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MARKET REPORT AND ANALYSIS BY CAPITAL STREET FX
edited August 4
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Dow futures were trading higher by 0.44% at 26,428.32 while Nasdaq 100 futures inched up 1.47% to 10,745.28 and S&P 500 futures rose 0.77% to 3,271.12 respectively, at the time of writing.
On the earnings front, Berkshire Hathaway, Clorox Co and Disney are scheduled to report their quarterly results before the market opens on Monday.
On the economic front, the US will report the ISM Manufacturing Purchasing Managers Index (PMI) for July on Monday. The Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) Report on Business is based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies. The previous reading stood at 43.1 and the market estimates the reading to come in at 49.5.
European equities are trading in positive territory. In the Cash Markets, the CAC 40 rose 0.35% at 4,797.50 and the DAX inched up 0.53% to 12, 379.36, at the time of writing.
On the data front, Germany will release manufacturing Purchasing Managers Index (PMI) for July on Monday. The German Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. The consensus estimates the reading to come at 48.0.
Asia-Pacific markets were trading in a mixed territory in the cash markets on Monday. The ASX 200 rose 0.01%% and was trading at 5,928.50. The Shanghai Composite gained 1.10% to 3,346.42, at the time of writing.
On the economic front, Japan will report the Tokyo Core Consumer Price Index (CPI) YoY on Monday. The Tokyo Core Consumer Price Index (CPI) measures the change in the price of goods and services purchased by consumers in Tokyo, excluding fresh food. The consensus estimates the reading to come at 0.2%.
US Dollar Index futures inched up 0.10% to 93.415 and British Pound futures inched up 0.03% to 1.3092 while Euro futures rose 0.03% and were trading at 1.1777, at the time of writing. The U.S. dollar gave up brief early gains on Monday as mounting concerns about a slowing U.S. economic recovery from the coronavirus pandemic hobbled the currency after a brief rebound late last week.
In the Commodity Markets, Silver rose 1.24% to $24.517 and Gold inched up 0.35% to $1,980.80 while the Brent oil prices inched down 0.41% to $43.34, at the time of writing. Oil prices fell on Monday on oversupply concerns as OPEC and its allies wind back production cuts in August and a rise in worldwide COVID-19 cases points to a slower pickup in fuel demand.
In the Cryptocurrency Markets, Bitcoin contracted 3.03% to $11,153.16 and Ethereum inched down 1.01% to $380.15 respectively in the last 24 hours. In news related to the cryptocurrency markets, Ethereum saw one of the most intense drops it has seen since mid-March yesterday, with the cryptocurrency’s price reeling from highs of $415 to lows of $300 in a matter of minutes.
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TRADE SUGGESTION – BUY AT 1.30735, TAKE PROFIT AT 1.31418 AND STOP AT 1.30188
TRADE SUGGESTION- BUY AT 105.933, TAKE PROFIT AT 106.310 AND STOP AT 105.179
TRADE SUGGESTION- SHORT SELL AT 0.71201, TAKE PROFIT AT 0.70831 AND STOP AT 0.71345
TRADE SUGGESTION- BUY AT 24.300, TAKE PROFIT AT 24.927 AND STOP AT 23.674
NASDAQ 100 D1
TRADE SUGGESTION- BUY AT 10949.25, TAKE PROFIT AT 11059.15 AND STOP AT 10762.08
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The report presents a summary of all upcoming and recent fundamental events as well as technical analysis for the major markets.
DAILY REPORT – 4th Aug 2020
Dow futures were trading higher by 0.12% at 26588.00 while Nasdaq 100 futures inched up 0.08% to 11,053.00 and S&P 500 futures rose 0.02% to 3241.00 respectively, at the time of writing.
The U.S. economy battered by a resurgence in the spread of COVID-19 needs increased government spending to tide over households and businesses. The calls for increased government intervention came as U.S. lawmakers and the White House has resumed talks on a new government relief package, including a possible extension of unemployment benefits that expired on Friday.
On the earnings front, Berkshire Hathaway Inc. and Merck & Walt Disney Company are scheduled to report their quarterly results on Tuesday.
The US Census Bureau will report the Factory Orders (MoM) for June on Tuesday. Factory Orders measures the change in the total value of new purchase orders placed with manufacturers. The previous reading stood at 8.0% while the consensus estimates the reading to come in at 5.0%.
European equities were trading in positive territory. In the Cash Markets, the CAC 40 was trading higher by 1.93% at 4875.93 and the DAX inched up 2.71% to 12,646.98, at the time of writing.
Turkish Statistical Institute will report the Consumer Price Index (CPI) (YoY) for July on Tuesday. The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key indicator to measure changes in purchasing trends and inflation. The previous reading stood at 12.62% and the consensus estimates the reading to come in at 12.10%.
Asia-Pacific markets were trading in positive territory in the cash markets on Tuesday. The ASX 200 rose 1.88% and was trading at 6037.60. The Nikkei inched up 1.70 % to 22,573.66 and the Shanghai Composite inched up 0.11% to 3371.69, at the time of writing.
With the recent pessimism concerning the COVID-19 outbreak, the Reserve Bank of Australia’s (RBA) monetary policy decision came in on Tuesday which is the key important indicator for the AUD/USD traders. Reserve Bank of Australia (RBA) board members came to a consensus to set the Interest rates for the month of August unchanged at 0.25%.
US Dollar Index futures inched down 0.20% to 93.317 and British Pound futures rose 0.16% to 1.3099 while Euro futures inched up 0.28% and were trading at 1.1804 and Japanese Yen futures rose 0.10% to 0.9449, at the time of writing. The dollar weakened in early trade on Tuesday as political wrangling over a U.S. relief plan and the gloomy economic outlook kept investors shy of the currency.
In Commodity Markets, Silver rose 0.36% to $24.505 and Gold inched up 0.39% to $1982.50 while Brent oil prices declined 0.41% to $43.97, at the time of writing. Oil prices were down in the early trade on Tuesday morning as an increase in production from the Organization of the Petroleum Exporting Countries and its allies (OPEC+) that kicked in this month continued to weigh on prices.
In the Cryptocurrency Markets, Bitcoin increased 0.90% to 11298.50 and Ethereum inched up 2.42% to 394.00 respectively in the last 24 hours. In news related to the cryptocurrency markets, The Russian Federation has banned anonymous deposits to online wallets in a move that will affect 10 million users across the country. According to lawmakers, this initiative is supposed to curb illegal activity, such as the financing of terrorism and the illegal drug trade.
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TRADE SUGGESTION –BUY AT 105.940, TAKE PROFIT AT 106.635 AND STOP AT 105.566
TRADE SUGGESTION- BUY AT 124.900, TAKE PROFIT AT 125.400 AND STOP AT 124.580
TRADE SUGGESTION- BUY AT 0.71460, TAKE PROFIT AT 0.71814 AND STOP AT 0.71055
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TRADE SUGGESTION- BUY AT 24.337, TAKE PROFIT AT 24.938 AND STOP AT 23.990
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