Morning wrap (01.08.2022)

6:54 AM 1 August 2022
  • The first Asian session of a new week (and a new month) was an upbeat one. Nikkei and S&P/ASX 200 gained 0.5% while indices from China traded up to 0.9% higher. Kospi traded slightly lower

  • DAX futures point to a lower opening of the European cash session

  • US index futures trade slightly below Friday's cash close

  • US House Speaker Pelosi embarked on her Asian visit. Official documents do not mention plans to visit Taiwan. China once again warned United States not to provoke its response

  • US President Biden tested positive for Covid again

  • Tension on the Serbia-Kosovo border increased in recent days. NATO said that it is prepared to intervene if stability in the region is jeopardized

  • Russian Gazprom halted gas deliveries to Latvia over the weekend

  • Fed's Kashkari said that markets have gotten ahead of themselves with pricing a rate cut next year

  • CRIC, a Chinese real estate data provider, said that sales at the 100 biggest Chinese developers dropped 39.7% YoY in July. S&P Global Ratings estimates that Chinese banks may lose up to $350 billion in worst case scenario for Chinese property market

  • Official Chinese manufacturing PMI dropped from 50.2 to 49.0 in July (exp. 50.3), reaching a 3-month low. Services gauges dropped from 54.7 to 53.8 (exp. 53.9)

  • South Korean manufacturing PMI dropped from 51.3 to 49.8 in July. This is the first reading in a contraction territory since September 2020

  • Majority of cryptocurrencies trade lower at the start of a new week. Bitcoin drops 1% while Ethereum trades 0.9% lower

  • Oil and other energy commodities pull back today. Brent trades 0.4% lower while WTI drops 0.6%

  • Precious metals drop in spite of USD weakness. Gold trades 0.1% lower near $1,760 per ounce

  • NZD and JPY are the best performing major currencies while USD and EUR lag the most

Japanese yen leads among G10 currencies today as risk-off moods are on the rise. The pair dropped below the lower limit of the Overbalance structure last week and is deepening the drop today. The near-term support to watch can be found in the 134.40 area, where 50% retracement and 200-session moving average are located. Source: xStation5

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