402671 July 19, 2024 16:14 Forexlive Latest News Market News
It is just about everywhere and the Australian government has even called an emergency meeting amid the whole fiasco. Trading brokerages are also impacted but that hasn’t stopped the selling in the meantime. S&P 500 futures are now down 0.3% on the day with Nasdaq futures down 0.5%.
Microsoft shares in Frankfurt are also down nearly 2% now as European indices are also seeing red at the open today. The DAX is down 0.8% and CAC 40 down 0.6% currently.
Airlines, banks, media outlets, and just about any service that relies on Microsoft systems or communications are all down across the globe. Seems about time that the world realises that all our IT services and platforms are pretty much hanging on a single thread.
This article was written by Justin Low at www.forexlive.com.
402666 July 19, 2024 15:14 Forexlive Latest News Market News
More to follow..
This article was written by Justin Low at www.forexlive.com.
402665 July 19, 2024 15:14 Forexlive Latest News Market News
US futures have also erased earlier gains, with S&P 500 futures now down 0.1%. It is being reported that a major outage by Microsoft is also impacting banks, media outlets, and several other platforms. Of note, Sky News is down in the UK and has not been able to broadcast live this morning. Meanwhile, there are also disruptions with the London Stock Exchange as a result of the outages.
This article was written by Justin Low at www.forexlive.com.
402664 July 19, 2024 15:14 Forexlive Latest News Market News
This article was written by Giuseppe Dellamotta at www.forexlive.com.
402663 July 19, 2024 15:14 ICMarkets Market News
IC Markets Global is currently experiencing outages as part of a worldwide network issue, which may affect the use of our trading platforms and systems.
We are currently investigating and monitoring the issue and will keep you updated. Our Support Team has also been impacted and your inquiries may be delayed.
If you have any questions or need further assistance, please don’t hesitate to contact our customer service team.
Kind regards,
IC Markets Global.
The post Network Outage first appeared on IC Markets | Official Blog.
402662 July 19, 2024 14:39 Forexlive Latest News Market News
This article was written by Giuseppe Dellamotta at www.forexlive.com.
402661 July 19, 2024 14:14 Forexlive Latest News Market News
Producer prices crept a little higher in June and if you exclude energy prices, the figure would’ve been up 0.3% instead. This comes as there were increases in prices for intermediate goods (+0.1%), capital goods (+0.2%), and consumer goods (+0.3%). Meanwhile, energy prices were seen down 0.1% on the month.
This article was written by Justin Low at www.forexlive.com.
402660 July 19, 2024 14:14 Forexlive Latest News Market News
That’s a disappointing reading and once again reaffirms that household spending continues to suffer amid higher prices in the UK. The details show that food store sales were down 1.1% on the month, with department store sales down 3.4%, and other non-food store sales down 1.9%. Besides that, there were also drops for textile clothing & footwear (-1.6%), household goods (-2.1%), and non-store retailing (-1.1%).
This article was written by Justin Low at www.forexlive.com.
402659 July 19, 2024 13:39 ICMarkets Market News
Asia-Pacific markets declined on Friday, following Wall Street’s downturn as investors shifted away from tech stocks and took profits from the recent rally. “There’s some profit taking,” noted Keith Buchanan, senior portfolio manager at Globalt Investments. “It’s a bit unsettling if profit-taking occurs just five days into a trade, but it highlights the magnitude of the recent rotation.”
In Asia, Japan’s inflation remained steady at 2.8% for June, while core inflation, excluding fresh food prices, increased slightly to 2.6%, just below the 2.7% expected by economists. Japan’s Nikkei 225 slipped 0.15%, and the Topix fell 0.71%. The central bank is unlikely to raise interest rates in July, aiming to support economic growth. Japanese chip-related stocks rebounded with Tokyo Electron up 2.3%, Advantest gaining 2%, and LaserTec rising 1.34%.
Hong Kong’s Hang Seng index dropped 2.15%, leading regional losses as energy stocks fell, while mainland China’s CSI 300 edged up 0.12%. Chinese chip stocks in Hong Kong, like Hua Hong Semiconductor and SMIC, saw gains. South Korean and Taiwanese chip stocks continued to decline, with major players like Taiwan Semiconductor Manufacturing Company, Samsung Electronics, and Hon Hai Precision Industry extending losses. South Korea’s Kospi fell 1.5%, the small-cap Kosdaq lost 0.21%, and the Taiwan Weighted Index shed 1.64%.
Australia’s S&P/ASX 200 dropped nearly 1.0%. In the U.S., the Dow Jones Industrial Average fell 1.29%, the S&P 500 dropped 0.78%, and the Nasdaq Composite lost 0.7%.
