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DAILY REPORT - 16th JULY 2020
Dow futures were trading at 26671.00 while Nasdaq 100 and S&P 500 futures inched down to 10,614.75 and 3205.88 respectively, at the time of writing.
On the earnings front, Morgan Stanley and Bank of America Corp are scheduled to report their quarterly results before the market opens on Thursday.
On the economic front, the US will report the Retail sales (MoM) for June on Thursday. The Retail Sales number reports the change in the total value of sales at the retail level, serving as a foremost indicator of consumer spending, which accounts for the majority of overall economic activity. The previous retail sales reading stood at 5.0%.
European equities were trading in negative territory. In the Cash Markets, the CAC 40 was trading at 5086.91 while the DAX inched down 0.54% to 12860.05, at the time of writing.
On the data front, the UK reported its Unemployment Rate for May on Thursday. The Unemployment Rate reports the percentage of the total work force that is unemployed and actively seeking employment during the previous three months which came in at 3.9% – better than the consensus estimates of 4.2%.
Asia-Pacific markets were trading in negative territory in the cash markets on Thursday. The ASX 200 declined 0.69% and was trading at 6010.90. The Shanghai Composite declined 4.50% to 3210.10 and Nikkei 225 inched down 0.76% to 22,770.36, at the time of writing.
On the data front, Japan will report National Core CPI (YoY) for June on Thursday. The National Core CPI reports the change in the price of goods and services purchased by consumers excluding fresh food.The Core CPI reading is expected to come in at -0.1%.
US Dollar Index futures inched up 0.06% to 96.093 and British Pound futures declined 0.29% to 1.2550, at the time of writing. US Dollar Index futures rose on Thursday as investors shift to safe haven currencies as the global economy attempts to recover from the impact of the pandemic.
In the Commodity Markets, Silver declined by 0.60% to 19.642 and Gold inched down 0.32% to 1808.05 at the time of writing. Brent oil prices declined to 40.92 at the time of writing. Oil prices eased on Thursday after OPEC and allies such as Russia agreed to taper record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a big drawdown from the country’s crude stocks.
In the Cryptocurrency Markets, Bitcoin declined 1.53% to 9,085 and Ethereum inched down 3.05% to 232.10 respectively in the last 24 hours, at the time of writing. In news related to the cryptocurrency markets, Sky Guo, founder of the Cypherium blockchain, predicts that central bank digital currency cross-border payments will happen “in the next couple years” or “even sooner”. Countries around the world are experimenting with CBDC pilots domestically, such as ride-sharing giant Didi signing “a strategic partnership” with the Digital Currency Research Institute of The People’s Bank of China.
TECHNICAL SUMMARY
EUR/USD
EUR/USD D1
TRADE SUGGESTION- SHORT SELL AT 1.14115, TAKE PROFIT AT 1.13500 AND STOP AT 1.14500
USD/JPY
USD/JPY D1
TRADE SUGGESTION –BUY AT 106.996, TAKE PROFIT AT 107.400 AND STOP AT 106.800
EUR/JPY
EUR/JPY D1
TRADE SUGGESTION- SHORT SELL AT 121.996, TAKE PROFIT AT 121.000 AND STOP AT 122.400
AUD/USD
AUD/USD D1
TRADE SUGGESTION- SHORT SELL AT 0.69772, TAKE PROFIT AT 0.69389 AND STOP AT 0.70029
NATURAL GAS
NATURAL GAS
TRADE SUGGESTION- BUY AT 1.760, TAKE PROFIT AT 1.850 AND STOP AT 1.700
GOLD
GOLD D1
TRADE SUGGESTION- BUY AT 1806.78, TAKE PROFIT AT 1818.20 AND STOP AT 1796.80
NASDAQ 100
NASDAQ 100 D1
TRADE SUGGESTION- SHORT SELL AT 10502.25, TAKE PROFIT AT 10200 AND STOP AT 10690.
