBP/USD rallied 0.10% to 1.2956 with further upside is seen should the Halifax House Price Index beat market expectation. However, with Brexit weighing should the report disappoint the GBP may tumble down. The current expectation is bullish with some knee-jerking moments before down trending slightly.
- USD/JPY, even though the used lost a bit of traction USD/JPY was locked in a range from 111.00 – 111.42 down 0.10% and bearish.
- AUD/USD has been Hawkish flying since early Asian Trading hours following the RBA’s decision to keep interest Rates unchanged at 1.50% the AUD climbed vs the USD 0.49% in a range of 0.7382 – 0.7439
- Gold surged Tuesday morning trending in a range of 1,215.60 – 1,224.30 should the USD continue to recede XAU/USD could climb above 1,216.21 resistance level if not remains tight between 1,207.41 – 1,216.21
- WTI Oil price also rose on by 0.54% above the $69 handle ahead of the day’s API American Petroleum Institute Report on weekly stockpiles Crude oil prices are seen oscillating between 68.81 – 83
By Friday the Cryptocurrencies were nose-diving and unable to sustain consistency.
BTC fell below the 7 k handle only to regain some ground. BTC/USD was seen trading from 6,847.0 – 7,150.0
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