Amplify Trading Global Markets Review - 8th July 2019

Amplify Trading Global Markets Review - 8th July 2019

Today's Highlights

  • Deutsche Bank shuts down Global Equity Trading

  • Greece shifts to right-wing Government after snap-election

  • Turkish Lira remains under pressure after Erdogan fired Central Bank Governor

Macro Review

The first trading day of the week kicks off pretty much on the same note of last Friday after the release of the US Jobs report which was digested as less dovish sending the odds of a 50 bbp cut in July by the FED basically to zero. Therefore, today the USD Dollar traded firm, with Equities sliding a touch the second consecutive day and 10-year US Treasuries back above the 2% mark. Investor remain cautious ahead of Fed Chair Powell's speech at the semiannual monetary policy report due on Wednesday.

Global equities traded mostly lower as strong US job data released Friday tempered expectations that the Fed would lower rates by 50 bbp at its next July meeting. SP500 traded in a narrow range just above the 2970 level. Dax traded mix amid Deutsche announcement to shut down equity trading trimming almost 20,000 jobs at risk.

G10 FX space traded mostly negative against the US Dollar following last Friday NFP. EUR settled below the 1.1300 level amid, whereas GBP was contained by the 1.2600 level to the upside. AUD pushed below the 0.7000 mark while JYN extended losses resisting the 14th July high.

Looking over the commodity complex, Crude traded sideways after briefly breaching the 58 level to the upside, as Iran tensions revamp concerns over supply. Gold had another leg lower, trading below the 1400 at the EU close.

Global Yields traded mostly flat ahead of Powell's speech with the 10Y US notably back above the 2% mark

EU Close

If you missed the morning briefing from the desk click HERE

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