Stay informed with CA Markets’ daily market update, providing the latest trends and insights in Forex and CFD trading. Our comprehensive analysis and expert advice are designed to keep you informed and ahead in CFD trading. Whether you’re navigating currency pairs or exploring diverse asset classes, our updates offer valuable perspectives to optimize your trading strategies. Trust CA Markets to deliver timely market analysis that empowers your decisions and enhances your trading experience.
Market Recap:
Overnight, the U.S. markets displayed a mixed performance, with the Dow Jones rising by 0.6%, the S&P 500 marginally increasing by 0.1%, and the Nasdaq slipping by 0.2%. The U.S. 10-year yields climbed 3 basis points, reaching 3.87%, while crude oil prices surged by 1.9% to settle at $75.95 per barrel. The AUD/USD traded within a narrow range of 0.6781 to 0.6824, closing near 0.6795, reflecting the broader market’s subdued tone.
In the Forex market, the U.S. dollar held its ground following Germany’s EU harmonized CPI readings, which showed a slower-than-expected annual growth of 2.0% in August. This led to a slight retreat in the AUD/USD from its recent highs and a dip in the NZD/USD to 0.6270. EUR/USD traded near 1.1090, while GBP/USD hovered around 1.3180. The USD/JPY pair remained stable at 144.60.
Day Ahead:
Today promises to be eventful for CFD traders, with key economic data releases that could influence market movements. Japan will release its unemployment rate for July, expected to remain steady at 2.5%. Any deviation from this could impact the JPY pairs. Australia’s retail sales data for July will also be closely watched, with markets anticipating potential support from the recent tax cuts, although significant gains are not expected.
In the Eurozone, the focus will be on the core CPI release, which is expected to show continued strong monthly growth. This could suggest that the year-end rate will remain at 2.9%, driven by strength in wage growth and persistent inflationary pressures. The Eurozone’s unemployment rate is also expected to stay steady at 6.5%.
Across the Atlantic, Canadian Q2 GDP data will provide insights into the country’s economic resilience and potential impacts on monetary policy. In the U.S., the Core PCE index for July is anticipated to show sustained disinflation, which could support expectations for a potential rate cut in September. Additionally, real personal spending data for July will offer further insights into consumer behavior and its impact on Q3 growth projections.
Economic Data to Watch:
- Japan: July Jobless Rate
- Australia: July Retail Sales
- Eurozone: August Core CPI (Preliminary), July Unemployment Rate
- Canada: Q2 GDP, June GDP (m/m)
- United States: July Core PCE Price Index (m/m), July Personal Income, July Personal Spending, July Real Personal Spending, August MNI Chicago PMI
Disclaimer:
The information provided in this daily market update is for informational purposes only and should not be considered as financial advice. Trading Forex and CFDs involves significant risk of loss and may not be suitable for all investors. Past performance is not indicative of future results. CA Markets does not guarantee the accuracy or completeness of the information provided, and we recommend consulting with a qualified financial advisor before making any trading decisions. Users are solely responsible for their own trading activities and decisions.
