{"id":32988,"date":"2022-08-02T19:10:00","date_gmt":"2022-08-02T18:10:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=32988"},"modified":"2022-08-03T12:19:21","modified_gmt":"2022-08-03T11:19:21","slug":"midday-brief-recession-fears-overtaken-by-geopolitical-tensions","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/midday-brief-recession-fears-overtaken-by-geopolitical-tensions\/","title":{"rendered":"Midday Brief – Recession fears overtaken by geopolitical tensions"},"content":{"rendered":"\t\t
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Investors shift their focus to geopolitical tensions rising between the two largest economies, US and China over Nancy Pelosi\u2019s visit to Taiwan: flying in with a fighter jet escort. The spokesperson of the Chinese Foreign Ministry said the move would see \u201cvery serious developments and consequences\u201d.<\/p>

The RBA raised rates by 50bps noting that future hikes will be guided by the board’s assessment of inflation data and the labour market. The dollar and Yen<\/a> are trading north on safe-haven bids.<\/p>

GBPAUD<\/a> soared by +1.10% as bears shrug off the RBA rate hike early Tuesday. The central bank raised interest rates by 50bps to 1.85% as expected. The accompanying statement by the RBA Governor Lowe was taken as dovish as they failed to provide forward guidance.<\/p>

The BoE is expected to hike rates by 50bps on Thursday giving the sterling<\/a> a boost. If the BoE does not act as per expectations, we could see the pair dropping to 1.7200. Intraday support resides at 1.7400 with a bullish cap at 1.7800.<\/p>

EURUSD<\/a> was down by -0.24% towards the 1.0200 mark as the rising US-China tensions are weighing on the risk mood giving the dollar some ground amid safe-have bids. The US Manufacturing PMI for July rose to 52.8 helping the Dollar against the Euro. A break below 1.0200 could trigger selling pressure towards the 1.0150 level. Upside gains are capped by 1.0400. The US economic docket features JOLTs job openings and API weekly crude oil<\/a> inventories due for release in the New York session.<\/p>

CADJPY<\/a> slumped by -0.74% as bulls failed to hold gains above the 102.50 mark. The commodity-backed currency is weaker on declining oil prices as the global manufacturing downturn is threatening oil demand. The Yen is stronger on safe-haven bids as geopolitical tensions are weighing risk sentiment. A further slide may lead to 101.00.<\/p>

European stocks were mixed amid the US and China\u2019s rising tensions. The FTSE 100<\/a> rose by +0.18% getting a boost from BP\u2019s reports on dividends boost. The index is trading above 7400 with major resistance at the 7500 level. CAC 40<\/a> is trading -0.68% lower below 6400 and critical areas to watch out for are 6300 and 6255. DAX<\/a> fell -0.73% away from the 13450 mark and bearish targets may be set at 13250 and 13000.<\/p>

US stock futures are trading south as China threatens to respond with military action on Pelosi’s visit to Taiwan, a Beijing claimed territory. DJIA futures<\/a> fell by -0.50% with an intraday resistance at 32750. Bears may target the 32500 and 32000 levels. S&P 500 futures<\/a> are down -0.80% with an intraday resistance residing at 4120 and a further slide could give bears 4075 and 4000 levels. Nasdaq 100 futures<\/a> traded lower by -1.16% after poking above 13000, a 12-week high. Bears may target the 12600 and a breach of that mark may give room for 12200.<\/p>

Oil prices face a downswing for the second day this week on demand supply concerns. Investors fear that a global manufacturing downturn may hit the black liquid’s demand ahead of the OPEC+ meeting on Wednesday.<\/p>

The Caixin Manufacturing PMI for July fell to 50.4 vs 51.5 expected showing a global downturn as China is one of the biggest manufacturing economies. USWTI futures fell by -0.76% trading at $92.90\/barrel with $92.00 as a barrier to the downside. Brent is down -1.00% to $98.65\/barrel and targets may be seen at $95.00\/barrel.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Investors shift their focus to geopolitical tensions rising between the two largest economies, US and China over Nancy Pelosi\u2019s visit to Taiwan: flying in with a fighter jet escort. The spokesperson of the Chinese Foreign Ministry said the move would see \u201cvery serious developments and consequences\u201d. The RBA raised rates by 50bps noting that future […]<\/p>\n","protected":false},"author":4,"featured_media":32990,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[56,352,64,18,275,704,601,703,22],"yoast_head":"\nMidday Brief - Recession fears overtaken by geopolitical tensions - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/midday-brief-recession-fears-overtaken-by-geopolitical-tensions\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Midday Brief - Recession fears overtaken by geopolitical tensions Midday Brief - Recession fears overtaken by geopolitical tensions\" \/>\n<meta property=\"og:description\" content=\"Investors shift their focus to geopolitical tensions rising between the two largest economies, US and China over Nancy Pelosi\u2019s visit to Taiwan: flying in with a fighter jet escort. 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