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Daily Market Analysis from Hotforex Broker
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[QUOTE="HFM, post: 197248, member: 32345"] [B]Date : 8th July 2021. Market Update – July 8 – USD & JPY on Bid as Risk Off Raises its Head.[/B] [URL='https://analysis.hotforex.com/wp-content/uploads/2020/08/daily-market-update.png'][IMG]https://analysis.hotforex.com/wp-content/uploads/2020/08/daily-market-update-696x364.png[/IMG][/URL] [B]Market News Today – USD at 3-month highs,[/B] Bonds rallied/Yields dived, Nasdaq & S&P hit another ATH. Seem familiar? FOMC minutes showed “Hawkish Tilt” & some members up for tapering as early as this year – conditions could be “met somewhat earlier than anticipated”. Asian equities down as risk off bites on Virus spikes, with Sydney, Indonesia and South Korea mixed. [B]USDIndex[/B] up to 92.82 yesterday – 92.70 now, [B]EUR[/B] slips under 1.1800, [B]JPY[/B] down to 110.25 & [B]Cable[/B] under 1.3800 at 1.3775. [B]Gold[/B] holds $1800, down from $1808, [B]USOil[/B] down again at $71.15 now; [B]what next for OPEC?[/B] 10yr yields dived under 1.300%. [B]Overnight[/B] – RBA’s Lowe acknowledged QE will be required for foreseeable future, strong UK housing data, better data from JPY & German Trade balance missed expectations. [B]Week Ahead – FOMC Minutes, RBA Rate Decision, ECB Growth Forecasts & Special Strategy Meeting. European Open[/B] – The September 10-year Bund future is higher, the 30-year outperforming, similar to developments in US futures. Yields continue to fall and curves flatten as markets adjust their tapering and central bank expectations amid the realization that the initial bounce back in activity is starting to level off – high levels and capacity constraints limiting the scope for a further acceleration in growth. In cash markets the US 10-year rate dropped back a further -1.2 bp to just 1.304%, and the German 10-year is set to fall further below the -0.3% mark. [B]DAX[/B] and [B]FTSE100[/B] futures meanwhile are down -0.1% and -0.4% respectively and US futures are also in the red. [B]Today[/B] – ECB Minutes, Strategy Review Announcement and Lagarde Press Conference, US Initial & Continuing Unemployment Claims. [URL='https://analysis.hotforex.com/wp-content/uploads/2021/07/2021-07-08_09-53-39.jpg'][IMG]https://analysis.hotforex.com/wp-content/uploads/2021/07/2021-07-08_09-53-39.jpg[/IMG][/URL] [B]Biggest FX Mover[/B] @ (06:30 GMT) [B]NZDJPY[/B] (-0.96%). Rallied to 78.00 highs yesterday before closing at 77.60. Move lower today on JPY bid, under 77.00. Faster MAs aligned lower, RSI 26.70 OS and still falling rising, MACD signal line & histogram remain significantly below 0 line & falling. H1 ATR 0.0015, Daily ATR 0.0065. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/B] Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. [B]Stuart Cowell Head Market Analyst HotForex Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]
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