The post Friday 19th July 2024: Asia-Pacific Markets Decline Following Wall Street’s Tech Stock Sell-Off first appeared on IC Markets | Official Blog.
402658 July 19, 2024 13:14 Forexlive Latest News Market News
After the drop on Wednesday, the dollar pushed back in trading yesterday as it gained decent ground to be up on the week now. EUR/USD fell back below 1.0900 while GBP/USD saw a stronger rejection at the 1.3000 mark. Meanwhile, USD/JPY also rebounded back above 157.00 and is up over 200 pips from the lows in Asia trading yesterday.
It’s quite a mix of flows but the dollar did rebound alongside yields at least. As for equities, the selling continued in US trading with stocks ending in the red despite a late bounce. It is a poor week for tech shares in particular but overall, the S&P 500 and Nasdaq are still both up in July trading.
The same bout of flows will once again be the key drivers of trading sentiment today. And with the dollar fighting back, we are starting to see some changes in near-term charts as well.
EUR/USD and GBP/USD are both now trading in between their 100 and 200-hour moving averages, establishing a more neutral near-term bias. So, there’s that. But the dollar move to end the week will also ride on how bond yields fare, with little other catalysts to work with.
Then, we’ll have to watch out for the risk mood again when we get to US trading. That is to see if stocks will continue to be pressured lower for a third day running or not.
As for European trading today, there won’t be much with UK retail sales being the highlight. The estimates show that retail sales should fall back in June, after the better showing in May. The softer consumption activity among UK households is evidence of inflation still biting at the economy but luckily for the BOE, things have been holding up better in Q1 at least.
0600 GMT – Germany June PPI figures0600 GMT – UK June retail sales data0800 GMT – Eurozone May current account balance
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
This article was written by Justin Low at www.forexlive.com.
402657 July 19, 2024 12:14 Forexlive Latest News Market News
In
between the deluge of US political news and views we had a few items
worth noting here in the Asian timezone.
Federal
Reserve Bank of San Francisco President Mary Daly spoke, sounding a
little less dovish than her FOMC colleagues have recently. Daly said
“we’re not there yet” on price stability and the inflation
target.
Next
up was Japanese inflation data for June
The
other two measures came in just above the May figures and all well
above the BoJ 2% target. I posted early in the session a reminder
that the Bank of Japan is dissatisfied with the nature of the
inflation in Japan. Higher inflation, says the BoJ, is mainly due to
‘cost-push’ inflation pressure from rising input prices and the weak
yen. The BoJ want ‘demand-pull’ inflation from consumers increasing
spending after wage rises. Japanese
Prime Minister Kishida popped up in the news later in the session
alluding to this, saying the government must be vigilant about the
impact of rising prices, driven in part by the weak yen, on the economy moving to
achieve domestic-demand driven recovery. It’s a difficult time for
Japanese authorities. They’d like to keep progressing towards policy
normalisation but tightening monetary policy risks endangering the
precarious economic recovery.
From
China today we had a news conference on the Third Plenum outcome,
Chinese Communist Party officals made positive comments about
economic reform but details were extremely thin. We’ll get more on
these in the weeks and months ahead I suspect.
There
was news out of Tel Aviv, Israel, where an explosion occurred due to
a drone attack. A person was killed and others injured.
Major
FX traded in small ranges only, characterised by a USD inching
higher. Gold fell. Oil fell but has recovered.
Gold:
This article was written by Eamonn Sheridan at www.forexlive.com.
402656 July 19, 2024 11:39 ICMarkets Market News
IC Markets Asia Fundamental Forecast | 19 July 2024
What happened in the U.S. session?
As widely expected, the ECB maintained its three key interest rates unchanged, with the main refinancing rate held steady at 4.25%. The Governing Council noted that monetary policy is keeping financing conditions restrictive but domestic price pressures remain high, services inflation is elevated and headline inflation is likely to remain above the medium-term target of 2% well into next year. ECB President Lagarde stated that “the monetary policy decision had been unanimous and reiterated the central bank’s determination to be dependent on data, rather than on any single data point” and also mentioned that “the question of September and what we do in September is wide open”, remarks that signal the ECB’s refusal to pre-commit to a rate cut at the next meeting. The Euro was hovering above 1.0930 but it fell swiftly following President Lagarde’s press conference, dropping under 1.0900 by the end of this session.
Moving over to stateside, unemployment claims spiked from last week’s reading of 223K to 243K which was higher than the estimate of 229K. Claims have remained elevated over the past six weeks with the 4-week average now standing at 234K – a sign of potential softening in the U.S. labour market. Despite the weaker-than-expected economic data point, the dollar index (DXY) climbed from 103.80 to rise above the 104-level overnight.
What does it mean for the Asia Session?
