Market Commentary
The flash estimate for HSBC China Manufacturing PMI set a 3-month low in July, coming in at 50.3 vs. prev. 51.7. The survey reported a slower rate of increase in new orders and a faster pace of decline in employment.
French Manufacturing PMI for August came in at 46.5 vs. prev. 47.8, Services PMI at 56.4 vs. prev. 56.7. German Manufacturing PMI came in at 52.0 vs. prev. 52.4, Services PMI at 56.4 vs. prev. 56.7. EU Manufacturing PMI came in at 50.8 vs. prev. 51.8, Services PMI at 53.5 vs. prev. 54.2.
UK Retail Sales rose 0.5% in July vs. prev. –0.1%.
Initial and continuing jobless claims dropped to 298,000 (vs. prev. 312,000) and to 2,500,000 (vs. prev. 2,549,000), respectively.
Intraday Strategy: E-mini S&P
Our strategy for the day ahead is to buy into a pullback to the pivot, with R1 and R2 as targets. US data later on in the afternoon present the major caveat to the feasibility of this setup.
Intraday Strategy: DAX
Our approach to the Dax is to buy into a pullback to S1, targeting an extension towards Tuesday’s high and R2.
Intraday Strategy: EUR/USD
Our approach to the EUR/USD for today entails selling into waning upside momentum at R1 / 1.33 handle, targeting an extension low-er to the pivot and the low of the session.
Technical Analysis: Nasdaq and DJIA
Technical Analysis: Bund and US 10-year T-note Futures
Technical Analysis: GBP/USD and USD/JPY
Recommended Content
Editors’ Picks
USD/JPY holds positive ground around 151.50 following Japanese CPI data
The USD/JPY pair holds positive ground for the second consecutive day near 151.45 on Friday during the early Asian trading hours. The cautious approach from the Bank of Japan to keep monetary conditions accommodative exerts some selling pressure on the Japanese Yen.
AUD/USD depreciates on risk aversion amid a stronger US Dollar
AUD/USD extends its losses for the second successive session on Friday. However, market activity is expected to be subdued due to light trading on Good Friday. Meanwhile, the US Dollar strengthens as recent data indicates annualized economic expansion in the United States, driven by consumer spending.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Optimism price could fall as nearly $90 million worth of OP tokens is due flood markets
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.