{"id":11618,"date":"2020-07-24T08:23:30","date_gmt":"2020-07-24T08:23:30","guid":{"rendered":"https:\/\/errante.net\/trading-analysis-24th-july-2020\/"},"modified":"2020-07-24T08:23:30","modified_gmt":"2020-07-24T08:23:30","slug":"trading-analysis-24th-july-2020","status":"publish","type":"post","link":"https:\/\/errante.net\/th\/trading-analysis-24th-july-2020\/","title":{"rendered":"Trading Analysis – 24th July 2020"},"content":{"rendered":"\n

Today’s Market Outlook<\/strong><\/h2>\n\n\n\n

Asia Pacific (APAC) stocks depreciated reasonably across the board as the region trailed behind losses on Wall Street, where the S&P snapped a four-day winning streak and the Nasdaq underperformed on the back of the sell-off in major tech stocks.   <\/p>\n\n\n\n

ASX 200 (-1.2%) was weighed on by the losses across its strong miners and financials. KOSPI (-0.6%) took a breather from yesterday\u2019s underperformance, and as new cases in South Korea continue to decline in pace. Hang Seng (-1.9%) was pressured by a number of large cap stocks in the red and with fears that the closure of the US consulate in Hong Kong is in China\u2019s arsenal, although this would be similar to a nuclear option.  <\/p>\n\n\n\n

Shanghai Comp (-2.3%) underperformed as investors took chips off the table amid China\u2019s retaliatory move, whilst experts cited by Global Times stated that Beijing could also consider a targeting strike such as expelling hundreds or more US diplomats in Mainland and Hong Kong. As a reminder, Japanese markets were closed in observance of National Sports Day Holiday. <\/p>\n\n\n\n

In commodities, WTI and Brent front month futures gained but with some struggle, amid quiet news-flow and low volumes. Traders will be keeping tabs on the National Hurricane Centre updates after Tropical Depression Eight evolved into Tropical Storm Hanna, with a warning extended Southwards. According to Barclays, they have warned of a probable price correction in case of slowing demand, where they are expecting Brent Crude to average $41 a barrel and WTI Crude to average $37 per barrel this year. For next year, the bank has a more optimistic view, expecting Brent to average $53 and WTI to average $50 a barrel. <\/p>\n\n\n\n

Moving into the currencies market, a hint to the overall USD\u2019s performances is by looking at the USD Index (DXY) performance, which held onto losses sub-95.000 throughout the entirety of the session. This was mainly due to a trifecta as presented below;  <\/p>\n\n\n\n

  1. US stimulus delays\u00a0\u00a0<\/strong><\/li><\/ol>\n\n\n\n
    1. Rising jobless claims\u00a0in the US\u00a0<\/strong><\/li><\/ol>\n\n\n\n
      1. Building\u00a0US-China tensions\u00a0\u00a0<\/strong><\/li><\/ol>\n\n\n\n

        The\u00a0USD\/JPY saw a 30-pip move lower across a few minutes, which prompted the pair to eventually dip below 106.50 and continue trundling lower as risk-aversion intensified despite the absence of fresh fundamental catalysts as liquidity in the region remains low with Japanese players away on a long weekend. EUR\/USD traded choppy on either side of 1.1600 after drifting from highs of ~1.1620.\u00a0\u00a0<\/p>\n\n\n\n

        Today’s High Impact Events<\/strong><\/h2>\n\n\n\n

        The times below are GMT+3.<\/p>\n\n\n\n

        10.30\u00a0\u2013\u00a0Germany Markit Manufacturing & PMI Composite<\/strong>\u00a0<\/h3>\n\n\n\n

        Just like most of its European neighbours, Germans too have been ravaged by a global health emergency and it is facing the worst recession in its post-war history, with rising unemployment and collapsing exports and manufacturing output. The mood among Germany\u2019s captains of industry is quite bleak so far. <\/p>\n\n\n\n

        Potential instruments to Trade:\u00a0EUR\u00a0crosses.\u00a0<\/p>\n\n\n\n

        11.00\u00a0\u2013\u00a0EUR Markit PMI Composite<\/strong>\u00a0<\/h3>\n\n\n\n

        European markets are heading for a lower open this morning, as flaring of diplomatic tensions between US and China continues to weigh on sentiment. The forecast for the Eurozone flash manufacturing PMI (due at 0800 GMT) shows 50.0 for July vs. 47.4 seen in the previous month. The Eurozone services sector PMI is seen bouncing to 51.0 in the reported month vs. 48.3 previous. <\/p>\n\n\n\n

        Potential instruments to Trade:\u00a0EUR\u00a0crosses.\u00a0<\/p>\n\n\n\n

        11.30\u00a0\u2013\u00a0UK Markit Services PMI\u00a0<\/strong>\u00a0<\/h3>\n\n\n\n

        The\u202fMarkit\/CIPS\u202fUK Services PMI\u202f(Purchasing Managers’ Index) is based on data collected from companies in the transport and communication sector, financial intermediation, business\u202fservices, personal\u202fservices, computing and IT and hotels and restaurants. GBP investors are becoming increasingly concerned about Britain\u2019s economic recovery from the coronavirus pandemic in addition to the release of July\u2019s CBI Industrial Trend survey which fell yesterday to a worse than expected 46%. <\/p>\n\n\n\n

        Potential instruments to Trade:\u00a0GBP crosses.<\/p>\n\n\n\n

        Coronavirus Status Update<\/strong>\u00a0<\/h3>\n\n\n\n

        US COVID-19 cases rose by at least 66,064 (Prev. +69,659), whilst deaths rose by at least 1,112 (Prev. +1,101), according to a major newswires tally. California COVID-19 cases +2.9%\/12,040 (prev. +3.2%\/+12,807), deaths +157 (prev. +115). Texas COVID-19 cases +9,507 (prev. +9,879); deaths +173 (prev. +197); hospitalisations data is incomplete due to new federal requirements. Houston, Texas ICU Phase 2 surge capacity now at 27% occupancy, seeing Houston ICU occupancy rate rise to 108%.\u00a0<\/p>\n\n\n\n

        Join us at our next Market Analysis Webinar via Zoom<\/strong>. <\/p>\n\n\n\n

        To join us today , click here<\/a><\/strong>. <\/p>\n\n\n\n

        If you have any questions, please email our Education Centre<\/a>.<\/p>\n\n\n\n

        If you have any questions or require any assistance, please contact one of our support team members via our Live Chat or email support@errante.net<\/a>.<\/p>\n\n\n\n

        We are Errante. Trading made personal<\/strong>.<\/p>\n\n\n\n

        Errante is regulated by the Seychelles Financial Services Authority (FSA) under license number [SD038<\/a>].<\/p>\n\n\n\n

        To find out more about Errante, visit\u00a0https:\/\/errante.net\/<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

        Today’s Market Outlook Asia Pacific (APAC) stocks depreciated reasonably across the board as the region trailed behind losses on Wall Street, where the S&P snapped a four-day winning streak and the Nasdaq underperformed on the back of the sell-off in major tech stocks.    ASX 200 (-1.2%) was weighed on by the losses across its strong miners and […]<\/p>\n","protected":false},"author":6,"featured_media":11619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7718,7712],"tags":[8407,7715,8436,7752,8437,8405,7717,8438],"yoast_head":"\nTrading Analysis - 24th July 2020 | Errante<\/title>\n<meta name=\"description\" content=\"This week has plenty of trading opportunities. Read our Daily Market Analysis. Today all eyes are on BOE Haskel Speech. 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