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Instrument: US100
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 12714.00 with take profit at 12747.37
Bearish Preference:
Sell position is envisaged if price trades below price 12519.27 with take profit at 12436.92
Fundamentals:
3 PM CB Consumer Confidence
Comment:
In recent weeks, we have seen the markets materially pull back 2023 Fed rate hike expectations. Cautious commentary from the central bank has been cooling chances of a 50-basis point rate hike in September. It seems traders have been shifting their focus from concerns about inflation to recession. Data since early May hints that markets are seeing the Fed increasingly fall behind on tackling CPI one year out. This has been resulting in a broad decline in Treasury yields. The combination of this and a weaker US Dollar has also been benefiting gold prices. Now, in the week ahead, all eyes will be on non-farm payrolls on Friday. Could the markets be getting ahead of themselves? Jobs creation is expected to slow, but the unemployment rate and wages are seen to remain robust.
Analysis: SCRUM Team
