Technical Analysis Report on Forex, Stocks, Crypto

01 Jul

Technical Analysis Report on Forex, Stocks, Crypto – 01 July 2022

/ CSFX Analytics

The S&P 500 closes the books on its worst first-half decline since 1970

Asia-Pacific stocks were down on Friday morning. The Shanghai Composite is down 0.54% at 3,380.21. Overall, the Singapore MSCI is down 0.70% at 278.60. Over in Hong Kong, the Hang Seng Index is up 0.25% at 21,798. In Japan, the Nikkei 225 is down 2.08% at 25,830.00, while the Topix index is down 1.79% at 1837.00. South Korea’s Kospi is down 1.17% at 2,305.42. Australia S&P/ASX 200 down 0.43% at 6539.90.

Top News of the Day:

Wall Street ended the session lower on Thursday, crossing the finish line of a grim month and quarter, a dismal coda to the S&P 500’s worst first half in more than half a century.

All three major U.S. stock indexes finished the month and the second quarter in negative territory, with the S&P 500 notching its steepest first-half percentage drop since 1970.

Market Summary as per 30/06/2022:

European equities Thursday closing. The DAX futures contract in Germany traded down 1.69% at 12,783.77, CAC 40 futures down 1.80% at 5922.87 and the UK 100 futures contract in the U.K. down 1.96% at 7,169.27.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.82% at 30775.44. The S&P 500 down 0.88% at 3785.39 and the Nasdaq 100 down 1.33% at 11503.72, NYSE closes down 0.77% at 14487.64.

Top Market News Today:

In the Forex market, GBPUSD down 0.43% at 1.2122. The USDJPY down 0.56% at 134.891. The USDCHF up 0.07% at 0.9547. EURUSD down 0.22% at 1.0461, EUR/GBP up 0.30% at 0.8630. The USD/CNY up 0.10% at 6.7070 at the time of writing.

In the Commodity market U.S. Gold futures down 0.59% at $1,796.85. Elsewhere, Silver futures down 1.90% at $19.896 per ounce, Platinum down 1.01% at $885.00 per ounce, and Palladium down 1.32% at $1910.50.

Crude Oil down on Friday; Brent Crude Oil down 0.59% at $108.53 per barrel while U.S. West Texas Intermediate (CLc1) down 0.84% at $103.73.

In the Cryptocurrency Markets, Bitcoin at 19330.00 up 3.04%, Ethereum down 1.98% at 1049.92, Litecoin at 50.89 down 5.07%, at the time of writing.

Top Market Segment to Watch Out Today:

APPLE: Apple Inc (NASDAQ:AAPL) has hiked by nearly a fifth the cost of its flagship iPhone phone in Japan, which is battling a weakening yen currency and rising inflation. The Cupertino, California-based manufacturer’s entry level iPhone 13 now costs 117,800 yen ($870), Apple’s website showed, compared to 99,800 yen previously.

Economic News:

US: New U.S. data for May showed little immediate relief from the record pace of inflation pushing the Federal Reserve toward another oversized interest rate increase next month, but it did add to a developing sense that the worst may be over.

Inflation, as measured by the personal consumption expenditures price index, was 6.3% on an annualized basis in May, the same as in April and still more than triple the U.S. central bank’s formal 2% target – far from the clear evidence of falling inflation that Fed officials say they need before backing off their rate hike plans.

Following the release of the latest inflation data, traders of futures tied to the central bank’s targeted federal funds rate kept bets that it would proceed with another 75-basis-point rate hike next month.

But those same traders also saw an opening for the Fed to slow the pace of rate increases as of November and stop hiking rates altogether in early 2023, as evidence mounts that inflation may have peaked and the economy overall is slowing.

While the headline inflation number showed no decline, a separate measure excluding volatile food and energy costs fell for the third consecutive month and is now at a six-month low of 4.7%.

Eurozone: Britain has proposed a cut in value-added tax, or VAT, to help households with the cost of living, The Times reported on Thursday.

Prime Minister Boris Johnson’s chief of staff Steve Barclay suggested reducing the 20% headline rate of the tax, the report said, adding a temporary cut would reduce the tax bill for millions.

According to the Times, in his letter to party lawmakers on the day of a confidence vote last month, Johnson said energy would be devoted to “reducing the biggest single household outgoing of all — the tax bill. It must come down, and it will, because that is the best way to deliver the growth we need.”

The British government did not confirm the report. A source close to Barclay said decisions on tax matters would be taken by Johnson and his finance minister and that ministers have been told to follow up on commitments made in that letter.

British inflation, which reached 9.1% last month, is at its highest in four decades, contributing to strikes or threats of industrial action by workers across transport services, schools, postal services and hospitals.

Top Economic Releases Today:

GERMANY Manufacturing PMI (Jun) today at 3:55 this time estimated 52.00, previously which was 54.80.
U.K. Manufacturing PMI (Jun) today at 4:30 this time estimated 53.40, previously which was 54.60.
EURO ZONE CPI (YoY) (Jun) today at 5:00 this time estimated 8.4%, previously which was 8.1%.
U.S. ISM Manufacturing PMI (Jun) today at 10:00, this time estimated 54.9, previously which was 56.1.
FRANCE Manufacturing PMI (Jun) today at 3:50 this time estimated 51.0, previously which was 54.6.