Technical Analysis Report - 12 August 2022

12 Aug

Technical Analysis Report – 12 August 2022

/ CSFX Analytics

WALLSTREET LOWER ON THE EXPECTATION THAT FED STILL NEEDS AN INTEREST RATE HIKE

Asia-Pacific stocks tracked Wall Street losses and the yen fell on Friday. The Shanghai Composite is down 0.11% at 3,278.39. Overall, the Singapore MSCI is down 0.03% at 308.45. Over in Hong Kong, the Hang Seng Index is up 0.61% at 20,150.00. In Japan, the Nikkei 225 is up 2.63% at 28,510.00, while the Topix index is up 2.07% at 1972.50. South Korea’s Kospi is up 0.11% at 2,526.55. Australia S&P/ASX 200 down 0.65% at 7024.90.

Top News of the Day:

The Nasdaq and S&P 500 retreated to close lower on Thursday on the realization the Federal Reserve still needs to aggressively boost interest rates to fully tame rising consumer prices despite fresh evidence of cooling inflation.

The S&P 500 closed a tad lower after earlier hitting fresh three-month highs following data that showed the U.S. producer price index (PPI) unexpectedly fell in July.

Market Summary as per 11/08/2022:

European equities Thursday closing. The DAX futures contract in Germany traded down 0.05% at 13,694.51, CAC 40 futures up 0.33% at 6544.68 and the UK 100 futures contract in the U.K. down 0.55% at 7,465.92.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.08% at 33336.68. The S&P 500 down 0.07% at 4207.28 and the Nasdaq 100 down 0.65% at 13291.99, NYSE closes up 0.32% at 15602.92

Top Market News Today:

In the Forex market, GBPUSD down 0.08% at 1.2188. The USDJPY up 0.20% at 133.241. The USDCHF up 0.09% at 0.9418. EURUSD down 0.02% at 1.0319, EUR/GBP up 0.13% at 0.8465. The USD/CNY down 0.11% at 6.7374 at the time of writing.

In the Commodity market U.S. Gold futures up 0.10% at $1,791.15. Elsewhere, Silver futures up 0.37% at $20.386 per ounce, Platinum down 0.05% at $958.00 per ounce, and Palladium down 1.07% at $2263.00.

Crude Oil mix on Friday; Brent Crude Oil down 0.01% at $99.24 per barrel while U.S. West Texas Intermediate (CLc1) up 0.02% at $93.22.

In the Cryptocurrency Markets, Bitcoin at 23970.00 down 1.13%, Ethereum up 0.33% at 1889.30, Litecoin at 61.62 down 0.44%, at the time of writing.

Top Market Segment to Watch Out Today:

Johnson & Johnson: Johnson & Johnson (NYSE:JNJ) will stop selling talc-based baby powder globally in 2023, the drugmaker said on Thursday, more than two years after it ended U.S. sales of a product that drew thousands of consumer safety lawsuits.

Economic News:

US: Jobless claims in the U.S. edged higher last week, in a sign of a potential loosening in the country’s tight labour market.

Initial unemployment claims jumped to 262,000 from a downwardly revised 248,000 in the previous week, inching closer to its highest level since November. That figure was below economists’ expectations of 263,000.

The biggest upticks in initial claims for the week ending July 30 were in the U.S. states of Connecticut, Oklahoma and North Carolina, while Massachusetts, Kentucky and Ohio saw the largest decreases.

The rolling four-week average for initial claims, which smooths out volatility in the weekly figures, also moved up to 252,000. Meanwhile, continuing claims increased by more than estimated to 1.428M, suggesting that some workers may be having a harder time finding new work after losing their old job.

Eurozone: Jobless claims in the U.S. edged higher last week, in a sign of a potential loosening in the country’s tight labour market.

Top Economic Releases Today:

U.K. GDP (YoY) (Q2) today at 2:00 this time estimated 2.8%, previously which was 8.7%.
U.S. Import Price Index (MoM) (Jul) today at 8:30 this time estimated -1.0%, previously which was 0.2%.
RUSSIA GDP Quarterly (YoY) (Q2) today at 12:00 previously which was 3.5%.
EURO ZONE Industrial Production (MoM) (Jun) today at 5:00 this time estimated 0.2%, previously which was 0.8%.
INDIA CPI (YoY) (Jul) today at 8:00 this time estimated at 6.78%, previously which was 7.01%.