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Navigate Global Payments – Markets Today 4th August 2022

 

MARKET WRAP – 4th August 2022

 

  • Stocks rallied for the first time this week, and in a sustained manner, with ISM Services showing a surprise rise while participants unwind geopolitical risk as Pelosi’s Taiwan concludes.

 

  • The stock strength picked up from the cash open in NY and built into the close, taking the SP its highest level since early June, now sitting above 4150. Treasuries flattened after the strong data and hawkish Fed speak that kept pressure on the front-end, although the moves unwound into the close, with particular afternoon strength in the long-end, aiding tech and growth sectors in the equity market

 

  • ISM SERVICES: US ISM services headline surprised to the upside and rose to 56.7 from 55.3, and way above the expected 53.5.

 

 

  • The AUD/USD pair trades around 0.6950, trimming early losses and settling in the green. The aussie benefited from substantial gains in US indexes capping the dollar’s demand. Australian Trade Balance coming up today

 

 

  • DXY traded flat after early strength was unwound into the close, while Fed rhetoric remained hawkish and data was mostly firmer.

 

  • EUR was also little changed after failing to sustain the 1.0200 handle and after the data from the bloc showed firmer producer prices but disappointing retail sales.

 

  • GBP softened which follows the miss on Services PMI data, while focus turns to Thursdays BOE meeting with a 50bps rate hike anticipated.

 

  • JPY continued to weaken and briefly traded at the 134.00 handle against the greenback but then pared some of its losses.

 


TODAY’S KEY RISK EVENTS

To watch for

 

• AU – Jun Trade Balance

• EU – ECB Publishes Economic Bulletin

• UK – BOE Bank Rate

• UK – BOE Bailey Press Conference

• US – Continuing Claims

• US – Initial Jobless Claims

• UK – BOE Decision Maker Panel survey

• US – Fed’s Mester Speaks

 

CURRENCY/INDICIES RANGES

Currency Pair Low High
AUD/USD 0.68865 0.6954
EUR/USD 1.0123 1.0212
GBP/USD 1.21 1.2207
USD/JPY 132.295 134.55
NZD/USD 0.62135 0.6281
USD/CAD 1.28325 1.2892
USD/CNH 6.7537 6.7803
AUD/JPY 91.69 93.21
AUD/NZD 1.1064 1.1106
DXY 105.974 106.819

 

Equity Index Daily % Change Closing Level
ASX -0.3% 6976
SHANGHAI COMP -0.7% 3164
NIKKEI 0.5% 27742
FTSE 0.5% 7446
DAX 1.0% 13588
CAC 1.0% 6472
DOW JONES 1.3% 32813
S&P 500 1.6% 4155
NASDAQ 2.6% 12668
VIX -8.3% 21.94
Commodity Daily % Change Closing Level
CRUDE OIL 4.0% 110.4
ICE NAT GAS -15.4% 148.5
GOLD -0.5% 1811.9
SILVER 2.1% 21.1
SGX IRON ORE -0.6% 126.2
CMX COPPER 1.7% 417.1
ICE SUGAR 2.8% 19.2
ICE COTTON -0.2% 145.2
CBT WHEAT 0.1% 1180
BITCOIN 4.7% 29887
Rates Markets Yield Daily Change
US 2 YEAR 3.08% 2.6
US 10 YEAR 2.71% -3.7
AUST 2 YEAR 2.60% 12.7
AUST 10 YEAR 3.07% 9.7

 

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Disclaimer: This material is provided by Navigate Global Payments (Navigate) ACN 615 699 888, AFSL 502711. The material contains general commentary only and does not constitute investment or any other advice. Certain types of transactions, like futures, options and high yield securities can be risky, and not suitable for all investors. This information has been prepared without considering your objectives, financial situation or needs. Please seek your own independent legal or financial advice before proceeding with any investment decision. The information is believed to be accurate at the time of compilation and is provided in good faith. Navigate does not warrant the accuracy or completeness of any information contributed by a third party. The information is subject to change without notice and Navigate is under no obligation to update the information. The information contained in this material are opinions of the author at the time of writing and does not constitute an offer, recommendation to act, a solicitation of an offer, or an inducement to subscribe for, purchase or sell any financial instrument or to enter a legally binding contract. This information, including any assumptions and conclusions is not intended to be a comprehensive statement of relevant practise or law that is often complex and can change. Past performance is not a reliable indicator of future performance. Any forecasts given in this material are predictive in character.

 

 

 

 

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Disclaimer:This material is provided by Navigate Global Payments (Navigate) ACN 615 699 888, AFSL 502711.  The material contains general commentary only and does not constitute investment or any other advice.  Certain types of transactions, like futures, options and high yield securities can be risky, and not suitable for all investors.  This information has been prepared without considering your objectives, financial situation or needs.  Please seek your own independent legal or financial advice before proceeding with any investment decision. The information is believed to be accurate at the time of compilation and is provided in good faith.  Navigate does not warrant the accuracy or completeness of any information contributed by a third party. The information is subject to change without notice and Navigate is under no obligation to update the information. The information contained in this material are opinions of the author at the time of writing and does not constitute an offer, recommendation to act, a solicitation of an offer, or an inducement to subscribe for, purchase or sell any financial instrument or to enter a legally binding contract.  This information, including any assumptions and conclusions is not intended to be a comprehensive statement of relevant practise or law that is often complex and can change.  Past performance is not a reliable indicator of future performance. Any forecasts given in this material are predictive in character.

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