The Trade: NASDAQ's critical levels amid U.S tech earnings
IG's Tony Sycamore underscores the significance of US tech earnings on market dynamics, highlighting the crucial levels for the NASDAQ and ASX 200, as investors navigate inflation data and global central bank actions.
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This video was created on 29 July for IG audiences by ausbiz.
IG's Tony Sycamore provides insight on the immense impact of upcoming US tech earnings on global markets. As major companies like Microsoft, Meta, and Apple prepare to release their results, the NASDAQ is teetering towards the lower bounds of its trend channel, closely watched by traders. The critical levels between $18,500 and $18,400 could dictate the market's direction heading into a potentially more optimistic August.
Australia takes center stage
On the home front, the ASX 200 is showing signs of consolidating recent gains. The outcomes from the U.S will undoubtedly influence its trajectory, compounded by significant local economic releases. The much-anticipated Q2 consumer price index (CPI) data is particularly crucial, as it could sway the Reserve Bank of Australia’s upcoming decisions, potentially impacting rate adjustments.
As global central banks, including the Federal Open Market Committee (FOMC) and the Bank of England, hint at possible rate cuts, all eyes are on how such moves will juxtapose with Australia's inflation data. Additionally, the Australian dollar's volatility remains a testament to the global economic pulse, influencing commodity markets and digital assets like Bitcoin.
Cryptocurrency in the spotlight
Amidst these financial ebbs and flows, the cryptocurrency market has received a significant nod from former US President Donald Trump, advocating for a robust national crypto strategy. This development could stir market sentiments and reposition cryptocurrencies like Bitcoin in investment portfolios globally.
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