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Apple posts record profit in Q2

“Never, ever argue with your trading system” - Michael Covel

 

 

HEADLINES

 

 

  • EUR/USD retreats from daily highs, holds above 1.1800
  • XAG/USD tumbles to four months lows under $24.50
  • Gold firms as dollar softens, focus on Fed verdict
  • Wall Street falls ahead of big tech earnings; Nasdaq sheds 180 pts
  • Apple Posts Record Q3 Profit as Consumers Snap Up iPhones
  • Bitcoin Stalls After Short-Squeeze Rally
  • US economic growth to slow sharply next year – Goldman Sachs

 

 

FOREX

 

 

EUR/USD retreats from daily highs, holds above 1.1800

 

The EUR/USD pair rose to a daily high of 1.1827 in the early American session on Tuesday but struggled to preserve its bullish momentum. As of writing, the pair was posting small daily gains at 1.1808.

The US Dollar Index (DXY), which lost 0.3% on Monday, fell to its lowest level in more than 10 days at 92.45 on Tuesday after the data published by the US Census Bureau showed Durable Goods orders rose by 0.08%, missing the market expectation for an increase of 2.1%.

 

 

COMMODITIES

 

 

XAG/USD tumbles to four months lows under $24.50

 

Silver is falling by 2.60% on Tuesday after turning decisively to the downside during the American session. XAG/USD bottomed at $24.48, the lowest level since early April. As of writing, the metal remains at the lows, under pressure.

 

Gold firms as dollar softens, focus on Fed verdict

 

Gold firmed near the key $1,800 level on Tuesday, as the dollar softened and U.S. real yields plunged, though gains were limited by investor caution ahead of a Federal Reserve meeting that could provide details on stimulus tapering.

 

 

STOCKS

 

 

Wall Street falls ahead of big tech earnings; Nasdaq sheds 180 pts

 

U.S. stock indexes fell ahead of earnings reports from the most valuable companies on Wall Street and in the run-up to the two-day Federal Reserve meeting. Wall Street indexes had inched up to record closing highs on Monday, carrying over momentum from a strong batch of earnings last week. Of the S&P 500 constituents, 124 companies have reported earnings so far and 88.7% of them have beaten estimates, according to Refinitiv data.

 

Apple Posts Record Q3 Profit as Consumers Snap Up iPhones

 

Apple reported third quarter earnings that set a record and beat Wall Street expectations.

Apple shares are up 10% from the beginning of the year, still down 2% from its 52-week high of $149.98 set on July 15. They are under-performing the Dow Jones which is up 14.55% from the start of the year. Apple shares gained 0.29% in after-hours trading Tuesday following the report.

Consumers snapped up new iPhones and other devices during the spring quarter, pushing revenue 36% higher on pace for its best fiscal year, according to analysts. Sales of iPhones rose 33%, to $39.6 billion.

 

 

CRYPTO

 

 

Bitcoin Stalls After Short-Squeeze Rally

 

Bitcoin took a breather on Tuesday after a near-20% price rally over the past few days. The cryptocurrency declined from $40,000 resistance as Amazon denied rumors it will accept bitcoin payments. Bitcoin was trading around $37,000 at press time and is down about 4% over the past 24 hours. Technical data suggests lower support around $34,000 could stabilize the current pullback.

 

 

ANALYSIS

 

 

US economic growth to slow sharply next year – Goldman Sachs

 

“Until a couple of months ago, our GDP growth forecast had been distinguished for the prior year by being well above consensus expectations… At this point, our forecast is instead distinguished from consensus expectations by the sharpness of the deceleration that we expect over the next year and a half.”

“It is increasingly clear that while mass vaccination has had a huge impact on service sector activity, it is unrealistic to expect virus fears to instantly disappear entirely.”

 

 

CHART

 

 

US dollar / Chinese yuan (offshore) – Daily Candlesticks

Source: GKFX Prime Metatrader 4

USD/CNH remains in a long-term downtrend but a breakout above resistance from recent peaks and a declining trendline might signal momentum has turned positive. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

SOURCE

https://www.fxstreet.com/economic-calendar
https://www.fxstreet.com/news/us-economic-growth-to-slow-sharply-next-year-goldman-sachs-202107270259
https://www.fxstreet.com/news/silver-price-analysis-xag-usd-tumbles-to-four-months-lows-under-2450-202107271603
https://www.investing.com/news/stock-market-news/wall-street-falls-ahead-of-big-tech-earnings-nasdaq-sheds-180-pts-2568958
https://www.investing.com/news/stock-market-news/apple-posts-record-q3-profit-as-consumers-snap-up-iphones-2569830
https://www.coindesk.com/market-wrap-bitcoin-stalls-short-squeeze
https://www.cnbc.com/2021/07/27/gold-markets-us-federal-reserve.html

 

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