This is what you need to know to trade today Friday July 30:
Escalating coronavirus concerns have reignited fears about global growth, weighing heavily on market sentiment. The US CDC established new guidelines, reimposing the imposition of masks, while Japan is likely to extend the state of emergency to more prefectures, including Osaka.
Asian stock markets closed in a sea of ​​red, while S&P 500 futures tumbled 0.85%. The risk-averse mood has rescued the American dollar from the pain induced by the Fed, as well as a major disappointment in preliminary US GDP for the second quarter. Markets also reacted negatively to Amazon’s disappointing second-quarter results.
The US Treasury yields They reverse previous gains amid a flight to bond safety, shrugging off progress on US President Joe Biden’s $ 1.2 trillion bipartisan infrastructure deal. The US Senate remains optimistic about the prospects for a bipartisan $ 1 trillion infrastructure bill, which cleared a major procedural hurdle by a 67-32 vote on Wednesday.
Across the G10 currency space, the kiwi remains the main laggard so far this Friday amid a broad rally in the US dollar. The AUD/USD it fell below 0.7400 despite the slowdown in the rise of the virus in New South Wales.
EUR/USD it is trading under pressure after facing a somewhat timid rejection of the 1.1900 barrier. The weakness of Treasury yields appears to limit the decline in the currency pair. EUR traders are also awaiting the preliminary release of German and Eurozone GDP for a new trade boost. In addition, it is worth highlighting the inflation data for the bloc.
Meanwhile, the GBP/USD remains pressed towards 1.3900 as worsening market sentiment offsets optimism on the Brexit issue and falling UK covid cases.
The oro It is in a bullish consolidated mode, with nearly ten-day highs at $ 1,832, and further gains are dependent on the US central PCE inflation release. WTI is battling the $ 73 mark despite looming supply tightening concerns.
Bitcoin is unable to hold out above $ 40,000 once again amid widespread cautious mood.
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