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2021/07/19 Market Chat

Authored by ZanderVanDerMerwe
19.07.2021
Market Commentary
0
2 min

The markets were in a selloff as we had a couple of factors come into the market as inflationary fears, a surge in COVID cases and the US Infrastructure plan all came into doubt resulting in a strong selloff in global indices and commodities.

US Indices all slumped as the Infrastructure bill was in question with the market anticipating an increase in tax hikes seeing the first negative week for the Nasdaq since the 16th of May, the Dow and S&P followed the Nasdaq’s lead as inflation and tax rate hikes rampaged through the markets. European closed lower for the week following a positive start as the Dax and FTSE closed the week out substantially lower leading up to the European Monetary Policy Statements due out later this week.

The Precious metals did not have the greatest day on Friday as it sold off aggressively seeing gold close the week out on $1810 and continue this morning to be trading at $1803 at the time of writing. Silver broke through its daily range that saw the selloff continue this morning as Silver trades at $25.36.

The strongest currency this morning is the US Dollar as investors shift to a risk-off approach. The Swiss Franc, Australian and Canadian Dollar are currently the weakest currencies during the European open.

Monday (SAST)
12:00 pm - MPC Member Haskel Speaks (GBP)

Tuesday (SAST)
3:30 am - Monetary Policy Meeting Minutes (AUD)

Wednesday (SAST)
3:30 am - Retail Sales m/m (AUD)
4:30 pm - Crude Oil Inventories (USD)

Thursday (SAST)
All Day - Bank Holiday (JPY)
1:45 pm - Monetary Policy Statement (EUR)
2:30 pm - ECB Press Conference (EUR)
- Unemployment Claims (USD)

Friday (SAST)
All Day - Bank Holiday (JPY)
9:30 am - German PMI (EUR)
10:30 am - PMI (GBP)
2:30 pm - Retail Sales m/m (CAD)
3:45 pm - PMI (USD)

Authored by ZanderVanDerMerwe
19.07.2021
Market Commentary
0
2 min

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