The meeting was scheduled for 1130 GMT, so the timing does tie in to that. But with no policy change discussions on the agenda, it shouldn’t be one to impact oil prices today.

This article was written by Justin Low at www.forexlive.com.

Here’s a snapshot of the equities space at the moment:

• Eurostoxx +0.1%
• Germany DAX -0.3%
• France CAC 40 +0.1%
• UK FTSE -0.3%
• S&P 500 futures +0.1%
• Nasdaq futures +0.3%
• Dow futures flat

That’s hardly indicative of a more positive risk sentiment, the one that we saw from Asia and early trading in Europe. There are more tentative tones now and if the US jobs numbers later do come in hot, we might just see equities make it four red days in a row to start August trading.

This article was written by Justin Low at www.forexlive.com.

Last
week, the Fed hiked the interest rates by
25 bps as widely expected keeping everything unchanged. Fed Chair Powell
reiterated their data dependency and kept all the options on the table. The
economic data since the FOMC meeting has been pretty solid and the labour
market indicators keep on running hot. This week we got a selloff that began
with the rating agency Fitch downgrading US credit
rating to AA+ from AAA and then extended further as the US ADP report
came in hot again.

Nasdaq Composite Technical
Analysis – Daily Timeframe

On the daily chart, we can see that the Nasdaq
Composite is experiencing a deeper correction as it struggles to extend to the
14649 high. The price currently sits at the previous resistance turned support, but the
sellers may be targeting the upward trendline where
the buyers should step in more aggressively.

Nasdaq Composite Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that we had a divergence with the
MACD on the
last leg higher which is generally a sign of weakening momentum often followed
by pullbacks or reversals. The buyers should pile in here around the 13885 support where we
have also the confluence with the
50% Fibonacci retracement. The
sellers, on the other hand, should pile in more aggressively if the price
breaks lower and target the trendline first, and eventually the 13174 support.

Nasdaq Composite Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can see more
closely the current bullish setup with the price that may even print a little
inverted head and shoulders
pattern right at the support. What happens here will probably lead to a big
move afterwards, so buyers and sellers will watch this level carefully after
the NFP report today.

Upcoming
Events

Today, all eyes will be on the US NFP
report. The Fed will see another NFP report before the next meeting so this one
won’t decide what they are going to do but it can change market expectations,
nonetheless. It’s hard to see what the market is going to do with this data,
but a strong report should weigh on the Nasdaq Composite as the market would
expect the Fed to remain hawkish and weak readings are likely to cause a
selloff as the market may start to fear a recession on the horizon. The
technicals here should be more helpful to manage risk and position in line with
the flow.

This article was written by FL Contributors at www.forexlive.com.

Headlines:

• Not much appetite among major currencies for now, awaiting the US jobs report
• Underlying inflation has likely peaked in 1H 2023 – ECB
• Japan banking regulator says sees no big impact from BOJ shift for now
• Eurozone June retail sales -0.3% vs +0.2% m/m expected
• Germany June industrial orders +7.0% vs -2.0% m/m expected
• Germany July construction PMI 41.0 vs 41.4 prior
• UK July construction PMI 51.7 vs 48.0 expected
• BNP Paribas lowers BOE terminal rate forecast to 5.50%

Markets:

• USD leads, CHF lags on the day
• European equities mixed; S&P 500 futures up 0.2%
• US 10-year yields flat at 4.192%
• Gold down 0.1% to $1,931.15
• WTI crude up 0.6% to $82.05
• Bitcoin down 0.5% to $29,132

It was a bit of a sideways session as markets are waiting on the US non-farm payrolls later today.

Major currencies saw little appetite as the dollar keeps steady but mostly little changed overall. Meanwhile, equities were optimistic early on as tech shares were buoyed by Amazon’s earnings beat. But gains were tempered during the session, with European indices now trading close to flat levels while US futures are just slightly higher.

Treasury yields are also little changed in general as traders are waiting on the US jobs report later to see if they would want to pile on to the selling that we have seen so far this week in bonds.

The non-farm payrolls later is the first key hurdle highlighted by Powell at the FOMC meeting last week. As such, this could just be marking the calm before the storm later especially if the numbers continue to run hot.

This article was written by Justin Low at www.forexlive.com.

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This article was written by FL Contributors at www.forexlive.com.