“SCANDALS MADE BORRIS RESIGN: MARKET RECAP JULY 11, 2022 ”

  • US Jobs Report to Show ‘Natural Slowdown’ But Not Broad Weakness.

Forecasters expect the US added nearly 270,000 jobs in June, which would be one of the smallest gains of the pandemic recovery. Even so, that’s well above the average seen in the years leading up to the onset of COVID-19 and likely reflects “more of a natural slowdown than a slack in the economy,” said Brett Ryan, senior US economist at Deutsche Bank AG.

  • Russia Hits Snake Island a Week After Evacuating:

The US and its allies have discussed trying to cap the price of Russian oil as a way to curb the Kremlin’s revenue, as German Chancellor Olaf Scholz accused Vladimir Putin of using energy as a political weapon

  • Boris Johnson to Quit After Months of Scandals:

Boris Johnson said he’ll resign as UK prime minister, bringing the curtain down on a tempestuous three years in office marred by a succession of scandals that culminated in the rebellion of his own cabinet and parliamentary group. Some of his biggest scandals were:

  • Illegal prorogation of Parliament
  • Personal flat refurbishment with conservative party donor’s funds
  • A night of heavy drinking on the eve of Prince Philip’s funeral
  • Pincher misconduct allegations

forex

Currency traders are preparing for a world where one euro is worth less than a dollar. Were 1.00 to break, we would expect volatility to pick up sharply and, most likely, the euro-dollar to gap lower. The next stop could be $0.9850, a level that the latest round of options bets signals as a potential short-term bottom. Sterling has dropped 12% against the US dollar so far this year. The UK currency may fall towards $1.10, a level last seen in 1985.

MArket Recap indices 1

UK bank stocks rose, with NatWest Group Plc up as much as 3.5% and Lloyds Banking Group Plc rising as much as 2.7%. The benchmark FTSE 100 underperformed the Stoxx 600 as the pound strengthened. Futures on the S&P 500 and Nasdaq 100 indexes each gained 0.4% after the underlying gauges completed their first three-day rally since May last Wednesday.

MArket Recap commodities

Commodities have lost 20% since June’s peak amid recession fears. Prices for everything from gasoline to wheat are slumping on concerns that a stagnating economy will hurt demand. The US and its allies mull capping Russian oil prices between $40-$60 a barrel. Risk assets like gold slumped to their lowest in more than six months as the dollar rallied amid growing recession fears that caused losses across risk assets.

Watch Out This Week

  • We are going to see a stack of economic data piling up on Wednesday. The official cash rate of NZD is forecasted to rise by 0.50%, and USD core CPI and CPI m/m, which previously had 1% and 0.6% gains, are also expected to be released, followed by the Bank of Canada’s monetary policy and rate statement on Wednesday.
  • On Thursday, the unemployment rate in Australia is scheduled to be released, which previously had a rise of 3.9%.
  • On Friday we have the USA’s core retail sales m/m going to be released, which previously had a rise of 0.5%.
Michael Scott
Michael Scott

4 Responses

Leave a Reply

Your email address will not be published. Required fields are marked *

Discover

Related news