Morning wrap (16.07.2021)

6:26 AM 16 July 2021
  • US indices finished yesterday's trading mixed. S&P 500 fell 0.33%, Dow Jones moved 0.15% higher, Nasdaq dropped 0.70% and Russell 2000 slumped 0.65%
  • Mixed moods can be spotted in Asia as well. Nikkei, Kospi and most indices from China moved lower while S&P/ASX 200 gained
  • DAX futures point to a slightly higher opening of the European session
  • Westpac forecast three rate hikes (+25bps each time) from the RBNZ by the end of 2021
  • RBNZ's core inflation measure for Q2 2.2% (prior 2.0%)
  • New Zealand CPI Q2 2021 1.3% q/q (expected 0.8%) and 3.3% y/y (. expected 2.8%)
  • Japanese finance ministry is considering to increase staff focusing  on regulating digital currencies
  • BOJ did not make any changes to main policy settings
  • Los Angeles will require people to wear masks at all indoor public places
  • Fully vaccinated Americans may be allowed to travel to Canada as of mid-August 
  • JP Morgan sees H2 growth in the US stronger than its ever been
  • The US will impose sanctions on seven officials in China over crackdown on democracy in Hong Kong
  • US Treasury Secretary Yellen thinks there are several more months of rapid inflation ahead
  • Bitcoin trades near $31,800 mark
  • Precious metals and oil trade mixed, industrial metals advance 
  • NZD and JPY are the best performing major currencies while CAD and AUD lag the most

EURNZD pair fell sharply following the release of New Zealand’s inflation data and is currently testing an upward trendline. Should a break lower occur, then the next target for bears is located at 1.63 and is marked with a lower limit of the 1:1 structure and previous price reactions. On the other hand, if buyers manage to halt declines, then another upward move towards resistance at 1.7240 may be launched. Source: xStation5

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