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The loss before interest, tax, and other expenses was $509 million in…

The loss before interest, tax, and other expenses was $509 million in the period that ended in June, Uber said in a statement Wednesday

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Market Focus

US equities slumped after the vice-chair of the Federal Reserve suggested rates could rise by 2023 and mixed economic data for July showed US companies adding far fewer jobs than expected. The S&P 500 fell as General Motors Co. and CVS Health Corp. declined after earnings. Dow Jones dropped 0.92% to 34792.67, while the Nasdaq gained 0.13% as technology stocks outperformed.

Uber Technologies Inc. spent heavily to lure drivers back in the second quarter, resulting in a wider-than-predicted loss and raising fresh doubts about the reliability of its labor model long-term. Shares declined about 4% in extended trading.

The loss before interest, tax, and other expenses was $509 million in the period that ended in June, Uber said in a statement Wednesday. That’s wider than the prior quarter but narrower than a year earlier. Analysts expected a loss of $325 million, according to an average of analysts’ estimates compiled by Bloomberg.

Uber said the loss will be less than $100 million in the third quarter and that gross booking will be $22 billion to $24 billion. The forecast is about in line with analysts’ estimates. Uber cautioned that a wider outbreak of the delta variant could change the results.

“We invested in recovery by investing in drivers, and we made strong progress,” Uber Chief Executive Officer Dara Khosrowshahi said in a statement.

Main Pairs Movement

The dollar gained ground after US Federal Reserve Vice-Chair Clarida’s talk, saying that if core inflation hits 3% this year, he would consider it “much more” than a moderate overshoot. He added that he expects conditions for raising interest rates to be met by the end of 2022 if inflation and employment outcomes meet his forecasts.

On the macro side, the ISM Services PMI jumped to 64.1 in July, better than expectations. The ADP survey, however, showed that the private sector added just 330K in July.

Most of the greenback’s major rivals fell as the dollar index climbed above the 92.00 level. The euro pair hovers at weekly lows around 1.1840. Cable settles around 1.3900 ahead of BoE’s statements. Commodity-linked currencies edged lower, with Aussie slid back below 0.7400, and Loonie trading around 1.2540. NZD however remains bullish due to the excellent employment data of New Zealand.

USD/JPY recovered from a daily low of 108.72, a level that was last since in May, to the current 109.50 price zone, amid a rebound in the dollar’s demand. Japan is struggling with rising coronavirus cases, and the head of the local Medical Association called for a nationwide state of emergency.

Gold bounced $1830 a troy ounce intraday but lost most of its gains and finished the day at a familiar $1812. Crude oil prices were sharply down, with WTI plummeted to $68.00 a barrel, and Brent at $70.30.

Technical Analysis

GBPUSD (4-hour Chart)

Sterling drops below 1.39 after it rallied over 1.395 in an earlier session, amid hawkish comments from Fed’s members seem to be providing a propel to the greenback, despite the disappointing labor market data missing estimate by a wide margin. On Thursday, the BoE will announce its monetary policy decisions. For technical aspect, RSI indicator corrects it momentum then set 45 figure, suggesting slightly bear movement ahead. For moving average side, 15 long SMA indicator holding a flat side movement and 60 long SMA indicator remaining up way traction.

All in all, sterling break through the critical support level again but is not way off the last lowest point. If the price continues to fall, the market will eye on 1.385 level in short term and 1.38 level follow. On the up way, if the price could go over the last highs spot, it will head to over 1.4 level.

Resistance: 1.3896, 1.3985, 1.4

Support: 1.3665, 1.3745, 1.38, 1.385

EURUSD (4- Hour Chart)

Euro fiber reversed sharply amid a rally of the U.S. dollar and fell from the highest level in three days to a one-week low in a few minutes. The pair peaked at the 1.1899 thresholds after the beginning of the New York session and was boosted by U.S. data, as of writing, it trades at 1.1833. the lowest level in a week. From the technical perspective, the RSI indicator closes 43 figures as of writing, suggesting slightly bearish movement for the short term. For moving the average side, 15 long SMA indicators turn their slope to negative territory and 60 long SMA remaining flat.

For price action, If the price could breach 1.188 firmly again, it could be heading to a higher level. On the downside, we deem the most strong support level will be the 1.1766 level. Moreover, it seems like building a double head price action and neckline will be on 1.1848. For now, we think the price will consolidate in the tiny range between first immediately resistance and support.

Resistance: 1.1848, 1.188, 1.19

Support: 1.18, 1.1766

USDCHF (4- Hour Chart)

The USDCHF pair entended its daily losing streak to seven on Tuesday and touched its lowest level since mid-June at 0.9022. Nevertheless, the pair seems to have gone into a consolidation phase on Wednesday and was last seen gaining 0.15% on the day at 0.905. At the same time, after losing more than 7% in the two days, the 10 year Treasuries yields are up 0.5%, helping the pair stay in the positive territory. For the technical side, the RSI indicator rebounds from over sought zone to a 51 figure, suggesting a bearish movement ahead. From the moving average perspective, both 15 and 60 long SMAs indicators are moving to south way, yet 15 long indicator seems to turn flat.

