DIFX Buzz: Here’s a weekly market recap for you to start your Monday with the top news of the week.
Let’s see what happened in markets this week:
Forex
❖ This week, the FOMC will release minutes from the Fed’s June meeting where they made it clear they would potentially hike 2 more times before the end of the year.
❖ Nonfarm Payrolls are forecasted at 225k for Friday. This is the lowest expected jobs data report since the start of the hiking cycle.
❖ BoJ has begun their chatter surrounding currency interventions as the Yen reaches $145. They bought Yen to support it against the Dollar at the end of 2022 and it would be wise to expect they can easily repeat the move.
Equities
❖ Meta is releasing Threads, a microblogging Twitter competitor this Thursday just days after Elon Musk announced a limit on Twitter users. Instagram users will be able to retain followers and their usernames on Threads.
❖ Google, Amazon, Microsoft, Meta, and Apple have notified the European Commission that they qualify for gatekeeper status as they meet the requirements under the Digital Markets Act (DMA) with over 45 million monthly active users and over 75 billion euros in market cap.
❖ Tesla sold 93,000 Chinese-made EVs in June. This is an 18% increase from June of last year.
❖ Samsung Biologics unveiled 2 deals valued at $897 million to manufacture products for Pfizer.
Crypto
❖ Coinbase shares rose around 13% after Cboe, a massive exchange operator, announced they would be working with Coinbase to list a spot Bitcoin ETF.
❖ Nasdaq refiled an application on Monday to the SEC for Blackrock’s ETF. The move comes after the regulator stated that the filing was unclear and incomplete.
❖ Celsius has been granted permission to liquidate its altcoins and convert them into BTC and ETH and repay creditors.
Commodities
❖ Gold found some strength at the start of the week on the back of the weak ISM Manufacturing data.
❖ Investors are now pricing in a 90% chance of a 25 basis point rate hike which is pushing the precious metal back into its previous range.
❖ Copper is sliding due to a stronger Dollar and the weak data out of China which is exhibiting a slowing demand outlook.
