Market Update – July 3
We wanted to provide a quick market update to our readers and subscribers this morning prior to the opening bell.
Emerging Markets
Oil prices continue to drift lower in early trading
Oil continues to find it hard work, building on the bullish breakout of mid June, having moved into a sustained phase of price congestion over the last few weeks, as it continues to slide lower ahead of today’s oil inventories report.
FTZ lifts barriers to overseas investment
More than 50 rules and restrictions governing foreign investment in Shanghai’s pilot free trade zone have been lifted in a bid to support its continued growth and development, a senior official said yesterday.
Position Update – AMZN – BIDU
It that time again for another position update. We have two names that we need to talk about this morning netting us over $380 currently on our two weekly picks.
China’s June PMI at six-month high
Growth in China’s (FXI, quote) manufacturing sector accelerated to a six-month high in June, registering a strong end to the second quarter and an encouraging sign that the economy is further stabilizing.
Aussie dollar moves cautiously higher following RBA statement
Like the GBP/USD, the Aussie dollar is another currency pair which is now starting to break out from a recent phase of price congestion, but for the AUD/USD, this period of sideways price action has been in place for considerably longer than Cable, with the pair having been range-bound between 0.9150 to the downside and 0.9370 to the upside for some time.
Gold looks like a trap up move!
As another trading month comes to an end, gold traders will be watching wondering and waiting as the precious metal is once again poised delicately at a tipping point on the daily chart.
Trade Alert – New Position – TWTR
Option Alert Service Signal New Trade Suggestion
Brent Steady As Iraqi Exports Look Unaffected
Brent crude oil (BNO, quote) was steady just below $114 as worries about a supply interruption in Iraq faded. The commodity traded at $113.78 at 8:50 GMT as investors evaluated whether or not the Middle Eastern nation’s ongoing conflict would escalate further and tighten global supplies.
China’s Twitter abuzz with Microsoft’s chat robot
Microsoft’s chat robot Xiaobing has been officially brought back to the public on the platform of Sina Weibo, the China’s twitter (TWTR, quote) on Wednesday.