{"id":5794,"date":"2020-07-28T14:40:45","date_gmt":"2020-07-28T14:40:45","guid":{"rendered":"https:\/\/errante.net\/?p=5794"},"modified":"2020-07-28T14:40:47","modified_gmt":"2020-07-28T14:40:47","slug":"midday-analysis-28th-july-2020","status":"publish","type":"post","link":"https:\/\/errante.net\/midday-analysis-28th-july-2020\/","title":{"rendered":"Midday Analysis – 28th July 2020"},"content":{"rendered":"\n

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

In Asia, the Nikkei closed down slightly by -0.26%. Hong Kong HSI is up 0.29%. China Shanghai SSE is up 0.31%. Singapore Strait Times is up 0.38%. Japan 10-year JGB yield is up 0.0035 at 0.023. Overnight, DOW rose 0.43%. S&P 500 rose 0.74%. NASDAQ rose 1.67%. 10-year yield rose 0.020 to 0.609. <\/p>\n\n\n\n

In the currencies market, the USD seemed to have recovered mildly today as markets start to digest recent broad-based losses. Gold and silver are also in retreats after their initial spiked-up moves. But the movements so far look restricted. While some consolidations might be seen, there is no sign for sustainable rebound in the USD yet. As of now, the CAD is trailing behind the USD, followed by the EUR. The NZD is the weakest for today, followed by JPY and CHF. <\/p>\n\n\n\n

If we were to focus on Gold\u2019s rally but from a fundamental perspective, there is no question that recent weakness in the USD is offering its own support, but the primary drivers are now the prospect of longer-term inflation. In saying that following market open today, the gold price traded at $1943 and has reached as far as\u202f$1981<\/a> which has now brought gold price up to nearly 28% YTD. Gold prices have recorded the longest monthly winning streak since 2012.\u202fOne thing to note by moving away from the Federal Reserve is that, gold prices have been supported due to the rising geopolitical tensions between the U.S. and China. Additionally, China bought only 23% of the total purchase target of goods from the U.S. during the first half of this year. <\/p>\n\n\n\n

As for oil,\u00a0prices rose for a third straight day\u00a0today,\u00a0sustained\u00a0by support for demand coming from efforts to stimulate the US economy’s recovery from the coronavirus crisis and a weakening of the dollar that makes crude cheaper for global buyers. Brent crude futures climbed 35 cents, or 0.8 percent, to $43.76.\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

17.00\u00a0\u2013\u00a0US CB Consumer Confidence Index<\/strong>\u00a0<\/h3>\n\n\n\n

Conference Board (CB)\u202fConsumer Confidence\u202fmeasures the level of\u202fconsumer confidence\u202fin economic activity. It is a leading\u202findicator\u202fas it can predict\u202fconsumer\u202fspending, which plays a major role in overall economic activity. Higher readings point to higher\u202fconsumer\u202foptimism.\u00a0As for last month, figures\u00a0rose sharply to 98.1 after coming in at 85.9 (revised from 86.6) in May. The\u00a0reading\u00a0did\u00a0beat market expectations\u00a0of 91.8.\u00a0This time\u00a0around\u00a0,\u00a0Consumer Confidence is expected\u00a0to rise to 91.6 in June from 86.6 in May.\u202f<\/p>\n\n\n\n

Potential instruments to Trade:\u00a0USD\u00a0crosses\u00a0& Gold.<\/p>\n\n\n\n

Coronavirus Status Update<\/strong>\u00a0<\/h2>\n\n\n\n

US CDC reported COVID-19 cases +61,795 (prev. +64,582); deaths +564 (prev. +969). A newswires tally suggested that US COVID-19 cases rose by at least 61,277 (Prev. +53,667), whilst deaths rose by at least 491 (Prev. +427). California COVID-19 cases +1.5%\/+6,891 (prev. +1.9%\/+8,259, 7-day avg. 2.4%). A\u00a0newswires\u00a0tally suggested California coronavirus cases increased by at least 10,549 (Prev. +4,372),\u00a0deaths rise by at least 91 (Prev. 21). New York COVID-19 cases +608 (prev. +536); hospitalisations 642 (prev. 637).\u00a0<\/p>\n\n\n\n

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

To view our upcoming webinars, 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 In Asia, the Nikkei closed down slightly by -0.26%. Hong Kong HSI is up 0.29%. China Shanghai SSE is up 0.31%. Singapore Strait Times is up 0.38%. Japan 10-year JGB yield is up 0.0035 at 0.023. Overnight, DOW rose 0.43%. S&P 500 rose 0.74%. NASDAQ rose 1.67%. 10-year yield rose 0.020 to 0.609.  In the currencies market, the USD […]<\/p>\n","protected":false},"author":6,"featured_media":5797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[437,9],"tags":[450,78,520,80,543],"yoast_head":"\nMidday Analysis - 28th July 2020 | Errante<\/title>\n<meta name=\"description\" content=\"This week has plenty of trading opportunities. 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