- Australia’s ASX 200 index fell by -61.9 points (-0.93%) and is currently trading at 6,616.10.
- Japan’s Nikkei 225 index rose 339.95 points (1.28%) and is currently trading at 26,857.14.
- Hong Kong’s Hang Seng index fell -595.11 points (-2.74%) to 21,130.67.
- China’s A50 index fell by -299.43 points (-2.03%) and is currently trading at 14,433.95
UK and Europe:
- The UK’s FTSE 100 is currently down -68.5 points (-0.96%), the stock market is currently expected to open at 7,127.74
- The Euro STOXX 50 is currently down -41 points (-1.17%), the stock market is currently expected to open at 3,465.55
- Germany’s DAX is currently down -121 points (-0.93%), expecting the stock market to open at 12,894.23.
- DJI’s stock is currently down -147 points (-0.47%)
- The S&P 500 is currently down -111 points (-0.91%).
- Nasdaq 100 futures are down -24.25 points (-0.62%)
USD / JPY recorded a new year high
A series of weak economic data in Japan and other advice from Kuroda sent the yen weaker against major currencies, and the USD / JPY at its highest level since September 1998. Orders machine agreed to -5.6% in May, down -16.4 points. the 10.% in June. BOJ (Bank of Japan) governor Kuroda said they would adhere to ultra-loose policies and were ready to relax again at some point. Volatility rose overnight to 7.44 – its highest level in 3 weeks. The USD / JPY was only slightly higher than its ATR overnight, which is normal.
USD / JPY traded above 137 short but pulled back from that high before the European Open. The USD / JPY was only slightly higher than its ATR overnight, which is normal. But given that it is close to Friday’s highs then we see the potential to increase today’s engagement to European or US companies, with 138 targets in the future.
EUR/GBP 4-hour chart:
We are not in the middle of the month and EUR/GBP is on the way for a bearish bearish move. Last week was the most bearish week since March 2020 as fears of a decline in Europe, sending the cross below 0.8500 and its 100-day eMA. A strong bearish trend has developed on the 4-hour chart, as prices are adding near lows as a bear flag.
However, we are waiting for the recovery before the bottom of the next leg, as it is not available yet. The bias is still below the pivot point (0.8512) so look for bearish settings up to that level, with the support area below 0.8400 currently.
FTSE 350 – Domestic Market:
FTSE 350: 3995.26 (0.10%) 08 July 2022
- 204 (58.29%) were successful and 134 (38.29%) were negative
- Prices 3 rose to a new 52-week high, 6 fell to new lows
- 18.29% of stocks closed above their 200-day average
- 31.14% of stocks closed over their 50-day average
- 10.29% of stocks closed over their 20 -day average
- + 10.66% – Aston Martin Lagonda Global Holdings PLC (AML.L)
- + 6.91% – Chrysalis Investments Ltd (CHRY.L)
- + 4.60% – BH Macro Ltd (BHMG.L)
- -5.00% – Watches of Switzerland Group PLC (WOSG.L)
- -3.44% – abrdn Private Equity Opportunities Trust plc (APEO.L)
- -3.17% – Mark and Spencer Group PLC (MKS.L)
Upcoming economic events (Times in BST)
It’s a quiet calendar today, with Norway’s CPI numbers setting the baulk of data at 07:00 BST. Norges Bank raised prices by 50 bp in June – their biggest increase in more than 20 years – and could be set to increase further, as the increase is much higher in first double its 2.5% inflation target of 2.5%. However, the central bank did not reunite until the 18thth August, but a strong strike today could strengthen the Norwegian Krone (NOK).
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