Market News
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Brent: Sharp drop questions supply fears – Rabobank
Rabobank’s Senior Market Strategist Benjamin Picton notes Brent futures fell over 7% and Singapore gasoil nearly 11%, despite ongoing geopolitical and logistical disruptions to Oil and refined products.
British Pound: Pullback seen within 1.3400–1.3475 band against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang notes GBP/USD reversed after an overbought spike to 1.3506, closing lower at 1.3434. The strategist sees scope for the pullback to extend but mainly within a 1.3400–1.3475 range, with a sustained drop below 1.3400 unlikely.
Euro stalls against British Pound as geopolitical uncertainty grips markets
The Euro (EUR) trades practically flat, a few pips below 0.8570 against the British Pound (GBP) on Tuesday, holding moderate gains after Monday's bounce from last week's lows at 0.8542.
Spain Unemployment Change registered at 19.5K above expectations (-20.3K) in July
Spain Unemployment Change registered at 19.5K above expectations (-20.3K) in July
US Dollar: Warsh tactics cloud Fed path – Commerzbank
Commerzbank’s Antje Praefcke discusses how new Fed Chair Warsh may be relying on markets to tighten financing conditions instead of raising rates, leaving the Dollar exposed to data-driven volatility.
Forex Today: Mideast uncertainty keeps USD supported ahead of next batch of US data
Here is what you need to know on Tuesday, August 4:
Australian Dollar edges higher above 0.7000 on US-Iran breakthrough hopes
The AUD/USD pair gains momentum around 0.7020 during the early European session on Tuesday. Easing tensions in the Middle East improves risk sentiment and provides some support to the Australian Dollar (AUD) against the US Dollar (USD).
Equities: Cyclical rotation extends as tech recovers – Danske Bank
Danske Research Team notes that global equities began August with fresh all-time highs in several MSCI indices. Gains were driven by sector rotation, with software rebounding 16% over the past week and lower Oil prices supporting sentiment.
France Budget Balance down to €-106.8B in June from previous €-93.3B
France Budget Balance down to €-106.8B in June from previous €-93.3B
Oil: Deal optimism drives sharp selloff – ING
ING strategists Warren Patterson and Ewa Manthey note that Oil prices, including ICE Brent, fell sharply on optimism over a potential US–Iran Middle East deal.
Australia RBA Commodity Index SDR (YoY) down to 15.4% in July from previous 16.9%
Australia RBA Commodity Index SDR (YoY) down to 15.4% in July from previous 16.9%
Silver Price Forecasts: XAG/USD reaches $59.00 amid cautious Iran peace hopes
Silver (XAG/USD) accelerates its recovery on Tuesday, reaching session highs above $59.00 at the time of writing, after bouncing from the $56.50 area on Monday.
Euro: Consolidation with upside trigger at 1.1565 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang highlights EUR/USD’s recent sharp rise and subsequent consolidation after a failed attempt to sustain gains above 1.1558. Intraday, the Euro is expected to trade between 1.1485 and 1.1540, while a close above 1.1565 could open the way toward 1.1600.