Monica Kingsley
Monicakingsley
S&P 500 tried to rally after the post Powell spike and retreat, ignoring the almost 250K unemployment claims. It was though a bit worse than expected manufacturing PMI (46.8 vs. 48.8) that sustained the heavy selling into the opening bell strength with NVDA touching $120. All the three indices and real assets except gold were hit hard, and not even all the defensives and interest rate sensitive sectors provided refuge.
I can‘t avoid the notion of disappointment over no Jul cut (remember Dudley?) and fear of the economy getting worse than it currently seems getting (resulting in bad news being sold, and no more soft landing talk). Simply too restrictive rates in the now. Whether we get 3 or 4 rate cuts this year and 2 more early 2025, doesn‘t matter to equities much (profits ahead are being questioned).
See VIX and extensive commentary published in our channel.
All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.
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EUR/USD retargets 1.0900 on poor NFP
The selling bias in the Greenback gathers extra pace on Friday after the US economy created fewer jobs than initially estimated in July, lifting EUR/USD to the area of fresh peaks near 1.0870.
GBP/USD approaches 1.2800 after discouraging US Payrolls
The continuation of the downward pressure in the US Dollar motivates GBP/USD to extend its recent advance and trade at shouting distance from 1.2800 the figure in the wake of the release of a firm US NFP.
Gold flirts with $2,480 after the weak NFP
Gold prices intensifies their bullish stance for the day, rising to the vicinity of the $2,475 region following the publication of the US labour market report for the month of July.
Bitcoin bounces off from the ascending trendline
Bitcoin and Ethereum have retested their key support levels, with a break below these levels potentially signaling a bearish trend ahead. At the same time, Ripple shows resilience and could rally in the coming days after testing its key support level.
Week ahead – RBA and BoJ summary of opinions take center stage
RBA decides on policy as hike bets disappear. BoJ Summary of Opinions awaited for more hike hints. After Fed, Dollar turns to ISM non-manufacturing PMI. New Zealand and Canada jobs data also on tap.