{"id":334529,"date":"2023-07-12T00:41:09","date_gmt":"2023-07-12T00:41:09","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=334529"},"modified":"2023-07-12T00:41:09","modified_gmt":"2023-07-12T00:41:09","slug":"120723-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/120723-morning-session-analysis\/","title":{"rendered":"120723 Morning Session Analysis"},"content":{"rendered":"

12 July 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis<\/strong><\/p>\n

 <\/p>\n

US dollar lost its ground as Fed closed to the end of its tightening cycle.<\/strong><\/span><\/p>\n

The dollar index, which was traded against a basket of six major currencies, regained its luster unsuccessfully in the previous trading session as the sentiment remained weak in the dollar market. Prior to this, Federal Reserve officials have indicated that the United States central bank is nearing the end of its tightening cycle. These remarks had an impact on the value of the U.S. dollar, which urged it to drop to a two-month low of 101.66 against a basket of currencies. With that, investors adjusted their expectations regarding the extent to which U.S. rates might need to increase. On the other hand, the latest Nonfarm Payrolls (NFP) report, which was released on Friday, revealed potential weaknesses in the U.S. labour market for the first time since the COVID-19 pandemic. This development suggests that the Federal Reserve might only implement one more time of rate hike before it turns the table over.\u00a0 Also, investors are now putting all their attention on the upcoming CPI data as it can provide greater clarity on the Federal Reserve’s progress in addressing persistent high inflation. Forecasts indicate that U.S. consumer prices likely rose by 3.1% in June. As of writing, the US dollar dropped -0.30% to 101.67.<\/p>\n

 <\/p>\n

In the commodities market, crude oil prices edged up by 0.01% to $74.75 per barrel on a weaker US dollar and growing expectations of more stimulus plans in China. Besides, gold prices ticked up 0.07% to $1933.40 per troy ounce on a dollar stumble.<\/p>\n

 <\/p>\n

Today\u2019s Holiday Market Close<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event <\/strong><\/p>\n

N\/A<\/p>\n

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 <\/p>\n

Today\u2019s Highlight Events<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

21:45\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 FOMC Member Kashkari Speaks<\/p>\n

22:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CAD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 BoC Rate Statement<\/p>\n

02:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Beige Book<\/p>\n

(13th<\/sup>)<\/p>\n

04:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 FOMC Member Mester Speaks<\/p>\n

(13th<\/sup>)<\/p>\n

 <\/p>\n

Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Core CPI (MoM) (Jun)<\/td>\n0.4%<\/td>\n0.3%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – CPI (YoY) (Jun)<\/td>\n4.0%<\/td>\n3.1%<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nCAD – BoC Interest Rate Decision<\/td>\n4.75%<\/td>\n5.00%<\/td>\n–<\/td>\n<\/tr>\n
22:30<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n-1.508M<\/td>\n-2.156M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Technical Analysis\u00a0<\/u><\/strong><\/p>\n

\"\"<\/p>\n

DOLLAR_INDX, Daily: <\/strong>Dollar index was traded lower following the prior retracement from the resistance level at 103.00. MACD which illustrated bearish bias momentum suggests the index to extend its losses toward the support level at 100.65.<\/p>\n

 <\/p>\n

Resistance level: 103.00, 105.00<\/p>\n

Support level: 100.65, 99.40<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GBPUSD, Daily: <\/strong>GBPUSD was traded higher following the prior breakout above the previous resistance level at 1.2875. MACD which illustrated bullish bias momentum suggest the pair to extend its toward the resistance level at 1.2970.<\/p>\n

 <\/p>\n

 <\/p>\n

Resistance level: 1.2970, 1.3090<\/p>\n

Support level: 1.2875, 1.2765<\/p>\n

 <\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded higher while currently testing the resistance level at 1.1010. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the previous resistance level at 1.1010.<\/p>\n

 <\/p>\n

Resistance level: 1.1010, 1.1065<\/p>\n

Support level: 1.0915, 1.0865<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDJPY, Daily: <\/strong>USDJPY was traded lower following the prior breakout below the previous support level at 141.60. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 139.00.<\/p>\n

 <\/p>\n

Resistance level: 141.60, 143.90<\/p>\n

Support level: 139.00, 136.35<\/p>\n

 <\/p>\n

\"\"<\/p>\n

AUDUSD, Daily: <\/strong>AUDUSD was traded higher following the prior breakout above the previous resistance level at 0.6675. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6785.<\/p>\n

 <\/p>\n

Resistance level: 0.6785, 0.6925<\/p>\n

Support level: 0.6675, 0.6565<\/p>\n

 <\/p>\n

\"\"<\/p>\n

NZDUSD, Daily: <\/strong>NZDUSD was traded higher following the prior rebound from the support level at 0.6150. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6290.<\/p>\n

 <\/p>\n

Resistance level: 0.6290, 0.6455<\/p>\n

Support level: 0.6150, 0.6040<\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCAD, Daily: <\/strong>USDCAD was traded lower following the prior breakout below the previous support level at 1.3245. MACD which illustrated diminishing bullish momentum suggests the pair to extend its losses toward the support level at 1.3175.<\/p>\n

 <\/p>\n

Resistance level: 1.3245, 1.3330<\/p>\n

Support level: 1.3175, 1.3065<\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

USDCHF, Daily: <\/strong>USDCHF was traded lower following the prior breakout below the previous support level at 0.8835. MACD which illustrated bearish bias momentum suggest the pair to extend its losses toward the support level at 0.8670.<\/p>\n

 <\/p>\n

Resistance level: 0.8835, 0.8980<\/p>\n

Support level: 0.8670, 0.8535<\/p>\n

 <\/p>\n

\"\"<\/p>\n

\u00a0CrudeOIL, Daily: <\/strong>Crude oil price was traded higher while currently testing the resistance level at 73.90. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 73.90, 77.15<\/p>\n

Support level: 70.15, 66.50<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, Daily: <\/strong>Gold price was traded higher following the prior rebound from the upward trend line. MACD which illustrated bullish bias momentum suggests the commodity to extend its gains toward the resistance level at 1939.75.<\/p>\n

 <\/p>\n

Resistance level: 1939.75, 1951.60<\/p>\n

Support level: 1889.55, 1839.40<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

12 July 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Morning Session Analysis   US dollar lost its ground as Fed closed to the end of its tightening cycle. The dollar index, which was traded against a basket of six major currencies, regained its luster unsuccessfully in the previous trading session as the sentiment remained weak in the dollar market. Prior to […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/334529"}],"collection":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=334529"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/334529\/revisions"}],"predecessor-version":[{"id":334569,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/334529\/revisions\/334569"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=334529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=334529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=334529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}