The S&P500 hit a fresh record this year for the 38th time on Tuesday, banks rallied on earnings which showed that the big banks’ trading revenue jumped nearly 20% in Q2 and investment banking revenues rose significantly on increased dealmaking. The technology-heavy Nasdaq 100 lagged, with smaller gains. The Russell 2000 rallied another 3.5%, on the other hand, hinting at a developing sector rotation from Big Tech to others. Gold gained, oil fell, and the US dollar is under pressure, as the EURUSD drills above the 1.09 mark and Cable tests the 1.30 offers after a set of stronger-than-expected inflation data eased the Bank of England (BoE) rate cut bets for August.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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EUR/USD rises toward 1.0950 amid intense USD selling
![EUR/USD rises toward 1.0950 amid intense USD selling](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/forex-market-14546406_XtraSmall.jpg)
EUR/USD is rising toward 1.0950 in Wednesday's European trading. The US Dollar resumes the downside amid heightened September Fed rate cut bets, supporting the pair. The focus remains on the mid-tier US data and Fedspeak
GBP/USD scales fresh 2024 highs above 1.3000 after UK CPI data
![GBP/USD scales fresh 2024 highs above 1.3000 after UK CPI data](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-688526532_XtraSmall.jpg)
GBP/USD trades above 1.3000, refreshing 2024 highs in the European session on Wednesday. The data from the UK showed that annual CPI inflation held steady at 2% in June. This reading alongside a broad US Dollar sell-off underpins the pair.
USD/JPY tumbles to 156.00 amid risk-aversion, technical breakdown
![USD/JPY tumbles to 156.00 amid risk-aversion, technical breakdown](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/USDJPY/japanese-yen-currency-and-dollar-bank-note-60447626_XtraSmall.jpg)
USD/JPY is off the lows but under heavy selling pressure on the 156.00 level in European trading on Wednesday. Souring risk sentiment and a technical breakdown has fuelled the USD/JPY meltdown, as Japanese intervention risks loom.
Gold rises on Kugler’s comments and Shanghai bets
![Gold rises on Kugler’s comments and Shanghai bets](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/safe-investment-gm147311616-17537479_XtraSmall.jpg)
Gold is rising as expectations firm of falling interest rates in the US – a positive for the precious metal. Fed’s Adriana Kugler says a combination of falling inflation and weakening labor market could force rate cut “later this year”.
Bitcoin surpasses $65,000 mark
![Bitcoin surpasses $65,000 mark](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptocurrenciesusd_XtraSmall.jpg)
Bitcoin closes above the daily resistance level of $64,900, with Ethereum and Ripple subsequently breaking through their resistance levels, indicating an emerging bullish trend.