Trading Market Insights:
- Most Asian stocks fell on Tuesday after recent big rises as investors awaited more clues on central banks' interest rate hikes. Australia's central bank holds rates, signals more hikes maybe required
- Market conditions were subdued due to the U.S. Independence Day holiday, with most of Wall Street closed.
- Japan's Nikkei share average fell 1.1% after reaching a 33-year high in the previous session.
- U.S. S&P 500 E-mini stock futures slipped 0.1% in Asian trade.
- Investors are monitoring economic data and second-quarter earnings, while uncertainty remains over the Federal Reserve's policy path.
- The minutes from the Fed's last meeting are expected later in the week, which could inject volatility. Scheduled 8 times per year, 3 weeks after the Federal Funds Rate is announced;
- Concerns arise if the Fed overtightens and increases rate hikes beyond market expectations, potentially leading to a deeper recession.
- Geopolitical tensions, including China's export controls on minerals, add to global trade uncertainty. Tit for tat, export controls, minerals and chip making technology.
- The dollar index rose slightly to 102.97 in the currency market.
- Oil prices held steady after a 1% decline, weighing supply cuts against weak demand. After spike yesterday, Russia, Saudi, confirmed production cuts.
- Brent crude futures were up 0.3% at $74.87 a barrel, while U.S. West Texas Intermediate crude added 0.3% to $70.06. Opec meeting Wednesday
- The Treasury market is closed for the Independence Day holiday, with concerns over an extended Fed hiking cycle leading to an inversion in the U.S. Treasury yield curve. Low volumes
Key events today:
Australia interest rate decision.
US Independence Day national holiday. Financial markets closed.
Dollar Index (DXY) Intraday
Pivot Level: 103.00
Pivot Level: 1920.39
Crude Oil (WTI) Intraday
📈Based on Today's Fundamental and Technical Market Insights📈
Nasdaq 100 Intraday:
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