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2021/07/08 Market Chat

Authored by ZanderVanDerMerwe
08.07.2021
Market Commentary
0
2 min

The market built up in anticipation yesterday as the market waited for last months FOMC Meeting minutes as more detail surrounding their hawkish statements. What we did find out is that there was nothing really out of the ordinary, the result being that the volumes that were expected came out somewhat disappointing. The US Dollar continued to strengthen post-meeting minutes, there was no follow-through on the US Indices and Gold remained stable.

The precious metals remained fairly stable as they consolidate around strong support levels. The big mover for the day was Brent as it continued its selloff making a daily low of $72.27 down from its daily high of $75.24.

Dollar strength crushed the crypto market as they sold off aggressively during this morning’s Asian session following statements for the Bank of China that they have concerns about stable coins threat to the global currency.

As the European market opened the Yen and Swiss Franc are the strongest currencies, however, the Pound, Australian and New Zealand Dollar are the weakest of the major currencies

The G20 Meetings kick off today as the global leaders meet up to discuss global events where a global tax and COVID-19 will surely be the main topics of discussion.

Thursday (SAST)
4:30 am - RBA Gov Lowe Speaks (AUD)
2:30 pm - Unemployment Claims (USD)
5:00 pm - Crude Oil Inventories (USD)
All Day - G20 Meetings

Authored by ZanderVanDerMerwe
08.07.2021
Market Commentary
0
2 min

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