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XTB TRADEBEAT

Significant gains in Europe, precious metals shine

Summary:

  • Major US stock indices trade mixed

  • Precious metals advance on the back of USD weakening

  • SEK is outperforming other G10 peers after hawkish Riksbank meeting

  • Oil posts moderate decline ahead of weekly API reading

  • US stock markets to remain closed tomorrow due to the Independence Day

After an upbeat session in Europe the major stock benchmarks from Wall Street failed to gain traction in a manner their European peers did. In turn we are observing a mixed session in the US with S&P 500 and Dow Jones trading higher and Nasdaq sitting in the vicinity of yesterday’s close. Keep in mind that the US stock markets will remain closed tomorrow due to the Independence Day.

In the afternoon investors were offered some data from the US and Canada. The Canadian manufacturing PMI reading advanced for another month bringing the gauge to the highest levels since 2010.  The US durable goods orders reading turned out to be USD-positive as we saw data coming in better-than-expected as well as prior figures being revised higher.

The Norwegian krone has been in a moderate bull market against the euro lately, but the pace could accelerate soon on the back of a recent shift of Norges Bank’s rhetoric. Furthermore, there are more reasons to justify the stronger Norwegian currency which we would like to present in this analysis.

The cryptocurrency market enjoyed another day of gains yesterday. Bitcoin price is now up 12% since the beginning of second half of the year and it has started just 3 days ago! Along with Bitcoin other noticeable coins surged and in turn we are observing some major changes in the technical outlook of Ethereum or Litecoin.

The Swedish monetary authorities decided to leave interest rates unchanged during their July meeting matching economists’ expectations. At the same time, the bank lifted its inflation projections thereby solidifying odds for a hike yet this year, and explicitly signalling rate increases may start toward the end of the year.

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