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Markets struggle for direction, dollar steady after gains

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Home » Stock market rally continues, pressuring the dollar

Stock market rally continues, pressuring the dollar

by Stephen Soo
June 27, 2022 04:50
in Fundamental analysis
0
Markets struggle for direction, dollar steady after gains

The USD index is pressured by positive risk sentiment, but a broader bullish trend remains intact

Wall Street stocks rallied on Friday to stage the first weekly advance this month. The Dow rose 2.68%, the S&P 500 was 3.06% higher and the Nasdaq Composite advanced 3.34%. Despite a spectacular bounce, the near-term bearish base case remains intact amid persistent recession risks, especially as the University of Michigan survey on Friday showed that consumer sentiment hit a record low reading of 50 in June. On the other hand, investors seem to have interpreted weak data as a reason for the Fed to act less aggressively on interest rates.

Asian stock markets advanced across the board on Monday, with MSCI’s broadest index of Asia-Pacific shares rising 1.81% at the start of the week. China’s Shanghai Composite climbed 0.88% even as PBOC advisor said he expects the country’s GDP growth to grow 4.7% this year versus the 5.5% official target. On the data front, China’s industrial profits data for May came in at +1% y/y after +3.5% in the previous month.

In Europe, equities rallied to two-week highs amid widespread optimism that continues to persist across the board at the start of the week, mirroring a sharp ascent on Wall Street ahead of the weekend. The pan-European Stoxx 600 index gained more than 1% in early deals, with investors looking for more updates from the summit of the Group of Seven leaders. Also, the ECB will be hosting a forum on central banking this week and that is scheduled for 27 to 29 June. 

Meanwhile, the safe-haven US currency stays on the defensive today, holding around ten-day lows below 104.00 in early European trading. The USD index is pressured by positive risk sentiment, but a broader bullish trend remains intact for the time being. EURUSD is flirting with the descending 20-DMA for the first time in more than two weeks, adding 0.3% on the day. However, the shared currency is unlikely to regain the 1.0600 mark on sustained basis in the near term. 

Tags: DollarDOW JONESECBEURUSDfedGDPNasdaqS&P 500Stoxx 600USUSD
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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