Technical Analysis Report

08 Jul

Technical Analysis Report – 08 July 2022

/ CSFX Analytics

U.S. STOCK FUTURES LOWER ON THURSDAY AFTER JOB DATA RELEASE

Asia-Pacific stocks were up on Friday morning. The Shanghai Composite is down 0.23% at 3,356.06. Overall, the Singapore MSCI is up 0.59% at 288.90. Over in Hong Kong, the Hang Seng Index is up 0.05% at 21,718. In Japan, the Nikkei 225 is up 0.45% at 26,610.00, while the Topix index is up 0.72% at 1894.50. South Korea’s Kospi is up 0.70% at 2,350.61. Australia S&P/ASX 200 up 0.45% at 6678.00.

Top News of the Day:

U.S. stock futures were trading slightly lower during overnight deals on Thursday, after major benchmark averages finished the regular session higher as investors look ahead to key jobs data set to be released later in the session.

By 07:00 PM ET (2300 GMT) Dow Jones Futures and S&P 500 Futures dipped 0.1%, while Nasdaq 100 Futures lost 0.2%.

Market Summary as per 07/07/2022:

European equities Thursday closing. The DAX futures contract in Germany traded up 1.97% at 12,843.22, CAC 40 futures down 0.11% at 6000.78 and the UK 100 futures contract in the U.K. down 0.26% at 7,170.82.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.12% at 31384.56. The S&P 500 up 1.50% at 3902.63 and the Nasdaq 100 up 2.16% at 12109.05, NYSE closes up 1.46% at 14676.49.

Top Market News Today:

In the Forex market, GBPUSD down 0.24% at 1.1992. The USDJPY down 0.11% at 135.816. The USDCHF up 0.21% at 0.9754. EURUSD down 0.08% at 1.0147, EUR/GBP up 0.21% at 0.8463. The USD/CNY up 0.01% at 6.7027 at the time of writing.

In the Commodity market U.S. Gold futures up 0.14% at $1,742.49. Elsewhere, Silver futures down 0.05% at $19.202 per ounce, Platinum up 0.40% at $879.50 per ounce, and Palladium down 0.15% at $2003.00.

Crude Oil up on Friday; Brent Crude Oil up 0.26% at $104.49 per barrel while U.S. West Texas Intermediate (CLc1) up 0.13% at $99.76.

In the Cryptocurrency Markets, Bitcoin at 21795.00 down 0.27%, Ethereum down 0.19% at 1235.29, Litecoin at 52.72 up 1.19%, at the time of writing.

Top Market Segment to Watch Out Today:

TWITTER: Twitter (NYSE:TWTR) shares fell another 5% after-hours Thursday following a report from the Washington Post that Elon Musk’s deal to buy the social media giant is at risk after Musk’s camp concluded Twitter’s figures on spam accounts are not verifiable.

Economic News:

US: U.S. employers likely hired the fewest workers in 14 months in June, but the jobless rate probably remained near pre-pandemic lows, underscoring labor market tightness that could encourage the Federal Reserve to deliver another 75-basis-point interest rate increase later this month.

Despite the anticipated slowdown in job growth last month, the Labor Department’s closely watched employment report on Friday could ease fears of a recession that have mounted in recent days following a raft of tepid economic data, ranging from consumer spending to manufacturing.

While demand for labor is cooling in the interest rate-sensitive goods-producing sector of the economy, businesses in the vast services industry are scrambling for workers. There were 11.3 million job openings at the end of May, with 1.9 jobs for every unemployed person.

Eurozone: British employers slowed their hiring via recruitment agencies once again in June as vacancies increased at the weakest rate in more than a year, according to a survey that adds to signs that the labour market is losing some of its inflationary heat.

In a report that the Bank of England will study as it weighs up its next interest rate decision, a measure of permanent staff hiring by accountants KPMG and the Recruitment and Employment Confederation (REC) fell sharply to 54.8 from 59.2 in May.

That was the seventh month in a row that it has declined. Although it remained above the 50 thresholds for growth, it was the lowest reading in 16 months, as was the REC’s measure of temporary staff hiring.

The BoE has said it is ready to act forcefully if it sees signs that the recent jump in inflation to more than 9% is creating more persistent inflation problems. But it is also worried that Britain’s economy is losing momentum.

Top Economic Releases Today:

U.S. Nonfarm Payrolls (Jun) today at 8:30 this time estimated 268K, previously which was 390K.
CANADA Employment Change (Jun) today at 8:30 this time estimated 23.5K, previously which was 39.80K.
RUSSIA CPI (MoM) (Jun) today at 12:00 this time estimated -0.2%, previously which was 0.1%.
CHINA CPI (YoY) (Jun) today at 21:30 this time estimated 2.4%, previously which was 2.1%.
U.S. Unemployment Rate (Jun) today at 8:30 this time estimated 3.6%, previously which was 3.6%.