Insights into Today's Market

Market Overview

Investors will be eyeing remarks from Fed Chair Jerome Powell on Tuesday, followed by minutes from the Fed's latest policy meeting on Wednesday and U.S. non-farm payrolls data due on Friday. The Fed in June projected just one rate cut in 2024.

“There's going to be a big week for payrolls even though they're shortened trading so liquidity might be a little bit low as we head into the weekend,” said Wasif Latif, president and chief investment officer at Sarmaya Partners.

The Dow Jones Industrial Average rose 0.13% to 39,169.52, the S&P 500 gained 0.27% to 5,475.09 and the Nasdaq Composite gained 0.83% to 17,879.30.

Oil prices rose 2% to a two-month high on hopes of rising demand during the Northern Hemisphere's summer driving season and worries that conflict in the Middle East could spread and reduce global oil supplies.

Brent futures rose 1.9% to settle at $86.60 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 2.3% to settle at $83.38. That was the highest close for Brent since April 30 for the third day in a row and the highest for WTI since April 26.

GOLD -Gold is consolidating after the first day of the quarter. We expect slow movement entering the quarter but anticipate more action by the second week or following a major economic event. The price has slightly risen from the quarter's open, potentially trading towards 29.900. Support at 29.018 may hold, awaiting further price action for clearer direction.

SILVER - Price has stagnated but risen slightly, potentially moving towards 29.900. Support at 29.018 may hold, and we await further price action to determine future movements.

DXY -The Dollar Index has moved lower since yesterdays close, potentially continuing to weaken after finding resistance at 106.111. Further data releases this week, including a speech from FED Chair Powell, will be key to future movements.

GBPUSD -GBPUSD is consolidating around the anchor point at 1.26487, ranging between this and 1.27006. We await further movement, especially with expectations for BoE rate cuts this quarter or next.

AUDUSD -The Australian Dollar is in consolidation, supported by 0.66145 and playing around 0.66541. It may rise to test 0.67142. Further movements this month will provide clearer direction.

NZDUSD -The New Zealand Dollar is losing against the dollar, trading below 0.60954 and failing to reach this structure. It's too early to call for a significant move, but a break below 0.60455 could test 0.59796.

EURUSD -The Euro started with a gap, potentially running to fill it. We expect consolidation as investors assess the success of rate cuts between the two economies. Watch for FED actions to influence movements.

USDJPY -The yen continues to weaken against the dollar, with prices rising above 161.105. Exercise caution with JPY pairs, as BoJ interventions can occur suddenly. Look for opportunities but be wary of USDJPY pairing.

USDCHF -The Swiss Franc shows weakness post-rate cuts. We expect further weakness but await more price action to determine future movements.

USDCAD -The Canadian Dollar is consolidating, showing minimal change from the open price after yesterdays trading. We anticipate a probable selling continuation, awaiting further price movements for confirmation.