Market Brief Series / EP. 363 / 10th July 2018 – Tues.
Overall there is strength in the AUD, EUR, with minor strength in USD. Weakness in the GBP, JPY, CHF, with minor weakness in CAD.
President Donald Trump on Monday night named Judge Brett Kavanaugh, a favourite of the Republican legal establishment, to fill the newest vacancy on the US Supreme Court, tapping a conservative figure who is likely to push a divided court to the right after years of seesaw rulings.
Oil prices rose on Tuesday on escalating concerns about potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway are set to strike later in the day after failed wage talks.
USD/JPY is knocking on the doors of the 111 the figure once again where corporate exporter offers are sighted, holding up the pace of the attack.
GBP was frail on Tuesday after the departure of two key eurosceptic ministers raised worries about a "hard Brexit" while the dollar stood near three-week lows against its rivals after data showed soft U.S. wage growth.
AUD/USD is holding near the early Asia session's highs, testing 0.7480 following mostly bullish data for China with the CPI/PPI spreading results, and a disappointing read for NAB business surveys.
EUR/USD is under pressure again after consolidating for the past few days. Preference for short positions below 1.1770 with target at 1.1720. Alternatively, above 1.1770 look for further upside with 1.1810 as target.
On Data slate there’s UK Industrial Production; UK Manufacturing Production; UK Index of Services; UK Trade Balance; UK GDP; German ZEW Survey; Euro-Zone ZEW Survey; US Redbook Index; US Job Openings; US 4-Week Bill Auction; US 3-Yeae Note Auction and US Weekly Crude Oil Stock.
SELL EUR/USD @ 1.1760 OR BETTER – STOP @ 1.1810 – TARGET @ 1.1610
SELL GBP/USD @ 1.3270 OR BETTER – STOP @ 1.3330 – TARGET @ 1.3150
BUY USD/JPY @ 110.80 OR BETTER – STOP @ 110.40 – TARGET @ 111.65
BUY CL0818 @ 73.90 OR BETTER – STOP @ 73.10 – TARGET @ 75.10
SELL AUD/USD @ 0.7460 OR BETTER – STOP @ 0.7505 – TARGET @ 0.7380
SELL XAU @ 1260 OR BETTER – STOP @ 1268 – TARGET @ 1245
SELL XAG @ 16.20 OR BETTER – STOP @ 16.60 – TARGET @ 15.20
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Hi,
Informative that I can use. Thanks.
Thanks for sharing.
Yesterday it's been a very interesting day with Boris Johnson quitting and the GBP going down by more than 100 pips against USD and JPY.
The price already recovered by the way. I think that the news had a short-term impact that created volatility, but in the long term, it should be positive for the pound.
Good luck!