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FXPrimus’s Daily Market Analysis is provided by their in-house FX Market Specialist, Stavros Tousios.

Powell’s Testimony Fails to Improve Risk Sentiment, Markets Somewhat Mixed

US Fed Chair Jerome Powell seems to be playing a very cautious hand when it comes to the trade war, taking a rather pragmatic approach as reactions from the Fed are expected only with reciprocal data.

Trump said he may pursue separate trade deals with Mexico and Canada to accommodate US demands, and threatens EU of “tremendous retribution” ahead of July 25th meeting with EU Group right after the EU and Japan shielded a free trade deal.

Yesterday, the UK reported 2.4% YoY wage growth, leaving investors and economists wondering if wages are going to grow slower than headline inflation and questioning the August 2nd forecast.

Meanwhile, EU prepares a report asking members to prepare for a “hard Brexit”.

Volatility on the Pound may therefore be a tad higher but on the economic calendar markets look lighter.

Today’s Important Indicators

Major Market Updates

  • EUR/USD – Eurodollar remains below $1.17 handle and marginally lower than Tuesday’s close as core inflation missed expectations, price firm above golden $1.1625.
  • GBP/USD – Sterling hits fresh 2018 low as Consumer Inflation slows more than expected, price breaks 1.31 range as investors lose confidence in BoE rate hike next month.
  • USD/JPY – Dollar postpones 113 break against Yen but retest displays bullish bias, investors not able to push prices higher as Powell’s testimony was less hawkish.
  • USOIL – Crude Oil higher as Libya cuts production following Oil workers’ abduction in Sharara, 160,000 bpd cut expected. Oil prices rose nearly a dollar despite inventory build reported by EIA.
  • XAU/USD – Gold prices hit fresh 1-year low but closed the session unchanged as risk sentiment remained subdued following not so hot testimony, next stop $1220/oz.
    BTC/USD – Bitcoin rejected by golden cycle at $7,431 following huge upsurge as markets digest the move, $8K next but only if bullish signs keep intact.
  • US Equities – Netflix struggled with another losing day, Tesla 0.36% higher.
  • US Indexes – DJ and S&P 500 rose by 0.32% and 0.22% respectively following good earnings reports.
  • European Indexes – UK 100 and DE 30 improve as Euro and Pound end session lower.
  • Asian Indexes – ASX 200 improved by 0.41%, Nikkei declined by 0.13% and Hang Seng trades 0.18% lower..


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