market news summary
The Nikkei Japanese index recorded its longest losing streak of the year on Monday, July 10th, for the fifth consecutive session, influenced by the yen’s rise and weakness on Wall Street last week.
The Nikkei index dropped 0.61% to 32,189.73 points at the close of a volatile session. The index initially rose 0.53% in morning trading but then fell 1% in afternoon trading.
On the other hand, European indices rose at the end of yesterday’s session, Monday, July 10th, following the release of economic data from China, amid anticipation of inflation data in the US and the start of corporate earnings reports.
At the end of the session, the STOXX600 index rose by about 0.18% to 448 points, while the French CAC climbed 0.45% to reach 7,143 points. The UK’s FTSE also increased by approximately 0.23% to 7,273 points, and the German DAX rose by 0.45% to 15,673 points.
Dollar Index (USDX)
The US dollar index declined following conflicting statements from Federal Reserve members regarding the July meeting.
The US dollar index has dropped by 0.22% to 101.710 points. The yields on 30-year Treasury bonds fell to 4.017%, a decrease of 0.81%, while the yields on 10-year Treasury bonds declined by 1.26% to 3.997%.
Pivot point: 101.80
| Resistance level | Support level |
| 102.00 | 101.40 |
| 102.40 | 101.20 |
| 102.65 | 100.75 |
Spot Gold (XAUUSD)
Gold prices edged lower during Monday’s trading session, amidst a decline in the US dollar and anticipation for inflation data in America.
At the close of the session, gold futures dipped by approximately 0.1% to $1,931 per ounce. The upcoming release of US inflation data for June, scheduled for Wednesday, is expected to garner significant attention, particularly after the Federal Reserve minutes indicated that most policymakers anticipate the continuation of monetary tightening.
Pivot point: 1921
| Resistance level | Support level |
| 1931 | 1915 |
| 1937 | 1906 |
| 1946 | 1900 |
Dow Jones Index (DJ30ft – US30)
The US stock indices closed with slight gains in Monday’s session, as cautious trading prevailed ahead of inflation data scheduled for release next Wednesday and the anticipation of the second-quarter earnings season set to begin later this week.
Investors are closely monitoring whether price pressures continue to ease amid expectations that the Federal Reserve will raise interest rates by 25 basis points this month.
The Dow Jones Industrial Average rose by 0.6%, equivalent to about 200 points, following three consecutive sessions of declines.
Pivot point: 34035
| Resistance level | Support level |
| 34275 | 33910 |
| 34400 | 33675 |
| 34635 | 33545 |
US Crude (USOUSD)
Oil prices declined by 1% at the close of Monday’s trading session, amid expectations that the Federal Reserve will continue with monetary tightening and anticipation of inflation data in the US later in the current week. Mary Daly, the President of the Federal Reserve Bank of San Francisco, stated that she expects two interest rate hikes this year to curb the still very high inflation.
At the settlement, US crude futures dropped by approximately 1.18% to $72.99 per barrel, while Brent crude futures fell by 1% to $77.69 per barrel.
Pivot point: 73.35
| Resistance level | Support level |
| 73.95 | 72.55 |
| 74.75 | 71.90 |
| 75.40 | 71.10 |
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