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Global market sentiment mainly deteriorated last week as major benchmarks underperformed in North America and Europe. On Wall Street, the Dow Jones, S&P 500 and Nasdaq Composite fell about 0.6%, 1% and 1.9% respectively. That’s when the FTSE 100 and DAX 30 weakened by 1.6% and 0.9% respectively. In Japan, the Nikkei 225 managed to maintain a gain of 0.2%.
Risk aversion caused investors to rush to the safety of government bonds, pushing Treasury prices up as yields fell. The safe haven-linked US dollar has been a clear benefactor, outperforming most of its major peers except for the New Zealand dollar and Japanese yen. A hawkish move on RBNZ rates and higher New Zealand CPI data supported the Kiwi dollar.
Growth-linked crude oil prices were also under pressure, as a combination of uncertainties over OPEC + exit deals and rising Covid cases amid the emerging Delta variant weighed on the market. market mood. Gold prices were able to end the week slightly higher as the still-conciliatory comments from Fed Chairman Jerome Powell threw cold water on another higher-than-expected inflation report.
In the future, the economic file will calm down in particular. Key events include ongoing earnings reports for equities and the ECB’s monetary policy announcement for the euro. Tech companies remain at the center of concerns amid ratings perceived to be high, with reports from Intel, Netflix and Twitter. EUR / USD may experience some volatility, with ECB policymakers seemingly divided over stimulus directives.
British Prime Minister Boris Johnson is expected to lift pandemic restrictions on the pound sterling on Monday. Bitcoin watchers should be aware of a cryptocurrency event on Wednesday. Elon Musk, Jack Dorsey and Cathie Wood are set to discuss it at this event. What else is in store for the financial markets in the coming week?
Fundamental forecasts:
Euro forecasts: EUR / USD price outlook still negative, ECB meeting in perspective
The ECB Governing Council will make its final statement on euro area monetary policy this next Thursday and that will likely result in further losses for the euro.
IBM, Netflix and Twitter earnings expected as Nasdaq 100 faces ‘reality check’
The magnificent rally in the Nasdaq 100 index faces a “reality check” this week as IBM, Netflix, Intel and Twitter release their results. Will they offer positive surprises?
Bitcoin (BTC), Ethereum (ETH) sell on weekends, support looks increasingly fragile
The cryptocurrency market remains under pressure and looks set to test recent support levels
British Pound (GBP) Weekly Forecasts: Alert For BOE Member Comments
Warmongering comments from BOE members keep GBP / USD and EUR / GBP in range
Gold prices to deal with Fed blackout period ahead of July rate decision
Fluctuations in risk sentiment may influence the price of gold as the Federal Reserve enters the blackout period ahead of the July 28 interest rate decision.
Fundamental US Dollar Forecasts: No More Rise On Fed Bets, Safe-haven Flows
The US dollar is expected to rise on strong fundamentals, including increasingly strong bets on Fed tightening and Covid-induced safe-haven flows.
Technical forecasts:
Canadian dollar forecast: USD / CAD test at major resistance ahead
USD / CAD has been strong lately, but this is about to be put to the test as major confluent resistance lies just ahead.
Pound Forecast: GBP / USD Coils at Support – Cable on Breakout Watch
A multi-week consolidation puts the July opening range just above the uptrend support – an imminent breakout. Here are the levels that rely on the weekly GBP / USD technique.
Outlook for the Australian dollar remains bleak: AUD / USD, AUD / JPY, AUD / CAD, GBP / AUD
The Australian dollar may have more leeway as it continues to aim lower from its peak earlier this year. The AUD / USD, AUD / JPY, AUD / CAD and GBP / AUD are at the center of the main technical disruptions.
WTI crude outlook remains constructive, $ 70 is the limit in the sand
The technical outlook for WTI crude oil remains positive, but for the bullish scenario to materialize in the near term, prices will need to stay above cluster support near the $ 70.00 area.
Dow, S&P 500 and Nasdaq 100 forecasts for the coming week
Stocks fell this week and inflation climbed to 5.4%. But the reality is not as negative as the headlines might suggest. The focus is on profits in the coming week.
US Dollar Forecasts Maintain Pause, But Follow Up Is Management
There is a technical breakout for the foreseeable future for the US dollar. With the two-week range at extreme lows, will the market muster enough loads to inspire greenback tracking?
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