Market Updates at a Glance 26/7/22 (Tuesday)

☛Can USD Resume the Uptrend? Market Awaits Fed, GDP & Corporate Earnings

➤U.S. stocks were little changed on Monday with the energy sector leading the move. FOMC & Q2 GDP will be out Thursday(GMT+8). Dow +0.28%, S&P +0.13% & Nasdaq -0.43%.

➤The King Dollar remains highly sensitive to rate hike expectations, with US dollar index extended lower to 106.47 as the bet on 100bps hike is fading, while markets priced in 75bps rate hike for the July meeting. The 10-year treasury yield improved to nearly 2.8%, well below June peak 3.49%.

➤GBP closed higher for a third consecutive session to 1.2048 (+0.31%). This pair is under pressure at around $1.20, as traders worried about the outlook of the pound after recent weaker-than-expected data. EUR moved slightly higher to 1.022, despite the tight gas supply and weak German IFO survey that fell to 88.6 from 92.2.

➤Gold edged lower to nearly $1720 on improving U.S. Treasury yields. Oil (Uk Oil) rises nearly $2 to $104.84, bolstered by supply fears and softer greenback.

➤Cryptocurrencies were under selling pressure, with BTC down to $21,350 (-5.7%), ETH fell to $1441 (-9.8%) and XRP dropped to $0.3356 (-6.29%).

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