This is what you need to know to trade today tuesday july 26:
Tepid optimism remains the predominant theme in Tuesday’s trading so far, with the US dollar finding some demand and stock futures down around 0.30% on the day. Pre-Fed anxiety dominates, but the rally in Chinese tech stocks helped ease some pressure on the market. Alibaba Group Holding Ltd. led the advance for Chinese tech stocks. The e-commerce giant plans to list in Hong Kong, according to Bloomberg.
However, concerns about Covid in China are here to stay, with the country’s tech hub Shenzhen ordering 100 major companies, including iPhone maker Foxconn, to set up “closed-loop” systems in their fight against coronavirus. the latest outbreak of the virus. Investors also digested reports that US President Joe Biden and his Chinese counterpart Xi Jinping will speak by phone later this week.
In other news, Moody’s Investors Service lowered its forecasts for GDP growth in the United States and Europe for 2022 and 2023. The minutes of the June meeting of the Bank of Japan (BOJ) revealed that the board considered that the increase in prices was was expanding and that economic uncertainty was “extremely high”.
Risk sentiment also remains at a weak point as a recession now seems inevitable with the worsening gas crisis in Europe. The Russian company Gazprom announced on Monday that it will slow down the flow of its Nord Stream 1 gas pipeline. The company will stop another turbine from the pipeline to Germany, which will reduce the flow to only 20% of its capacity (currently 40%) from of July 27.
The EUR/USD It is trading sideways around 1.0220, having failed to find acceptance above 1.0250. The euro remains vulnerable amid a disappointing German IFO business survey and intensifying tensions over Russian gas supplies to Germany.
The GBP/USD pulls back from a fresh three-week high at 1.2091, in the absence of any encouraging news on the UK political scene. The USD/JPY is making a solid comeback, recovering to the 136.50 level despite unimpressive BOJ minutes and further decline in US Treasury yields. Consumer confidence in the US is the next thing to watch out for.
The Prayed keeps its consolidation mode intact around $1,720, defending small offers amid cautious optimism.
The Bitcoin remains under pressure around the $21,000 mark, while ethereum tests the demand zone of $1,400. “Coinbase Global Inc. is facing a US investigation into whether it improperly allowed Americans to trade digital assets that should have been registered as securities,” Reuters reports, citing three people familiar with the matter.
Source: Fx Street
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