Tech stocks drop ahead of Nvidia figures

Chris Beauchamp IG

Stocks are in a fragile mood ahead of Nvidia earnings tonight, while oil prices have fallen once more, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

Stocks edge down ahead of Nvidia earnings

“The key event of the week is nearly upon us. Nvidia’s earnings tonight could well set the tone at least until the next payrolls report, and possibly until the Fed decision in September. A miss now would likely spark the next big risk-off move, reversing much of the recent recovery. Meanwhile a better set of numbers could give stocks the lift they have been looking for this past week.”

Oil stumbles for a second day

“Oil prices have been unable to hold on to their gains lately, and yesterday’s drop has been followed up with more declines. Traders have been on edge waiting for a renewal of conflict between Iran and Israel, but so far this has failed to materialise, leaving oil bulls with little to cling to.”

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Chris Beauchamp

EUR/USD weakens to near 1.1900 as traders eye US data

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GBP/USD stays in the red below 1.3700 on renewed USD demand

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Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Follow the money, what USD/JPY in Tokyo is really telling you

Over the past two Tokyo sessions, this has not been a rate story. Not even close. Interest rate differentials have been spectators, not drivers. What has moved USD/JPY in local hours has been flow and flow alone.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.