USD Still in Corrective Mode
Dow's start of trading enables another triple digit response, over shadowed trade war effects for now. As mentioned, the Dow's re-attempts to breach the 25k handle which gained strength from the recent jobs data beating market expectations amid rising, oil prices.
DOW Jones Industrial Ave.
While the SP500 companies are expected to show a 2nd quarter profit growth by 21% higher than the April forecast. And is trading near the 2800 levels that would gain traction when it breaks through these levels. The SP500 moves have been quite encouraging after a lackluster session during the 4th of July period from thin trading. It has now taken steps to recover further from such period.
The overall positive market response have also been fueled by investors setting aside what has been the main highlight on trade war and have now focused more on the earnings season. And whatever ill effects would not be reflected for now which brought the #NASDAQ back on the same track where it left off and currently at 7771 to this writing and a slight session decline at the 7731 from a few profit taking activities from its recent highs.
The overall backdrop on the 'trade war' with China has kept a cap on the USD - DXY still at a level slightly above the 94.10 and below the 95.05 resistance which serves as its initial cap on the upside and thus it has become a well defined trading range for the US Dollar moving forward for now in a corrective phase from its recovery.
Since June 28th, at the height of the trade war, Equites have manage to hold their footings and again gained traction to these levels with the abled assistance of the of US jobs and earnings report respectively. These have given more weight while even giving a lift back for the USD to recover.
ReplyDeleteWith the SP500 just a stone's throw away from 2800, Nasdaq have maintained its pace above 7550 while the Dow is slowly inching its way towards the 25k level. These are just the signals that we are looking at across the board.
WELCOME BACK #DOW 25000!
ReplyDeletePrice Update: As of July 13, 2018
#Dow Jones Industrial Ave (#DJIA)
DJIA Currency in USD Currency Index in USD
25,019.95 +95.06 (+0.38%)
#USD Index #DXY #ICE
94.868 +0.040 (-0.04%)
#USDJPY (SPOT) FX Rate #Nikkei225 #TOPIX (N225)
112.478 -0.048 (+0.06%) 22,597.35 +409.39 (+1.85%)
#SP 500 (#GSPC) #NASDAQ Comp(#IXIC)
Currency in USD Currency in USD
2,804.28 +5.77 (+0.20%) 7,842.27 +18.52 (+0.24%)