The Deutsche Bank staff sent home as 18,000 job cuts begin

The FxPro Analyst Team commented to the Guardian:

Deutsche Bank’s restructuring plan is the latest twist in its “desperate struggle for survival”, say the analyst team at foreign exchange platform FxPro.

But although its shares have recovered from a record low below €6 last month to around €7.40 this morning, the future looks challenging.

By tempering ambitions and reducing staff – including the exit from the U.S. market – Deutsche Bank abandons the ambitions of further development.

Looking ahead, it calls into question its ability to gain a foothold above the level of €20 per share, not to mention the historical highs near €95.”

#WaveAnalysis: #Corn is expected to rise further and retest the next resistance level 463.00

https://fxpro.news/market-snapshots/corn-wave-analysis-8-july-2019-20190708/

#WaveAnalysis: #EURUSD is expected to fall further and retest the next support level 1.1175
https://fxpro.news/market-snapshots/eurusd-wave-analysis-8-july-2019-20190708/

FX: USD craved upward, but the pace of growth slowed down recently. Market volatility has generally decreased in anticipation of new signals from the Fed.

Stocks: Indices are losing ground on the reassessment of the Fed policy expectations and rolling back from recent peaks.

Commodities: Brent retreated after failed attempt to climb above 65 on Monday, dropping to $63.70 at the time of writing. Gold adjusted 5th trading session in a row trading at $1393.

Crypto: a New growth spurt brought Bitcoin back to the 18-month highs at $12700.

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Important upcoming events (GMT):
12:45 US [!!!] The speech of the Fed's Powell
14:10-18:00 US [!!] Speeches by FOMC members Bullard, Quarles, Bostic.

Detailed economic calendar

Bit-comment: Bitcoin spiked to 18-month highs
#Bitcoin spiked by more than $1,200, or 11% above $12,500 overnight. Along with the price, trading volumes also grew, which fundamentally supported a positive trend

https://fxpro.news/analysis-and-insight/bit-comment-bitcoin-spiked-to-18-month-highs-20190709/

Fed speeches are in focus, while Apple has pulled the markets down

Futures on the S&P500 (#SPX) fell for the second day in a row, retreating by 1.3% from historic highs around 3000

#EURUSD slowly shifting downwards

#Apple has dragged the markets down atfer downgrade to 'sell'

https://fxpro.news/daily-forex-outlook/fed-speeches-are-in-focus-while-apple-has-pulled-the-markets-down-20190709/

Bitcoin (BTC) heading to new highs

Given the less similarity of the current dynamics with the December 2017 rally, Bitcoin investors have all the reasons to expect new price records.

Now it seems that we are dealing not with rush growth, but with consistent dynamics. The BTC price dynamic, interrupted by rest and corrections is moving towards new goals, bringing in profits to scalpers, as the daily fluctuations can still be impressive enough to open and close positions within the day.

https://fxpro.news/analysis-and-insight/bitcoin-btc-heading-to-new-highs-20190709/

#WaveAnalysis: #USDCAD is expected to rise further and retest the next resistance level 1.3200
https://fxpro.news/market-snapshots/usdcad-wave-analysis-9-july-2019-20190709/

#WaveAnalysis: #Palladium is expected to fall further and retest the next support level 1509.00
https://fxpro.news/market-snapshots/palladium-wave-analysis-9-july-2019-20190709/

FX: USD recaptures its positions in anticipation of Powell's speech. GBP remains below 1.25, falling to 2-year lows yesterday.

Stocks: The pressure on the stock indices went back during the Asia trading session. SPX returned to Tuesday's opening levels, HengSeng at 2-week lows.

Commodities: Brent has grown to $64.70 after reports on the decline in the U.S. inventories. Gold at $1390, returning to a corrective decline.

Crypto: Bitcoin has gone up to $13000, but altcoins have ignored the latest wave of growth.

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Important upcoming events (GMT):
08:30 UK [!!!] Monthly GDP
14:00 CA [!!!] Bank of Canada rate decision
14:00 US [!!!] Powell's report to Congress
18:00 US [!!!] FOMC meeting minutes

Detailed economic calendar

Bit-comment: Bitcoin bears try to increase their positions

On Wednesday morning, Bitcoin is close to $13,000, adding about 2% over the last 24 hours. The rally at the end of June knocked out the “shorters”, and this indicator only at the beginning of the long recovery path, leaving room for BTC growth.

https://fxpro.news/analysis-and-insight/bit-comment-bitcoin-bears-try-to-increase-their-positions-20190710/

Powell and markets: who wags whom?

