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Five things traders need to know today
📉US and European stocks continued the decline last week as the strong economic data boosted the taper expectation. The Hang Seng Index tumbled nearly 5% on worries of Evergrande’s default risk. Nikkei 225 gained for a fourth straight week. Germany's DAX 30 will be upgraded to DAX 40 today.
😟 Gold fell 1.9% on the week to $1,753.83 amid the rising Treasury yields, while Silver lost 5.7% to the lowest level since early August. WTI crude (SpotCurde) jumped above $72. Bitcoin traded near $47,000 over the weekend.
💲 The US dollar index (USDX) regained 93 as the yield on 10-year Treasury rose to 1.36%. The FOMC meeting this week is expected to offer more clues on the Taper timeline. USDCHF broke above the 2.5-year-old negative trendline to 0.9322.
⏬ EUR extended the losses to 1.1725 amid the USD strength. GBP ended the week lower at 1.3727 despite UK’s strongest CPI growth since 2012. The Bank of England is scheduled to meet this Thursday.
🔻 AUD posted a 1.2% weekly loss and closed at a three-week low of 0.7264. NZD was lower at 0.7034, shrugging off the better-than-expected Q2 GDP in New Zealand. USDCAD rose to 1.2769.
📉US and European stocks continued the decline last week as the strong economic data boosted the taper expectation. The Hang Seng Index tumbled nearly 5% on worries of Evergrande’s default risk. Nikkei 225 gained for a fourth straight week. Germany's DAX 30 will be upgraded to DAX 40 today.
😟 Gold fell 1.9% on the week to $1,753.83 amid the rising Treasury yields, while Silver lost 5.7% to the lowest level since early August. WTI crude (SpotCurde) jumped above $72. Bitcoin traded near $47,000 over the weekend.
💲 The US dollar index (USDX) regained 93 as the yield on 10-year Treasury rose to 1.36%. The FOMC meeting this week is expected to offer more clues on the Taper timeline. USDCHF broke above the 2.5-year-old negative trendline to 0.9322.
⏬ EUR extended the losses to 1.1725 amid the USD strength. GBP ended the week lower at 1.3727 despite UK’s strongest CPI growth since 2012. The Bank of England is scheduled to meet this Thursday.
🔻 AUD posted a 1.2% weekly loss and closed at a three-week low of 0.7264. NZD was lower at 0.7034, shrugging off the better-than-expected Q2 GDP in New Zealand. USDCAD rose to 1.2769.
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What we know from the US Central Bank Meeting so far:
1) Taper as expected by $15bln a month. But want to retain flexibility based on economic outlook
2) Nice little break glass in case of emergency "expected to be transitory" clause inserted in the statement in regards to inflation.
3) Now we have to see if Powell pushes back against market's aggressive rate hike pricing.
Dollar happy - Gold unhappy
1) Taper as expected by $15bln a month. But want to retain flexibility based on economic outlook
2) Nice little break glass in case of emergency "expected to be transitory" clause inserted in the statement in regards to inflation.
3) Now we have to see if Powell pushes back against market's aggressive rate hike pricing.
Dollar happy - Gold unhappy
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Five things traders need to know today
😃 US stocks extended the rally on the lower Treasury yields and strong-than-expected employment data. Russell 2000 outperformed by a weekly gain of 6%. While most European and Asian indices ended the week higher, mainland China and Hong Kong benchmarks were the losers.
↕️ Gold jumped to a two-month high of $1,817.83 as central banks pushed back rate hike expectations last week. WTI crude (SpotCrude) declined for a second week to $81.38. Bitcoin was above $62,000.
💵 The US dollar index (USDX) was little changed at 94.14, retreating from a fresh yearly high of 94.57. The yield on 10-year Treasury slumped to 1.45% (-6.55%), pushing USDJPY lower to 113.38, the lowest close price in three weeks.
🇪🇺 EUR was largely unchanged last week at 1.1566 near the 200-week SMA, hitting the lowest level since July 2020 on Friday. GBP fell below 1.35 after the BoE surprisingly kept the rate unchanged, with the UK two-year yield -43% on the week.
🌏 AUD, the weakest G10 currency last week, traded toward 0.7400, ending a five-week winning streak. NZD ended lower at 0.7119. USDCAD continued the recovery to 1.2456 on the back of weak crude prices.
😃 US stocks extended the rally on the lower Treasury yields and strong-than-expected employment data. Russell 2000 outperformed by a weekly gain of 6%. While most European and Asian indices ended the week higher, mainland China and Hong Kong benchmarks were the losers.
↕️ Gold jumped to a two-month high of $1,817.83 as central banks pushed back rate hike expectations last week. WTI crude (SpotCrude) declined for a second week to $81.38. Bitcoin was above $62,000.
💵 The US dollar index (USDX) was little changed at 94.14, retreating from a fresh yearly high of 94.57. The yield on 10-year Treasury slumped to 1.45% (-6.55%), pushing USDJPY lower to 113.38, the lowest close price in three weeks.
🇪🇺 EUR was largely unchanged last week at 1.1566 near the 200-week SMA, hitting the lowest level since July 2020 on Friday. GBP fell below 1.35 after the BoE surprisingly kept the rate unchanged, with the UK two-year yield -43% on the week.
🌏 AUD, the weakest G10 currency last week, traded toward 0.7400, ending a five-week winning streak. NZD ended lower at 0.7119. USDCAD continued the recovery to 1.2456 on the back of weak crude prices.