{"id":334807,"date":"2023-07-13T00:59:38","date_gmt":"2023-07-13T00:59:38","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=334807"},"modified":"2023-07-13T00:59:38","modified_gmt":"2023-07-13T00:59:38","slug":"130723-morning-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/130723-morning-session-analysis\/","title":{"rendered":"130723 Morning Session Analysis"},"content":{"rendered":"

13 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

Greenback plunged as inflation rate cooled further in June.<\/strong><\/span><\/p>\n

The dollar index, which was traded against a basket of six major currencies, extended its ground of losses yesterday as the US inflation cooled for the 12th straight month in June.\u00a0 According to the latest Consumer Price Index released Wednesday by the Bureau of Labor Statistics, the US annual inflation slowed to 3% last month, registering the record of the smallest year-on-year increase since March 2021 and following a 4.0% rise in May.\u00a0 The June Consumer Price Index (CPI) reading was just slightly above the average inflation level of 2.9% observed two decades before the global financial crisis.\u00a0 The data further indicates a moderation in the underlying price trends, highlighting an improved inflationary environment.\u00a0 With that, it probably will discourage the Federal Reserve from raising interest rates aggressively throughout the end of the year.\u00a0 However, it is noteworthy to highlight that the inflation rate remains well above the Federal Reserve’s target of 2% while the labour market continues to exhibit tight conditions.\u00a0 Therefore, the market participants are awaiting for the speeches and statements from the Federal officials in order to assess how far their tightening path may go.\u00a0 As of writing, the dollar index sank -1.15% to 100.55.<\/p>\n

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In the commodities market, crude oil prices edged up by 1.48% to $75.85 per barrel as the weaker\u2013than\u2013expected CPI weighed on the US dollar, prompting the demand for oil products to surge subsequently.\u00a0 Besides, gold prices ticked up 0.02% to $1957.85 per troy ounce as the US inflation rate showed further signs of easing.<\/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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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

16:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CrudeOIL\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 IEA Monthly Report<\/p>\n

19:00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CrudeOIL\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 OPEC Monthly Report<\/p>\n

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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
11:00<\/td>\nCNY – Trade Balance (USD) (Jun)<\/td>\n65.81B<\/td>\n93.90B<\/td>\n–<\/td>\n<\/tr>\n
14:00<\/td>\nGBP – GDP (MoM) (May)<\/td>\n0.2%<\/td>\n0.4%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Initial Jobless Claim<\/td>\n248K<\/td>\n249K<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – PPI (MoM) (Jun)<\/td>\n-0.3%<\/td>\n0.2%<\/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 breakout below the previous support level at 100.65. MACD which illustrated bearish bias momentum suggests the index to extend its losses toward the support level at 99.40.<\/p>\n

 <\/p>\n

Resistance level: 100.65, 103.00<\/p>\n

Support level: 99.40, 97.75<\/p>\n

 <\/p>\n

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GBPUSD, Daily: <\/strong>GBPUSD was traded higher following the prior breakout above the previous resistance level at 1.2970. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.3090.<\/p>\n

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Resistance level: 1.3090, 1.3260<\/p>\n

Support level: 1.2970, 1.2875<\/p>\n

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EURUSD, Daily: <\/strong>EURUSD was traded higher following the prior breakout above the previous resistance level at 1.1065. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the previous resistance level at 1.1155.<\/p>\n

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Resistance level: 1.1155, 1.1240<\/p>\n

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

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

 <\/p>\n

Resistance level: 139.00, 141.60<\/p>\n

Support level: 136.35, 133.10<\/p>\n

 <\/p>\n

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AUDUSD, Daily: <\/strong>AUDUSD was traded higher while currently testing the resistance level at 0.6785. MACD which illustrated bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

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

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

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NZDUSD, Daily: <\/strong>NZDUSD was traded higher following the prior breakout above the previous resistance level at 0.6290. MACD which illustrated bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.6455.<\/p>\n

 <\/p>\n

Resistance level: 0.6455, 0.6515<\/p>\n

Support level: 0.6290, 0.6150<\/p>\n

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USDCAD, Daily: <\/strong>USDCAD was traded lower while currently testing the support level at 1.3175. MACD which illustrated diminishing bullish momentum suggests the pair to extend its losses after it successfully breakout below the support level at 1.3175.<\/p>\n

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

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

 <\/p>\n

 <\/p>\n

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USDCHF, Daily: <\/strong>USDCHF was traded lower while currently testing the support level at 0.8670. MACD which illustrated bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

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\u00a0CrudeOIL, Daily: <\/strong>Crude oil price was traded higher following the prior breakout above the previous resistance level at 73.90. MACD which illustrated bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 77.15.<\/p>\n

 <\/p>\n

Resistance level: 77.15, 80.75<\/p>\n

Support level: 73.90, 70.15<\/p>\n

 <\/p>\n

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GOLD_, Daily: <\/strong>Gold price was traded higher while currently testing the resistance level at 1951.60. MACD which illustrated bullish bias momentum suggests the commodity to extend its gains after it successfully breakout above the resistance level.<\/p>\n

 <\/p>\n

Resistance level: 1980.00, 2020.70<\/p>\n

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

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

13 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   Greenback plunged as inflation rate cooled further in June. The dollar index, which was traded against a basket of six major currencies, extended its ground of losses yesterday as the US inflation cooled for the 12th straight month in June.\u00a0 According to the latest Consumer Price Index released […]<\/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\/334807"}],"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=334807"}],"version-history":[{"count":1,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/334807\/revisions"}],"predecessor-version":[{"id":334859,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/334807\/revisions\/334859"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=334807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=334807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=334807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}