Trade Idea
We have a Gap open at 7567 from 05/07/2019 to 07/07/2019.
Bespoke support is located at 7470.
We look for a re-test of the upward trending support.
There is scope for mild selling at the open but losses should be limited.
Preferred trade is to buy on dips.
We look to Buy at 7470
Stop: 7440
Target 1: 7560
Target 2: 7650
Daily market report July 8th 2019
Market highlights
Headline June US employment data beat consensus forecasts with an increase of 224,000 in non-farm payrolls, although other data was slightly weaker than expected.
Bond yields recovered sharply following the data on a shift in Fed expectations, although there was a partial reversal on Monday amid fragile risk conditions.
Equities declined in Asia on Monday amid reduced expectations of aggressive Fed rate cuts
The dollar advanced strongly following the employment release, although it failed to hold its best levels.
The Canadian dollar also pared initial losses from a headline dip in June employment with commodity currencies also recovering some losses.
Gold declined sharply on dollar gains with a dip below $1,400 per ounce before a tentative recovery amid weaker equity markets.
Oil prices were supported by reduced fears over global demand conditions.
We have a Gap open at 7567 from 05/07/2019 to 07/07/2019.
Bespoke support is located at 7470.
We look for a re-test of the upward trending support.
There is scope for mild selling at the open but losses should be limited.
Preferred trade is to buy on dips.
We look to Buy at 7470
Stop: 7440
Target 1: 7560
Target 2: 7650
Daily market report July 8th 2019
Market highlights
Headline June US employment data beat consensus forecasts with an increase of 224,000 in non-farm payrolls, although other data was slightly weaker than expected.
Bond yields recovered sharply following the data on a shift in Fed expectations, although there was a partial reversal on Monday amid fragile risk conditions.
Equities declined in Asia on Monday amid reduced expectations of aggressive Fed rate cuts
The dollar advanced strongly following the employment release, although it failed to hold its best levels.
The Canadian dollar also pared initial losses from a headline dip in June employment with commodity currencies also recovering some losses.
Gold declined sharply on dollar gains with a dip below $1,400 per ounce before a tentative recovery amid weaker equity markets.
Oil prices were supported by reduced fears over global demand conditions.
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