As Asian markets digest the latest monetary policy actions by the ECB, the Euro continues to face overhead pressures as it slid towards 1.0890 while demand for the greenback gained further traction as the DXY moved above 104.20 to cause a pullback in gold. Spot prices for this precious metal hit a new all-time of $2,483.68/oz on Wednesday but it has since retreated away from this threshold to fall under $2,430/oz this morning.
The Dollar Index (DXY)
Key news events today
FOMC Member Williams Speaks (2:40 pm GMT)
What can we expect from DXY today?
Federal Reserve Bank of New York President John Williams will be participating in a panel discussion titled “A New Era for Monetary Policy” at the 15th Bretton Woods Conference in Peru where audience questions are expected. Following Fed Governor Christopher Waller’s remarks on Wednesday that the central bank is inching closer to its first interest rate cut while the economy was on track for a rare “soft landing”, Fed President Williams could also echo a similar sentiment later today – a move that could restrain the recent gains for the dollar.
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
Gold (XAU)
Key news events today
FOMC Member Williams Speaks (2:40 pm GMT)
What can we expect from Gold today?
Federal Reserve Bank of New York President John Williams will be participating in a panel discussion titled “A New Era for Monetary Policy” at the 15th Bretton Woods Conference in Peru where audience questions are expected. Following Fed Governor Christopher Waller’s remarks on Wednesday that the central bank is inching closer to its first interest rate cut while the economy was on track for a rare “soft landing”, Fed President Williams could also echo a similar sentiment later today – a move that could restrain the recent gains for the dollar and potentially provide a floor for this precious metal.
Next 24 Hours Bias
Medium Bearish
The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
Stronger demand for the dollar drove the Aussie under 0.6730 overnight. This currency pair dipped under 0.6700 as Asian markets came online – these are the support and resistance levels for today.
Support: 0.6680
Resistance: 0.6740
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
The Kiwi fell quite sharply falling under 0.6050 as demand for the greenback picked up overnight. This currency pair continued to slide lower towards 0.6020 at the beginning of the Asia session – these are the support and resistance levels for today.
Support: 0.6035
Resistance: 0.6090
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
Stronger demand for the dollar lifted USD/JPY above the 157-level overnight. This bullish momentum remains intact as this currency pair continued climbing higher towards 157.50 as Asian markets came online – these are the support and resistance levels for today.
Support: 155.75
Resistance: 158.80
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Euro (EUR)
Key news events today
No major news events.
What can we expect from EUR today?
As widely expected, the ECB maintained its three key interest rates unchanged, with the main refinancing rate held steady at 4.25%. The Governing Council noted that monetary policy is keeping financing conditions restrictive but domestic price pressures remain high, services inflation is elevated and headline inflation is likely to remain above the medium-term target of 2% well into next year. As Asian markets digest the latest monetary policy actions by the ECB, the Euro continues to face overhead pressures as it slid towards 1.0890 – these are the support and resistance levels for today.
Support: 1.0860
Resistance: 1.0950
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Swiss Franc (CHF)
Key news events today
No major news events.
What can we expect from CHF today?
Stronger demand for the dollar lifted USD/CHF above the 0.8850-level overnight. This bullish momentum remains intact as this currency pair continued climbing higher towards 0.8900 as Asian markets came online – these are the support and resistance levels for today.
Support: 0.8820
Resistance: 0.8900
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Pound (GBP)
Key news events today
Retail Sales (6:00 am GMT)
What can we expect from GBP today?
Retail sales in the U.K. have been quite abysmal as consumer spending fell in seven out of the past 11 months. June’s estimate of -0.6% points to another month of weaker sales and should the result print even lower, selling pressures for the Cable are bound to intensify before the start of the European trading hours.
Central Bank Notes:
Next 24 Hours Bias
Medium Bearish
The Canadian Dollar (CAD)
Key news events today
Retail Sales (12:30 pm GMT)
What can we expect from CAD today?
After a strong rebound of 0.7% in April, retail sales in Canada are now expected to fall 0.5% MoM in May – this would mark the largest monthly decline since March 2023. The Loonie could face strong overhead pressures and potentially lift USD/CAD even higher during the U.S. session.
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
Oil
Key news events today
No major news events.
What can we expect from Oil today?
Prices for crude oil pulled back sharply on Thursday due to a combination of the stronger dollar and weak consumer sentiment. WTI oil had hit a high of $83.80 per barrel before reversing – this benchmark experienced wild swings overnight before continuing to slide lower towards the $82-mark and is all but certain to close in the red for the second straight week.
Next 24 Hours Bias
Medium Bearish
The post IC Markets Asia Fundamental Forecast | 19 July 2024 first appeared on IC Markets | Official Blog.