For now, the Swiss franc seems to stand above the 0.9047 level in the day market. However, it has to firmly defend immediately the support level that offers the advantage forbid buyer. In short term, we believe the market will test the support level again. If the price tamps down to 0.9047, then the market will be churning and choppy under 0.904.

Resistance: 0.9075, 0.9134

Support: 0.9047, 0.9

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Investors continue to wait on inflation-adjusted interest rates that support gold price…

Investors continue to wait on inflation-adjusted interest rates that support gold price against worries that the Fed might start tapering bond-buying programs

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Market Focus

US market edged higher on Tuesday as the market strength outweighed the concern of the new variant delta Covid. The Dow Jones Industrial Average surged 278.24 points. The Nasdaq 100 climbed 0.6%, led by the recovery from Chinese stocks while the S&P 500 notched all-time high at 4423.15 after Under Armour Inc. and Ralph Lauren Corp. reported gains. Moreover, the 10- year US Treasury yield stabilized on Tuesday.

Wheat price kicked off with 11- week highs as supplies angst. The dry and hot weather across major producers, including Canada, Russia, and the US, is limiting the production prospects for spring wheat. As a result, price increases amid the rising concerns of tightening global supplies.

The UK inflation was up 0.5% month-to-month in June, giving the Bank of England pressure on its patience to manage inflation. The BOE has projected that inflation will peak above 3% by the end of 2021. Investor’s eyes on the BOE’s key meeting.

Main Pairs Movement

Gold traded in a tight range, closing at $1810.22 as investors continue to wait on inflation-adjusted interest rates that support gold price against worries that the Fed might start tapering bond-buying programs. Investor eyes on Friday’s US payrolls report.

Kiwi rose 0.66% to four-week highs the unemployment rate declined more than the expectation. The rate dropped to 4% in Q2, pushing the kiwi upside.

AUDUSD advanced 0.49% on Tuesday as RBA kept rates at record low despite the economic outlook looks to improve. The RBA held the cash rate at 0.1 percent whilst remaining its bond-buying plan.

Technical Analysis

GBPUSD (4-hour Chart)

Sterling is trading at 1.3910 and 0.2 higher on the day so far, leading above G-10 currencies, supported by the risk-on sentiment that has improved as positive corporate earnings continue to offset worries over China’s pressure on the technology sector. On the other hand, U.K. also has been helped by recent falls in Covid-19 infection figures, optimism around Britain’s lockdown easing, and market anticipation of hawkish signals when BoE meets on Thursday. For technical aspect, RSI indicator corrects it momentum then set 53 figure, suggesting slightly bear movement ahead. For moving average side, 15 long SMA indicator holding a flat side movement and 60 long SMA indicator remaining up way traction.

All in all, sterling seems successfully defend critical support level at 1.3896 around in short term. Therefore, we still deem the 1.3896 to be efficient support at the current stage. On the up way, if the price could go over the last highs spot, it will be heading to over 1.4 level.

Resistance: 1,3985, 1.4

Support: 1.3665, 1.3745, 1.38, 1.3896

EURUSD (4- Hour Chart)

Euro fiber takes both a bullish and bearish prospect from a daily perspective, losses 0.03% in the day to 1.18625 as of writing. A scarce macroeconomic calendar and upcoming US employment-related data maintain speculative interest side-lined. From the technical perspective, the RSI indicator is close to 51 figures as of writing, suggesting slightly bull movement for the short term. For moving average side, 15 long SMA indicator shows flat movement side with lacking momentum and 60 long SMA remaining ascending movement.

For price action, the market seems to find a comfortable support level at 1.1848 and flirting around 1.1848~1.188. At the current stage. If the price could breach 1.188 firmly again, it could head to a higher level. On the downside, we deem the most strong support level will be the 1.1766 level. Moreover, it seems like building a double head price action and neckline will be on 1.1848.

Resistance: 1.188, 1.19

Support: 1.1848, 1.18, 1.1766

USDCHF (4- Hour Chart)

The USDCHF pair closed of negative territory and extend its slideway during the European trading hours on Monday. After touching its lowest level since mid-June at 0.9022, it seems to have gone into a consolidation phase and was last seen losing 0.27% at 0.903. On the other hand, the greenback remains on the back foot and supported the swiss franc to preserve its bearish momentum. The dollar index is currently losing 0.14% on the day at 91.93 as of writing. For the technical side, the RSI indicator rebound from over sought zone to 36 figure, suggesting a bearish movement ahead. From the moving average perspective, both 15 and 60 long SMAs indicators are moving south way.

For price action, the Swiss franc has penetrated the support at 0.9047 as we expect yesterday and stay below the level in the day market. For biding buyers, the most important level will be 0.9047 from our perspective. If not firmly stand above it, it will be churning and choppy between immediately resistance and 0.9 level.

