- Northrop Grumman do not believe current Trump tariffs will have material adverse effect
- NASDAQ winning streak ends. Alphabet rose for the 10th straight day. Earnings tomorrow.
- Trump will meet UK Prime Minister Starmer on the weekend - seeking trade deal
- Trump. Indonesia agrees to 19% tariffs on all products coming into the US
- Not so fast....SpaceX warns investors Musk could return to US politics
- Tesla registrations in California fell 21.1% in the Q2. Earnings tomorrow after the close
- Trump announces deal with Philippines. 19% tariffs on imports. No tariffs on US goods
- Canada PM Carney: Will agree a deal with the US that is in the best interest of Canadians
- Crude oil is trading down toward its 100 day moving average
- Major European indices close mixed
- More from Trump: Thinking about no tax on capital gains on houses
- Trump: Powell will be out soon (but stops short of saying he will be fired).
- Richmond Fed manufacturing index -20 versus -8 in June
- EU Trade Comm Sefcovic: This week's EU/China summit is an opportunity to discsss trade
- FOMO or justified growth?
- Commerce Sec Lutnick: Another win for American manufacturing
- Former Fed Chair and Treas Sec Yellen: Strongly believes in the independence of the Fed.
- Powell: No comment on monetary policy or on the economy
- Fed's Bowman: Fed independence is very important with respect to monetary policy
- US Bessent: August 1 is a pretty hard deadline
The USD moved lower vs all the major currencies again today
- With an August 1 deadline for new U.S. trade deals approaching, markets are nervous that failure to finalize agreements could trigger steep tariffs. This uncertainty has undermined the dollar.
- The dollar’s drop (around 10% YTD) is benefiting U.S. multinationals—boosting earnings in companies like PepsiCo, Netflix, and 3M—suggesting some buyers believe current weakness is not yet a reason to buy USD
- Investors are increasingly concerned about the U.S. fiscal deficit and mounting debt
- Political pressure on Federal Reserve Chair Powell has stirred doubts about the central bank’s autonomy. That, combined with expectations of future rate cuts, has reduced dollar appeal. US yields were lower.
- The Richmond Fed manufacturing index was also weaker at -20 versus -8 in June
Technically speaking:
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USDJPY: The USDJPY fell to test the 100-bar moving average on the 4-hour chart, currently near 146.389, and into the top of a key swing area between 145.93 and 146.288. Earlier in the day, the pair broke below the 38.2% retracement of the move up from the July 1 low, which comes in at 146.704—a critical downside target. That level will now act as a key barometer heading into the new trading day, along with the swing lows near 146.88 from last week. Staying below 146.704 keeps sellers in control; reclaiming it would weaken that selling bias.
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EURUSD: The EURUSD initially chopped around the 50% midpoint near 1.1693 of July's trading range during the U.S. session, but then surged higher. The rally took the price above the highs from both yesterday and last week, as well as the 61.8% retracement of the July range. These key breakout levels fall between 1.1716 and 1.1725. Holding above that zone keeps buyers in control heading into the new session. On the topside, the next resistance zone is seen between 1.1753 and 1.1769. Move above it and the highs for the year starting at 1.1808 and then 1.1830 would become topside targets.
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GBPUSD: The GBPUSD pushed above the 38.2% retracement of the July high-to-low move at 1.35263, and is currently trading near 1.35328, giving buyers added confidence heading into the new trading day. The next upside targets come in at 1.3561, followed by the 50% midpoint of the same range at 1.35764. If buyers lose momentum, sellers would need to push the price back below the key swing area between 1.3505 and 1.3514 to tilt the short-term bias back toward bearish.
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AUDUSD: The AUDUSD moved lower in the Asian Pacific session below the 100 hour moving average in the process.Then extended above the 200 hour moving average at 0.65319 and seemed to fail on that break too. However buyers reemerged, with the overall dollars selling, and push the pair sharply to the upside, extending above a swing area target between 0.6536 and 0.6542 in the process. The current price is trading at 0.6551. Staying above 0.6536-0.6542 in the new trading day would keep the buyers control with the next target at 0.6574 above that 0.6582 to 0.6588.
US yields are closing lower:
- 2 year yield 3.833%, -1.8 basis points.
- 5 -year yield 3.85%, -2.3 basis points
- 10 year yield 4.346%, -2.4 basis points
- 30 year yield 4.918%, -1.9 basis points
Recall from last week, the 2, 10, and 30 year yields were toying with 4% for the two-year, 4.5% for the 10 year, and 5.0% for the 30 year.
The S&P closed at a new record after holding the 50 hour moving average at session lows. The NASDAQ index snap its six day win streak, but closed well off the lows:
- Dow industrial average rose 179.37 points or 0.40% at 44502.44
- S&P index rose 4.02 points or 0.06% at 6309.62
- NASDAQ index fell -81.49 points or -0.39% at 20892.69
- Russell 2000 rose 17.62 points or 0.79% at 2248.75.
Crude oil for September fell $0.56 to $65.39.
Gold prices rose $33.98 to $3430.85 and the price of bitcoin rose $2185 to $119,622.
This article was written by Greg Michalowski at investinglive.com.from Investinglive RSS Breaking News Feed https://ift.tt/V5L4mWK
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