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2021/07/28 Market Chat

Authored by ZanderVanDerMerwe
28.07.2021
Market Commentary
0
2 min

It was an interesting day on the market yesterday as we saw some big moves off the back of a continued selloff in China, Dax and FTSE plummeted during the European open but recovered somewhat during the day, the Nasdaq followed the HangSeng’s lead as tech stocks in China is the biggest hit as they declined sharply, like the Delta variant, it spread like wildfire to tech stock across the world. Despite recording impressive earnings Tesla and Google declined sharply.

Gold remain firm in the leadup to FOMC tonight we’re poised for some interesting movement depending on the statements Fed are set to release, Sliver slumped a bit as Biden’s infrastructure plan come into question, as it could be some time before we see it come into play. Brent Crude similar to Gold is holding firm in the leadup to FOMC.

Bitcoin and Ethereum held firm following Monday’s sharp break higher as Bitcoin is trading above $40 000 at the time of writing, and Ethereum is just shy of $2300 down from Monday’s high of $2400.

As we’re waiting for Europe to open up, the Canadian and New Zealand Dollar are currently the strongest major currencies with the Japanese Yen, US Dollar and Euro remain neutral before the open.

FOMC is due out tonight for some more details join Tshepo and Zander today at 15:00 where they will look at some factors that might give us an indication of what the Fed might decide.

Wednesday (SAST)
3:30 am - CPI q/q (AUD)
2:30 am - CPI m/m (CAD)
8:00 pm - FOMC Statement (USD)
8:30 pm - FOMC Press Conference (USD)

Authored by ZanderVanDerMerwe
28.07.2021
Market Commentary
0
2 min

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