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Home » Stocks retain bullish bias, capping dollar’s recovery

Stocks retain bullish bias, capping dollar’s recovery

by Stephen Soo
June 28, 2022 04:38
in Fundamental analysis
0
Geopolitics pushes global markets south, dollar bulls back in the game

US stock index futures rose early on Tuesday, suggesting risk demand will persist in the near term

Wall Street markets gave up early gains to finish marginally lower on Monday following a solid bounce last week. The Dow Jones Industrial Average fell 0.2%, the S&P 500 dropped 0.3%, and the Nasdaq Composite lost 0.7%. On the data front, pending home sales rose by 0.7% on a monthly basis in May following April’s decline of 4%. Meanwhile, Dallas Fed Manufacturing Index plunged to -17.7 in June from -7.3 in May, missing the market expectation of -3.1.

Asian equities entered positive territory after early declines on Tuesday. Still, investors remain cautious ahead of major central bankers’ speeches. The Shanghai Composite erased early losses to finish 0.89% higher after China announced that it would ease its Covid-19 quarantine period for overseas visitors. The Hong Kong’s benchmark Hang Seng Index rebounded by 0.82% after being down 1.1% in early deals as technology companies weakened. South Korea’s Kospi added 0.84% while the Nikkei 225 index in Tokyo advanced by 0.66%.

In Europe, stocks opened higher to start the day as risk appetite continued to pick up. The pan-European Stoxx 600 gained 0.7% in early deals, with health care stocks bucking the trend, losing 0.3%. Meanwhile, ECB policymaker Martins Kazaks said today that he expected a 25 bps rate hike in July while a 50 bps increase is the base case scenario in September. US stock index futures also rose early on Tuesday, suggesting risk demand will persist in the near term. In a wider picture, however, the upside potential for stocks remains limited as recession concerns persist.

The US dollar keeps struggling around the 104.00 figure, lacking demand amid the prevailing risk-on tone in the markets. The greenback, however, refrains from a more pronounced bearish correction at this stage as dip buyers keep the safe-haven currency. EURUSD has settled marginally below the 1.0600 mark that represents the immediate target for euro bulls at this stage. A daily close above this level would add to a more upbeat technical picture in the near term. However, the overall trend remains bearish, with USD outperforming its rivals due to the Fed’s aggressive tightening steps.

Tags: Covid-19DollarDOW JONESECBEURUSDfedNasdaqNikkeiS&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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