Cardano hits record, US jobs in focus [Video]

Ipek Ozkardeskaya ipekScope

Another day another record. The S&P500 hit a fresh high as the cyclical stocks and industrials led yesterday’s gains, while technology stocks paused and took a breath. We saw some profit-taking in Google, Amazon and Facebook, but Apple and Netflix eked out gains, and Netflix even hit a fresh record as it traded close to $600 per share for the first time.

All eyes are on the US jobs data today, with the strength of the data could tint the Fed expectations and trigger a certain price move across equities, especially given that we expect to see low volumes at a time when New York is dealing with severe floods. Also, Monday is closed for the US Labor Day. Therefore, thin trading volumes could lead to sharp price moves across equities if there is any positive or negative surprise on the data front.

In commodities, US crude shortly stepped above the $70pb on Hurricane Ida-led supply shortage and gold steadies a touch above the $1800 per oz, with little upside potential.

In cryptocurrencies, Cardano hits record ahead of Alonzo update, and look promising for cementing its top three ranking after Bitcoin and Ethereum.

Author

Ipek Ozkardeskaya

ipekScope

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

GBP/USD treads water around 1.3500 as Hormuz risks support USD

After closing the previous week in positive territory, GBP/USD trades with caution around 1.3500 on Monday. The pair faces headwinds from a modest US Dollar rebound as mood sours on persistent uncertainty surrounding the reopening of the Strait of Hormuz and US-Iran talks.

EUR/USD steady near 1.1550 as USD selloff pauses

EUR/USD keeps its range near 1.1550 in the second half of the day on Monday, holding the retreat from fresh highs since June 17, touched in reaction to the disappointing US jobs data on Friday. Renewed Middle East tensions lend support to the safe-haven US Dollar, capping the pair's upside attempts despite improved Eurozone sentiment data.

Gold holds firm as Fed rate outlook, Middle East developments remain in focus

Gold (XAU/USD) holds firm on Monday as buyers take a breather following last week’s sharp rally, with the broader market theme still centred on the Federal Reserve’s (Fed) interest-rate outlook and developments in the Middle East. At the time of writing, XAU/USD trades around $4,333, little changed on the day.

Pi Network: Mild bearish bias caps PI corrective rebound

Pi Network extends losses Monday after a bearish close the previous day, as price remains capped below the $0.1000 psychological threshold. Speculative demand for PI is low, with Open Interest holding above $9 million as broader market sentiment improves. The technical outlook for PI indicates a mild bearish bias as the $0.0961 resistance level remains intact.

US Payrolls miss – RBA on deck tomorrow

It would be remiss of me not to kick off this morning’s report with a rundown of last Friday’s US jobs report, which was a belter. Headline payrolls fell by 23,000, versus expectations of an 80,000 gain. The BLS noted that May was revised down by 66,000 (from 129,000) and June by 37,000 (from 57,000), resulting in combined May-June revisions of 103,000 lower than previous reports.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.