USDIndex dropped a handle and fell to 105.50 from an early high of 106.40. Yields dropping measurably even in the face of the BoE’s 50 bp rate hike and ongoing hawkish Fedspeak, projections of a recession in Q4 & downturn in US growth. Stocks closed mixed but held their profits, amid positive earnings reports and yields pullback. Coinbase surged $8.09, or 10%, to $88.90 after the cryptocurrency exchange announced a partnership with money manager BlackRock. Lucid Group fell 9.7%, to $18.56 after the electric-vehicle maker cut its forecast for car production. Eli Lilly lost 2.6% (revenue fell in the Q2). Alibaba’s rose $1.71, or 1.8% after earnigns.
USDIndex is holding above 106 at currently 106.30.
Equities – USA30 -0.26% in the red, USA500 steady at 4160 and USA100 0.41% in the green.
Yields: The belly of the Treasury curve dove over 6 bps to 2.76% on the 5-year. The 2-year slid almost 5 bps to 3.016%, and the wi 10-year fell 4 bps to 2.655%.
Oil – dipped to $87.53 (key weekly drop below 50 DMA). Saudi Arabia raised oil prices for buyers in Asia, which will make discounted Russian oil even more attractive, despite the pressure to sanction Moscow’s deliveries.
Gold have steadily moved higher. Currently at $1794, which brings the $1830 into view.
FX Markets – EURUSD is at 1.0227 and Cable is at 1.2150. USDJPY steady at 133.25.
Today – NFP and Canadian labor data. The risk for US payrolls is downward (est. at 260K), both because job growth has outpaced the GDP path into 2022, and GDP growth is slowing.
Biggest FX Mover @ (06:30 GMT) ETHUSD (+4.84%) retests week’s highs at 1680. MAs aligned higher, MACD turned positive but signal line holds below 0, RSI 60 and dropping. H1 ATR 19.92, Daily ATR 58.28.
Click here to access our Economic Calendar
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.