Resistance: 0.9047, 0.9075, 0.9134

Support: 0.9

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A surge in Covid-19 cases across the U.S. brought on by the…

A surge in Covid-19 cases across the U.S. brought on by the fast-spreading delta variant is increasing pressure on U.S. drug regulators to fully approve Pfizer Inc.’s vaccine

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Market Focus

U.S. equities pared back gains on Monday after Treasury yields extended a decline following softer-than-expected U.S. manufacturing growth amid lingering supply constraints. The S&P 500, Dow Jones, and Nasdaq all fell from earlier highs as investors considered the impact of the 10-year Treasury yield hitting as low as 1.15% on Monday, putting concerns about growth on display. At the end of the day, Dow Jones dropped 0.28%, while Nasdaq closed green with a little comeback.

A surge in Covid-19 cases across the U.S. brought on by the fast-spreading delta variant is increasing pressure on U.S. drug regulators to fully approve Pfizer Inc.’s vaccine, the first one to apply for full licensure in the U.S.

Full approval could help the Biden administration ramp back up its immunization drive and reassure vaccine holdouts that the shots are safe. It could also make it easier for more schools and workplaces to put immunization mandates in place.

Meanwhile, breakthrough cases that penetrate the shot’s defenses are being monitored by health officials. While the Pfizer-BioNTech SE mRNA-based vaccine, cleared in the U.S. via an emergency-use authorization late last year, remains highly effective at preventing severe disease, the question of whether booster shots will be needed looms as fall approaches.

Main Pairs Movement

Market players were optimistic at the beginning of the day, with the dollar easing against its major rivals. The sentiment turned sour during American trading hours, as the latest official ISM index contracted from 60.6 to 59.5, a sign of slowing economic progress.

The euro pair hovers around 1.1870, while cable stands below 1.3900. The performances of commodity-linked currencies were mixed. The AUD rose, the NZD fell, and the CAD lost demand amid plunging oil prices.

With renewed demand for safety, the US treasury yields plummeted to their 2-week low, and the haven JPY surged against the greenback. Gold jumped to the intraday high amid the dismal market mood but somehow dropped back to familiar levels at the end of the day. Crude oils plunged, with WTI retreated to $71.50 a barrel, and Brent traded at $73.20, 2.60% off than the previous day.

In general, major pairs held within familiar levels as investors await first-tier data scheduled for later in the week. In the US, employment is taking the center stage with the Nonfarm Payroll report.

Technical Analysis

GBPUSD (4-hour Chart)

After reaching a five-week high of 1.398 level last Friday, closing its best week against the weakening greenback since early May, the sterling bears have piled in again as the week gets underway. As of writing, sterling is trading at 1.3885 and down 0.14% in the day market. On the economic side, U.K. Marketing Manufacturing PMI improved to 60.4 in July, following the expectation. For technical aspect, RSI indicator corrects it momentum then set 47 figure, suggesting slightly bear movement ahead. For moving average side, 15 long SMA indicator has turned it slope to south way with sterling slightly moving downward and 60 long SMA indicator remaining up way traction.

All in all, the most possibility for sterling is a south way momentum as short-term SMA and RSI show a bearish suggestion. Moreover, sterling fell below 1.3896 which is a neckline according to price action.

Resistance: 1.3896,1,3985, 1.4

Support: 1.3665, 1.3745, 1.38  

EURUSD (4- Hour Chart)

The pair advanced higher toward 1.19 during the European session but failed to defend the upside momentum. At the end of the day, the pair was virtually unchanged on the day at 1.187. As U.S. ISM Manufacturing PMI came lower than expected in July that reversed risk-positive market circumstance, directly finding buy-in demand for the greenback. From the technical perspective, the RSI indicator closes 55 figures as of writing, suggesting slightly bull movement for the short term. For moving average side, 15 long SMA indicator shows flat movement side and 60 long SMA remaining ascending movement.

For price action, the market seems to find a comfortable support level at 1.1848 and flirting around 1.1848~1.188. At the current stage. If the price could breach 1.188 firmly again, it could be heading to a higher level. On the downside, we deem the most strong support level will be the 1.1766 level. Moreover, it seems like building a double head price action and neckline will be on 1.1848.

Resistance: 1.188, 1.19

Support: 1.1848, 1.18, 1.1766

USDCHF (4- Hour Chart)

The USDCHF pair closed in the negative territory for consecutive 5 straight days and lost more than 100 pips last week. On Monday, the pair stays in a consolidation phase following the data releases from Switzerland. As of writing, pairs were flat in the day market at 0.905. At the same time, U.S. and E.U. share markets were pull back from the daily high spot, fueling momentum for the swiss franc.

For the technical side, the RSI indicator rebound from over sought zone to 36 figure, suggesting a bearish movement ahead. From the moving average perspective, both 15 and 60 long SMAs indicators are moving south way.

For price action, if the price slip under 0.9047, we expect the momentum will lead it to further way on 0.9 level. On the upside, the price seems to build a comfort resistance cluster area at 0.90756, 0.91 followings.

Resistance: 0.9075, 0.9134

Support: 0.9047, 0.9

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