Powell’s US Congress speech today and the Fed minutes later in the evening may be a further step in bringing closer the positions between the Fed and the markets. However, the main question is whether Powell will direct the markets or the markets will direct him.

US indices managed to reverse to growth on Tuesday evening, interrupting the series of declines

EURUSD shows a decrease in intraday highs for the eighth trading session in a row

GBPUSD declined to a two-year low of 1.2440.

https://fxpro.news/daily-forex-outlook/powell-and-markets-who-wags-whom-20190710/

The British pound adds 0.4% to 1.2490, starting out from the area of two-year lows, following the release of better than expected GDP data.

In the GBPUSD pair, there is a divergence between the price chart and the RSI index, which can lead to a longer-term rebound of the extremely oversold pound in the preceding days and go beyond the short-term reaction to the news.

https://fxpro.news/daily-forex-outlook/pound-took-a-chance-for-recover-after-strong-gdp-data-20190710/

#WaveAnalysis: #Copper is expected to rise further and retest the next resistance level 274.00
https://fxpro.news/market-snapshots/copper-wave-analysis-10-july-2019-20190710/

#WaveAnalysis: #GBPAUD is expected to rise further and retest the next resistance level 1.8160

https://fxpro.news/market-snapshots/gbpaud-wave-analysis-10-july-2019-20190710/

FX: USD declined against most major currencies after hints of the Fed's readiness to ease policy

Stocks: U.S. indices returned to the all-time highs, but the Asian markets are dominated by a more cautious tone.

Commodities: Brent jumped 4% on Wednesday, trading above $67. Gold soared 2.5% to $1,420, returning to the area of the 6-years high.

Crypto: Bitcoin fell to $11100, unable to cling to the levels above $13000. Major altcoins lose from 6% to 20%, duplicating the decline.

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Important upcoming events (GMT):
10:00 🇬🇧 [!!!] Speech by the head of the Bank of England with a report on financial stability
11:30 🇪🇺 [!!] Report, the ECB meeting on monetary policy
12:30 🇺🇸 [!!!] Consumer price index
14:00-17:30 🇺🇸 [!!] Powell and other FOMC members speeches

Detailed economic calendar

Bit-comment: Cruel turnaround of the cryptomarket

Confident optimism sharply turned into a bloodbath. Bitcoin dropped by almost 12% over the past 24 hours and is trading at around $11,500, after unsuccessful attempts to gain a foothold above $13K.

https://fxpro.news/analysis-and-insight/bit-comment-cruel-turnaround-of-the-cryptomarket-20190711/

Powell spurs new wave of market growth
Fed Chairman Jerome Powell supported market expectations of a rate cut later this month. Markets again pricing 30% chanse of 50bp rate cut in July.

The S&P 500 (#SPX) updated its historical highs, climbing above 3000

#EURUSD turned to growth from levels near 1.1200 and at the time of writing it rose to 1.1280

#Gold spiked 2.5% on Wednesday, abruptly interrupting a corrective pullback and returning to six-year highs

https://fxpro.news/daily-forex-outlook/powell-spurs-new-wave-of-market-growth-20190711/

#WaveAnalysis: #Cotton is expected to fall further and retest the next support level 60.45
https://fxpro.news/market-snapshots/cotton-wave-analysis-11-july-2019-20190711/

#WaveAnalysis: #CADCHF is expected to falll further and retest the next support level 0.7500
https://fxpro.news/market-snapshots/cadchf-reversed-from-resistance-area-20190711/

FX: USD maintains a downward trend for the third day; 'commodity' currencies - ZAR, AUD, NZD - add more than the others; GBP develops its rebound.

Stocks: U.S. indices are updating their historical highs, Asian indices are adding, but much more cautious.

Commodities: Brent is breaking over $67, WTI is trading above $60. Gold stabilized above 1400, after a 1% decline the day before.

Crypto: Bitcoin got support this morning after touching the levels below 11000. The top 10 altcoins are mainly in the green zone.

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Important upcoming events (GMT):
09:00 🇪🇺 [!!] Industrial production
12:30 🇺🇸 [!!!] Producer Price Index
17:00 🛢 [!!] Baker Hughes U.S. Rig Count

Detailed economic calendar