Market News
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Dow Jones futures pause as tech sell-off, oil pressures weigh on sentiment
Dow Jones futures inch higher 0.06% to trade around 53,440 during European hours on Wednesday. Meanwhile, S&P 500 futures remain steady near 7,710, and Nasdaq 100 futures edge lower 0.03%, trading near 29,580.
United States Dollar Index slumps in countdown to FOMC minutes
The US Dollar (USD) trades lower against its major currency peers on Wednesday ahead of the Federal Open Market Committee (FOMC) minutes of the July policy meeting, which will be published at 18:00 GMT.
US Dollar: Range-bound trading as FOMC minutes loom – ING
ING’s Chris Turner notes that the Dollar remains supported by higher energy prices and long-end US yields, but FX volatility is still low, favouring carry trades.
WTI holds ground around $84.50 as supply risks increase due to US-Iran peace uncertainty
West Texas Intermediate (WTI) oil price moves sideways after three days of gains, trading around $84.50 per barrel during the European hours on Wednesday.
Eurozone Current Account n.s.a rose from previous €-6.2B to €46.9B in June
Eurozone Current Account n.s.a rose from previous €-6.2B to €46.9B in June
Eurozone Current Account s.a registered at €35.1B above expectations (€22.1B) in June
Eurozone Current Account s.a registered at €35.1B above expectations (€22.1B) in June
South Africa Consumer Price Index (YoY) below forecasts (4.5%) in July: Actual (4.3%)
South Africa Consumer Price Index (YoY) below forecasts (4.5%) in July: Actual (4.3%)
South Africa Consumer Price Index (MoM) declined to 0.2% in July from previous 0.7%
South Africa Consumer Price Index (MoM) declined to 0.2% in July from previous 0.7%
Euro: Extends rebound as yields stabilize against US Dollar - Danske Bank
Danske Research Team notes that EUR/USD has extended its rebound towards 1.1600 as European yields remain elevated while US Treasury yields stabilize after the recent spike.
USD/CAD Price Forecast: Bears look at 1.3850 support after rejection at 1.3900
The US Dollar (USD) resumes its broader bearish trend with the Canadian Dollar (CAD) drawing support from higher Oil prices and a deal with the US to pause 50% tariffs on Canadian exports.
British Pound: BoE outlook steady with CPI and jobs data – MUFG
Derek Halpenny at MUFG notes that UK July CPI came in broadly as expected, with the headline rate rising to 2.9% mainly on higher utility bills, while services inflation eased.
Equities: Chip-led selloff under stagflation pressure – Deutsche Bank
Deutsche Bank strategists note that global equities endured another difficult session as rising yields and higher Oil reinforced a stagflationary backdrop. US indices, led by chip stocks and the NASDAQ, extended declines, while the STOXX Europe 600 posted its fifth consecutive drop.
Forex Today: UK inflation data arrive mixed, focus shifts to FOMC Minutes
Here is what you need to know on Wednesday, August 19: