Market Updates at a Glance

US equities finished lower Friday on OPEX day

ce83lim
Publish date: Mon, 22 Aug 2022, 11:21 AM
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Szeyee is a Certified Financial Technician (CFTe) accreditation by the International Federation of Technical Analyst.
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Market Updates at a Glance 22/8/22 (Monday)
 
➤US equities finished lower Friday on OPEX day and ahead of the annual Jackson Hole. S&P & Nasdaq posted the first weekly loss, breaking a streak of four consecutive weekly gains. Dow -0.86%, S&P -1.29% & Nasdaq -2.01%.
 
Note: Central bankers and financial heavyweights discuss key economic issues that impact the world in the Economic Policy Symposium in Jackson Hole on Friday 26/8.
 
☛I've mentioned eyeing the Option expiration (OPEX), check out my post on 15/8 & 18/8 (available in telegram). There was a large number of in-the-money calls, the Friday sell-off can relieve market makers of the burden of having to pay out all of that call option premium.
 
➤In the FX market, the USD extended the gains, closing at 108.10 (+0.56%). The DXY soared more than 2% as of now this month. Treasury yields were higher across the board, with the yield on 10-year treasury jumped to 2.975%, from 2.88%.
 
➤Chinese Yuan, USDCNH continued higher to 6.8337 (+0.46%) Friday. This pair surged nearly 1.45% last week after weak Chinese data last Monday followed by a surprise rate cut by PBOC.
 
➤As the dollar strength continued for haven demand, EUR tumbled into parity again after July, to 1.0041, after investors balance the ECB policy tightening path against the region’s economic outlook. GBP plunged to 1.1830 (-0.84%) against usd as investors worried about the economic slowdown.
 
➤Gold fell for the fifth day in a row, in its longest losing run since Nov last year. Oil (Brent) eased nearly 1% to $95.77 on fears that an economic slowdown would weaken crude demand.
 
➤Cryptocurrencies were lower as risk-off mood. Cryptoindex 100 (CIX100) slipped -14% last week, BTC -11.7%, ETH -16% & XRP -8%.


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