Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
PODÍL
Utterly dull trading conditions over the last couple of days. The charts are stagnant because the main events of the week are not scheduled until this afternoon onwards, leaving traders to idly twiddle their thumbs in the meantime. The silence will not hold for much longer.
The Dollar has remained flat, with the DXY hovering just under 99 points and showing no interest in changing course. Gold managed to catch a minor bid over the last couple of sessions to push towards $4,670 per ounce, although the move is far from awe-inspiring. Silver appears to have been forgotten entirely and has barely moved since Monday. Bitcoin looked like it was about to break out on Tuesday, briefly pushing north of $81,000 per coin, before retreating back to $78,000 later in the day. The latest gambit from the Trump administration touting economic sanctions against Iran and its trading partners appears to have settled the jitters in oil markets, causing Brent Crude to fall to $85 per barrel and pushing WTI to lows of $80. Mediation attempts by Pakistan continue, although hopes remain tempered.
The July PCE price index is the main macroeconomic data point of the day, set for publication early in the US session. If inflation figures come in significantly lower than expected, interest rate predictions will likely skew further towards a rate hold, or even a rate cut on the dollar before the end of the year. Markets are currently leaning towards at least a 25-bps hike on the greenback by December, so anything to change such beliefs will weigh heavily on the dollar following today’s print. Much later on, Nvidia (NVDA) is set to release its latest earnings report, the last of the Magnificent Seven to do so, and as usual, expectations are sky-high. For a while now, beating earnings has not been enough to impress Wall Street; companies, particularly those in the semiconductor sector, have had to completely demolish expectations to avoid crashing the following day. The crucial point about Nvidia is that the latest report will also give a reading on AI infrastructure demand as a whole. If the chipmaker can show that investment appetite remains strong and that clients continue to demonstrate a willingness to spend, it will send a strong signal about the overall health of the industry.
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