Archiv für den Monat: Juli 2022
Chinese companies are going global as growth slows at home
Dow sinks on the back of June’s hot inflation report
Stocks making the biggest moves midday: Gap, Peloton, Boeing, American Airlines, Twitter and more
Delta posts profit despite jump in costs, vows to improve reliability after airline ‚pushed too hard‘
Gold Q3 2022 Forecast: Fundamental Outlook Weakens
US MBA mortgage applications w.e. 8 July -1.7% vs -5.4% prior
- Prior -5.4%
- Market index 300.0 vs 305.3 prior
- Purchase index 224.3 vs 232.6 prior
- Refinancing index 685.3 vs 670.3 prior
- 30-year mortgage rate 5.74% vs 5.74% prior
Mortgage activity continues to decline with purchases dropping once again, more than offsetting a slight increase in refinancing activity in the past week. As the Fed looks set to raise rates further, the squeeze is on for the US housing market.
This article was written by Justin Low at www.forexlive.com.
US national security advisor says still working out details on Russian oil price cap
This article was written by Justin Low at www.forexlive.com.
Italian politics back on the menu
The Five Star Movement party is holding leadership talks today and as support for their party wither, they need a change to stay relevant and most key party figures are pointing towards breaking away from the current government coalition.
A recent split has seen the party lose a chunk of its support with many lawmakers joining a breakaway group led by Luigi Di Maio, a former leader of the Five Star Movement party. Those who have stayed on are urging for a change – blaming Draghi for watering down flagship measures that have been key pillars of the party.
The issue here is that if Five Star Movement pulls out, there is going to be a ripple effect. Matteo Salvini’s Lega party is adamant that they will not back the government if Five Star Movement withdrew from the coalition.
Meanwhile, that will also create a bit of a divide with the Democratic party – who at least still seems to be wanting to back Draghi and the government.
In any case, the wheels are set in motion already and if leadership talks this week for Five Star Movement result in a push away from the government, we could see election risks brought forward for Italy.
This article was written by Justin Low at www.forexlive.com.
Dollar holds steady so far on the session
USD/JPY is holding slightly higher around 137.10-20, up 0.2%, as buyers stay buoyed in search of a further breakout this week. The retreat in Treasury yields yesterday tempered with the mood but we are seeing things pick up again today. Meanwhile, GBP/USD got a light nudge higher earlier to 1.1935 on the back of better-than-expected UK monthly GDP data but it came with a caveat.
Better health services on the month provided an outlier and the pound found little to be optimistic as such, with cable back down now to 1.1890 on the day – keeping rather flattish.
Looking elsewhere, the mood in equities is rather mixed with European indices holding lower while US futures are up slightly. That said, I wouldn’t look much into it until we get to the US CPI data later today.
This article was written by Justin Low at www.forexlive.com.