Stocks pull back as dollar advances ahead of Fed minutes release - 7.7.2021

IFC Markets

Master Trader
Oct 31, 2012
London (Great Britain)

Top daily news​

Global stock markets are mostly falling today after US stocks finished lower Tuesday as investors await the Fed minutes with dollar firm amid higher inflation expectations. Amazon shares jumped 4.69% Tuesday amid news Pentagon canceled $10 billion cloud-computing contract with Microsoft after Amazon challenge the decision was result of ‘improper pressure from Trump, Twitter stock rose 1.46% despite the Indian government first official court filing that Twitter Inc. no more enjoys liability protection against user-generated content in India.

Forex news​

Currency PairChange
EUR USD-0.05%
GBP USD-0.02%
USD JPY+0.01%
AUD USD+0.19%

The Dollar strengthening is intact currently . The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.3% Tuesday as the Institute for Supply Management (ISM) services PMI declined to 60.1 in June from 63.4 in May when an increase to 64 was expected.

GBP/USD joined EUR/USD’s accelerated sliding yesterday despite Eurostat report euro-zone retail sales rose more than expected in May after a pullback in April. Both pairs are lower currently. AUD/USD joined USD/JPY’s continued sliding yesterday with the dynamics reversed for both pairs currently.

Stock Market news​

Dow Jones Index-0.28%
Nikkei Index-0.98%
Hang Seng Index-0.71%
Australian Stock Index+0.8%

Futures on three main US stock indexes are down currently ahead of Fed’s June meeting minutes release at 20:00 CET today. Stock indexes in US ended mixed Tuesday with Nasdaq ending at record high as ISM data showed the US services sector is still growing strongly but had slowed more than expected in June amid supply issues: the three main US stock indexes posted returns ranging from -0.60% to +0.17%.

European stock indexes are edging lower currently after a down session on Tuesday with basic resources shares leading losses as German industrial orders unexpectedly slumped in May, dropping 3.7% over month to mark their sharpest decline since the first covid lockdown of 2020. Asian indexes are mixed today with Nikkei leading losses.

Commodity Market news​

Brent Crude Oil+0.53%
WTI Crude+0.43%

Brent is retracing higher today. Oil prices ended sharply lower on Tuesday after OPEC+ canceled a meeting when major producers were unable to come to an agreement to increase supply. The US oil benchmark West Texas Intermediate (WTI) dropped 2.4% Tuesday but is higher currently. Brent crude plunged 3.4% to $74.53 a barrel.

Gold Market News​


Gold prices are extending gains today. August gold rose 0.6% to $1794.20 an ounce on Tuesday.