US: More Than 2/3 Of Americans Disapprove Of Congress
Sep-04 17:22
A new national University of Massachusetts Amherst Poll: https://www.umass.edu/poll/about/reports/20...
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IRAN: "*IRAN: US SAID IN MESSAGES IT'S READY TO RETURN TO ITS PLEDGES" (BBG)
Aug-05 17:11
- "*IRAN: US SAID IN MESSAGES IT'S READY TO RETURN TO ITS PLEDGES" (BBG)
- "*GHARIBABADI SAYS IRAN RECEIVED MESSAGES FROM US: IRNA" (BBG)
US STOCKS: Midday Equities Roundup: Off New Record Highs
Aug-05 17:07
- Carry-over optimism over an Hormuz Strait transit deal (or prospect of an outline), touted as imminent by the Trump administration over the last 24 hours - helped the DJIA and SPX emini indexes climb to new record highs in the first half (54744.33 and 7820.25 respectively).
- Sentiment gradually cooled as the day wore on with no announcement of a verified deal - the Nasdaq trading in the red at approximately 26500.0 after midday vs. 26739.0 high (still shy of early July record high of 27093.0).
- Indeed, Iran State TV even announced - that talks with Oman over the Hormuz Strait "are unrelated to immediate reopening" of the passage.
- A combination of Health Care and IT sector shares led advances early in the second half - support largely tied to better than expected earnings.
- Charles River Laboratories +10.93%, International Flavors & Fragrances +7.9%, Centene Corp +6.25%, Arista Networks Inc +4.7%, Amgen Inc +4.5%, NVIDIA Corp +4.5% and Eli Lilly & Co +3.5%.
- Conversely, Communication Services and Energy sectors retreated the latter as crude prices declined (slightly - WTI -.99 at $74.78/bbl), EOG Resources Inc -5.75%, Marathon Petroleum Corp -3.37%, Devon Energy Corp -2.95%, Diamondback Energy Inc -2.6%.
FOREX: Precious Metal Surge Highlights Softer USD Narrative
Aug-05 17:03
- Amid another relatively contained session for G10 currencies, the short-term narrative of post-Fed dollar weakness can be seen by the surge in precious metals on Wednesday. Spot gold has rallied over 4% on the session, reaching as high as $4,265/oz. This dynamic, alongside a steady USD index at 99.75, will keep the focus on any renewed downside to last week’s 99.42 low for the DXY.
- The Kiwi is a relative underperformer on the back of a higher-than-expected unemployment rate in Q2, although firmer employment change headline figures provide an offsetting factor here. NZDUSD has merely reversed yesterday’s risk-fuelled rally, dipping back into modest negative territory this week. Solid trendline support now comes in around the 0.5800 mark, drawn from the June 26 low.
- The bearish lean for the dollar did result in a pop higher for EURUSD, which came within 2 pips of the post-Fed highs at 1.1559. The recent recovery has resulted in a breach of both the 20- and 50-day EMAs, and today’s price action has seen the pair breach the next key S/T hurdle at 1.1537, a trendline resistance drawn from the Apr 17 high. A clear break would highlight a stronger bull cycle, with the next topside resistance located at 1.1587, the 50.0% retracement of the Apr 17 - Jun 24 bear leg.
- EURCHF remains an interesting chart, with an early rally for the pair falling just shy of the year’s highs at 0.9350, a key short-term obstacle to a more protracted recovery. Levels on the topside include 0.9396 and 0.9457.
- Wednesday’s USDJPY range has failed to break out of the Tuesday extremes so far, as the market consolidates following the significant volatility seen late last week. Overall, a bearish threat remains very much present, especially while the pair remains below the bull channel base which broke last week, drawn from the Feb 12 low.
