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On Monday (July 1st), dragged down by the rise of the euro at the beginning of trading,
the Japanese yen continued to slide against its peers, market strategists predict that the yen could climb above the 170 mark against the dollar
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Market Review | July 2, 2024
Market Review | July 2, 2024
The U.S. ISM Manufacturing PMI dropped to 48.5 in June, below expectations, but the dollar rebounded after a Supreme Court ruling in favor of Trump. Investors await U.S. job data for hints on potential Federal Reserve rate cuts. Despite rising U.S. bond yields, gold remains strong near $2300. If it breaks above the 50-day moving average of $2337, it could reach $2390-$2400, but faces resistance at $2339.21. A drop below $2323.29 would weaken the bullish signal; watch for a breakout in the $2291.
As the first round of voting in the French National Assembly elections concludes, global investors are once again focusing on this major Western European nation. According to CCTV News, the far-right political party National Rally leads with 33% of the vote in the initial round, followed closely by the left-wing coalition "New People's Front," which garnered 28.5% of the ballots. The ruling party, Renaissance, and the centrist alliance "Together" ranked third with 22% of the votes. This outcome
Global markets face significant changes. China's financial sector caps salaries under Xi Jinping's "common prosperity" policy, affecting the yuan and major financial stocks. India's entry into the JPMorgan Emerging Markets Bond Index boosts investment and strengthens the rupee. Nike's weak outlook suggests a U.S. economic slowdown. Japan's yen nears a 40-year low, prompting potential stabilization efforts. Hong Kong faces judicial concerns, impacting its financial stability.
Global markets face significant changes. China's financial sector caps salaries under Xi Jinping's "common prosperity" policy, affecting the yuan and major financial stocks. India's entry into the JPMorgan Emerging Markets Bond Index boosts investment and strengthens the rupee. Nike's weak outlook suggests a U.S. economic slowdown. Japan's yen nears a 40-year low, prompting potential stabilization efforts. Hong Kong faces judicial concerns, impacting its financial stability.
The yen continues to weaken against major currencies, with USD/JPY potentially climbing above 165. Japan's officials express concerns, hinting at potential intervention. Stable domestic indicators fail to support the yen amid robust USD performance.
The ECB's consumer expectations survey shows mixed economic signals with slight improvements in unemployment expectations but unchanged growth forecasts. The euro faces pressure from a strong USD, while the GBP shows resilience, contributing to the strength of GBP/USD and the decline of EUR/GBP.
Gold prices are buoyed by weak U.S. economic data, reduced Fed rate hike expectations, and ongoing geopolitical tensions. The precious metal is set for its third consecutive quarterly gain, with upcoming U.S. inflation data being closely monitored.
The dollar's recent strength was tempered by last Friday's Personal Consumption Expenditures (PCE) reading, which aligned with market expectations. The mixed results of recent U.S. economic indicators have cast uncertainty over the Federal Reserve's upcoming monetary policy moves, although part of the market remains optimistic about an October rate cut.
Market Review | July 1, 2024
Market Review | July 1, 2024
The Japanese Yen has reached a historic low, despite government intervention efforts. This has strengthened the US Dollar Index. USD/JPY hit a multi-decade high, driven by the Yen's weakness. Despite the overbought RSI, traders eye support levels at the 55-day (156.53) and 100-day (153.81) SMAs before challenging new highs.
As global attention focuses on the televised debates of the two major parties in the United States, France is also gearing up for its highly anticipated National Assembly elections this weekend amid the turmoil surrounding the upcoming presidential election. President Macron's decision to call for these emergency elections following his party's defeat in the European Parliament elections earlier this month has sparked market chaos. Investors fear that the new government could exacerbate the coun
Please be advised that the following instruments' trading hours and market session times will be affected by the upcoming July holidays.
Candlestick patterns, also known as Japanese candlestick charts, are a widely used technical analysis tool for describing the price movements of securities, derivatives, or Forex. From the beginning of my trading journey until now, I have learned about approximately 40 types of candlestick patterns.