MacroBusiness
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at 9:00 am on July 5, 2021 | 0 comments
A new non-farm payroll (NFP) unemployment print in the US has reset the tone for US stocks at least with a good headline but mixed internal report equating to an unlikely early taper by the Federal Reserve. This embiggened traders on Wall street to push the S&P500 to a new record high but other stock markets are less sanguine. The USD retraced against the majors with oversold Aussie dollar bouncing back as did Yen, both of which should provide headwinds for Asian stock markets on the open, as Chinese bourse also remain in near freefall.
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MacroBusiness
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at 9:00 am on July 2, 2021 | 1 comment
A new trading month brings more risk taking with both European and US shares lifting across the board with the S&P500 putting in a new record high and traders expecting a solid jobs report from the NFP later tonight. While the latest ISM manufacturing slipped slightly it was very robust with initial weekly jobless claims coming in lower than expected.
Bitcoin continues to taper, falling back to below the $34K level, ready to make a new low for the week. Momentum is getting into oversold territory and price action looks like setting up for a proper breakdown back to sub $30K lows: