Markets

US equities slipped on Thursday as mixed earnings outlooks and more hawkish Fed official commentary offered little encouragement to investors ahead of today's US Non-Farm Payroll. A return in US-China tensions also weighed on sentiment following headlines that 22 Chinese Air Force planes entered Taiwan's air defence zone and crossed the Taiwan Strait median line.

Oil prices continued their slide and should promote the peak inflation narrative, which seems sufficient enough to keep the markets supported for now.

Still, market exhaustion and nonfarm payroll anticipation were common themes among markets during the reasonably quiet New York session on Thursday. 

Oil

The most meaningful read-through from this week is the oil markets' newfangled predisposition to treat the bearish news as overly bearish and discount good news.

The deteriorating demand picture in the US seemingly justified the downswing despite OPEC's reluctance to deploy strategic spare capacity.

Forex

Risk traded firm into the NY afternoon, assisting EM FX outperformance.

In G10, GBP tumbled despite the Bank of England's most significant rate hike of 50bp since 1995 and the reasonably hawkish short-term guidance but retraced most of the move throughout the rest of the New York session.

SPI Asset Management provides forex, commodities, and global indices analysis, in a timely and accurate fashion on major economic trends, technical analysis, and worldwide events that impact different asset classes and investors.

Our publications are for general information purposes only. It is not investment advice or a solicitation to buy or sell securities.

Opinions are the authors — not necessarily SPI Asset Management its officers or directors. Leveraged trading is high risk and not suitable for all. Losses can exceed investments.

Feed news Join Telegram

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD attacks 0.7100 after China data dump miss

AUD/USD attacks 0.7100 after China data dump miss

AUD/USD is on the defensive at around 0.7100, as traders assess disappointing Chinese activity data and the PBOC rate cuts. The pair tumbles as the US dollar picks up safe-haven bids amid China's data-led risk-aversion. 

AUD/USD News

USD/JPY rebounds in sync with US dollar, eyes 133.50

USD/JPY rebounds in sync with US dollar, eyes 133.50

USD/JPY is advancing towards 133.50, rebounding in the tandem with the US dollar, as risk sentiment takes a beating on discouraging Chinese activity data and the unexpected PBOC rate cuts. The pair reverses the Japanese Q2 GDP miss-led drop below 133.00. 

USD/JPY News

Gold slides beneath $1,800 on DXY rebound ahead of Fed Minutes

Gold slides beneath $1,800 on DXY rebound ahead of Fed Minutes

Gold price refreshes intraday low near $1,795 as a firmer US dollar weighed on the key asset during Monday’s Asian session. That said, the sour sentiment and catalysts from China join the market’s cautious mood ahead of this week’s FOMC meeting minutes to propel the greenback of late.

Gold News

AVAX price exhaustion could lead to sizeable retracement, but for the better

AVAX price exhaustion could lead to sizeable retracement, but for the better

AVAX price is in a no man’s land and depending on how the altcoin reacts to a few barriers, investors can bet on its direction. But a minor retracement in the short-term seems likely given the current market conditions.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Majors

Cryptocurrencies

Signatures