Dow futures were trading at 26671.00 while Nasdaq 100 and S&P 500 futures inched down to 10,614.75 and 3205.88 respectively, at the time of writing.
On the earnings front, Morgan Stanley and Bank of America Corp are scheduled to report their quarterly results before the market opens on Thursday.
On the economic front, the US will report the Retail sales (MoM) for June on Thursday. The Retail Sales number reports the change in the total value of sales at the retail level, serving as a foremost indicator of consumer spending, which accounts for the majority of overall economic activity. The previous retail sales reading stood at 5.0%.
European equities were trading in negative territory. In the Cash Markets, the CAC 40 was trading at 5086.91 while the DAX inched down 0.54% to 12860.05, at the time of writing.
On the data front, the UK reported its Unemployment Rate for May on Thursday. The Unemployment Rate reports the percentage of the total work force that is unemployed and actively seeking employment during the previous three months which came in at 3.9% – better than the consensus estimates of 4.2%.
Asia-Pacific markets were trading in negative territory in the cash markets on Thursday. The ASX 200 declined 0.69% and was trading at 6010.90. The Shanghai Composite declined 4.50% to 3210.10 and Nikkei 225 inched down 0.76% to 22,770.36, at the time of writing.
On the data front, Japan will report National Core CPI (YoY) for June on Thursday. The National Core CPI reports the change in the price of goods and services purchased by consumers excluding fresh food.The Core CPI reading is expected to come in at -0.1%.
US Dollar Index futures inched up 0.06% to 96.093 and British Pound futures declined 0.29% to 1.2550, at the time of writing. US Dollar Index futures rose on Thursday as investors shift to safe haven currencies as the global economy attempts to recover from the impact of the pandemic.
In the Commodity Markets, Silver declined by 0.60% to 19.642 and Gold inched down 0.32% to 1808.05 at the time of writing. Brent oil prices declined to 40.92 at the time of writing. Oil prices eased on Thursday after OPEC and allies such as Russia agreed to taper record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a big drawdown from the country’s crude stocks.
In the Cryptocurrency Markets, Bitcoin declined 1.53% to 9,085 and Ethereum inched down 3.05% to 232.10 respectively in the last 24 hours, at the time of writing. In news related to the cryptocurrency markets, Sky Guo, founder of the Cypherium blockchain, predicts that central bank digital currency cross-border payments will happen “in the next couple years” or “even sooner”. Countries around the world are experimenting with CBDC pilots domestically, such as ride-sharing giant Didi signing “a strategic partnership” with the Digital Currency Research Institute of The People’s Bank of China.
TECHNICAL SUMMARY
EUR/USD
EUR/USD D1
TRADE SUGGESTION- SHORT SELL AT 1.14115, TAKE PROFIT AT 1.13500 AND STOP AT 1.14500
USD/JPY
USD/JPY D1
TRADE SUGGESTION –BUY AT 106.996, TAKE PROFIT AT 107.400 AND STOP AT 106.800
EUR/JPY
EUR/JPY D1
TRADE SUGGESTION- SHORT SELL AT 121.996, TAKE PROFIT AT 121.000 AND STOP AT 122.400
AUD/USD
AUD/USD D1
TRADE SUGGESTION- SHORT SELL AT 0.69772, TAKE PROFIT AT 0.69389 AND STOP AT 0.70029
NATURAL GAS
NATURAL GAS
TRADE SUGGESTION- BUY AT 1.760, TAKE PROFIT AT 1.850 AND STOP AT 1.700
GOLD
GOLD D1
TRADE SUGGESTION- BUY AT 1806.78, TAKE PROFIT AT 1818.20 AND STOP AT 1796.80
NASDAQ 100
NASDAQ 100 D1
TRADE SUGGESTION- SHORT SELL AT 10502.25, TAKE PROFIT AT 10200 AND STOP AT 10690.
