Trading Market Insights:
1. Asian markets faced a downturn today as China's services sector experienced a slowdown, leading to a cautious market sentiment. Additionally, investors are eagerly awaiting the release of the Federal Reserve minutes and a significant U.S. jobs report later this week.
2. Market activity remained subdued following the Independence Day holiday in the U.S., with a slight dip observed in S&P 500 and Nasdaq futures.
3. Australia's shares, which are heavily influenced by resources, declined after the Reserve Bank of Australia announced a steady interest rate but cautioned about potential tightening measures in the future.
4. Chinese shares witnessed a decline; however, some experts view this as an opportune moment to enter the market, considering the potential stabilization in the relationship between the United States and China.
5. Tensions between China and the U.S. in the technology sector impacted overall market sentiment. Nevertheless, Chinese manufacturers of chip-related products saw a rally in their share prices.
6. Traders are eagerly anticipating the publication of the Federal Reserve's policy meeting minutes and the U.S. non-farm payrolls report. These events are expected to provide valuable insights into the future direction of monetary policy.
7. The yield on the two-year Treasury experienced a slight decrease, while the 10-year yield remained stable.
8. The Japanese yen weakened slightly, and the Australian dollar also weakened in response to China's economic outlook.
9. Forex traders are closely monitoring the possibility of intervention from Beijing and Tokyo to manage the depreciation of the yuan and yen, respectively.
10. Oil prices observed an increase, while gold prices remained stable.
11. The upcoming OPEC conference is anticipated to offer valuable insights into global crude oil supply, potentially influencing oil prices. Market participants will pay close attention to indications of production quotas and adjustments in supply strategies.
12. The decline in U.S. crude oil production due to reduced drilling activities is also impacting the oil market.
13. Investors are expressing concerns about the potential impact of higher interest rates and the overall economic backdrop on stock market gains.
14. The U.S. nonfarm payrolls report holds significant importance for the markets as it is expected to provide clues regarding the future trajectory of monetary policy.
Eurozone S&P Global Eurozone services PMI, PPI, Wednesday
OPEC International Seminar, speakers including OPEC+ oil ministers, kicks off in Vienna, Wednesday
FOMC issues minutes on June policy meeting, Wednesday
New York Fed President John Williams in “fireside chat” at meeting of the Central Bank Research Association at the New York Fed, Wednesday
Dollar Index (DXY) Intraday:
Pivot Level: 103.01
Pivot Level: 1925.20
Crude Oil (WTI) Intraday:
📈Based on Today's Fundamental and Technical Market Insights📈
Nasdaq 100 Intraday:
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