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
US stocks strengthened as predictions of increased market volatility did not materialize after the assassination attempt on Republican Presidential candidate Donald Trump. Investors may be focusing on the growing expectation that Trump will win the November election, bolstered by the prospect of upcoming interest rate cuts. The yield on the US 10-year Treasury rose by 4.7 bps to 4.23%.
The US Empire State Manufacturing Index shrank for the eighth consecutive month in July, reaching -6.6, while the prices received by producers dropped to a one-year low.
Overnight, Fed Chief Powell stated that the last three inflation data points have been reassuring, and the economy is doing well overall. He observed that the job market is stabilizing. Powell highlighted that because of the time it takes for monetary policy changes to affect the economy, the Fed can act preemptively before inflation hits the 2% target. Additionally, he clarified that he will not provide any indications about when interest rate cuts might occur, and while current monetary policy is tight, it is not overly restrictive.
Overall, the USD strengthened against all other G10 currencies in the past 24 hours.
Day Ahead
In today’s trading session, investors should keep an eye on key economic data releases from Japan, the Eurozone, Canada, and the United States. These data points are likely to influence market sentiment and trading strategies.
Economic Data to Watch
- Japan: Tertiary Industry Activity m/m
- Eurozone: Trade Balance
- Canada: CPI m/m
- United States: Core Retail Sales m/m
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.
