Forex Newsletter: Mixed Bag with USD & CAD Surging

London: 19 July 2024 (TraderMade): Welcome to today's FX Newsletter! Today's market sees a shift in power, with the US dollar flexing its muscles against its G10 counterparts. Let's take you through the sector-wise details:

Key Takeaways

• Forex: Top Gainers: CAD, Top Losers: NZD (-0.3%), SEK (-0.21%)
• Asia-Pacific Dipped: Nikkei (JPN225) dipped 0.06%, Hang Seng (HKG33) declined 1.25% today.
• European Indices Unchanged: FTSE (UK100), CAC (FRA40), and DAX (GER30) traded flat at writing time.
• US Markets Slightly Up: S&P 500 (SPX500), Nasdaq (NAS100), and Dow Jones (USA30) slightly edged up.
• Energy Markets Dipped: Brent Crude (UKOIL), WTI Crude (OIL), and Natural Gas (NATGAS) dipped by about 0.3% today.
• Precious Metals Declined: Gold (XAUUSD) dipped 0.86%, and Silver (XAGUSD) also slipped 1.03% today.

G10 Forex

USD & CAD are Top Gainers

The US dollar is back in the driver's seat. The Loonie, or Canadian Dollar (CAD), is holding its own against the greenback.

NZD & SEK are Top Laggers

The Kiwi or New Zealand Dollar (NZD: dipped 0.3%)) and Swedish Krona (SEK: dipped 0.21%) are feeling the heat, trading lower.

Forex Daily Pivot Points

Global Indices Mixed

It was a mixed bag for equities today. Asian markets took a breather, with both the Nikkei and Hang Seng dipping slightly. Europe remains undecided, with major indices currently trading flat. US futures hint at a possible flat open.

Asian Markets Slipped

In Asian equities, markets were trading weaker today. The Nikkei 225 was trading at 40059.5, down 0.06%. The Hang Seng was trading at 17372.5, down 1.25%.

European Indices Flat

• The UK's FTSE 100 (UK100) traded flat at 8175.9.
• France's CAC 40 (FRA40) traded flat at 7583.6.
• Germany's DAX 30 (GER30) traded flat at 18328.4.

US Equities Futures Narrowly Inched Up

Looking at Equity Futures so far, The SP500 Futures was trading at 5562.7998, up 0.03%.

Popular US Indices Slightly Edged up

• Standard & Poor's 500 (SPX500) slightly edged up to 5563.45.
• Nasdaq (NAS100) narrowly inched up to 19789.2.
• Dow Jones Industrial Average (USA30) was almost unchanged at 40755.

Energy Markets Declined

Crude Oil Futures Slipped

Oil prices are on a downward spiral today. Both WTI and Brent Crude futures are trading lower, suggesting a potential softening in demand.

Spot Prices Dipped

• Brent Crude (UKOIL) slipped 0.28% to $83.72501 a barrel.
• WTI Crude (OIL) was down 0.29% to $80.555 a barrel.
• 0Natural Gas (NATGAS) dipped 0.3% to $2.132/MMBtu.

Precious Metals Lost Shine

• Gold (XAUUSD) declined 0.86% to 2424.2405.
• Silver (XAGUSD) plummeted 1.03% to 29.5195.

To Summarize

Today's forex trading newsletter covers the status of various financial instruments across forex, stock indices, and commodities at the morning bell. Today's market presents a contrasting picture. The resurgent dollar and weak oil prices raise questions about the global economic climate.

However, with Europe and the US markets yet to open, it's too early to call this a definitive trend. Stay tuned for further updates and expert analysis to navigate these dynamic market conditions!

_{Live Rates at about 05:48 AM GMT are compared to the Last Close Values to calculate the percentage differences. Image Courtesy: freepik}