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Equities gained on the back of a dovish FED


29 July 2021

Narrow ranges prevailed across asset classes yesterday and there wasn’t too much of a reaction to yesterday’s Fed announcement. The Fed provided some buying impetus and both stocks and bonds closed with modest gains in tandem with Treasuries and Wall Street. Overnight, the Treasury yields lifted 0.3 bp to 1.24% as Chinese shares led a broad rebound in Asian stock markets.

In FX markets: Both the EUR and the Pound have moved higher against a largely weaker USD, with EURUSD now at 1.1863 and Cable at 1.3936. USDJPY dropped back to 109.66. USOIL meanwhile is trading at $72.20 per barrel. Gold prices spiked to 1819 as the US Federal Reserve chairman struck a dovish tone after the policy meeting.

Today: The European calendar is busy today with German HICP inflation and labour market data alongside the Eurozone ESI economic confidence reading. Markets are also waiting for US GDP data.

Biggest FX Mover @ (06:30 GMT) XAUUSD (+0.72%) – Spiked to 1819.81 breaking 20-, 50- and 200-day EMA. Currently the fast MAs are still aligned higher as MACD signal line & histogram point northwards and RSI extended to 71.60 suggesting that the positive bias increases.

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