Market Brief: Cable Continues Collapse, Apple Awaited

  • FX: The British pound was the weakest major currency for the second straight day as BoJo’s government continues to threaten a no-deal Brexit if a new agreement with the EU is not reached by October 31st. The Japanese yen ticked higher amidst general risk-off trade.
  • AUD/USD declined for the 8th straight day to hit its lowest level in six weeks.
  • US data: July consumer confidence surged to 135.7, well above expectations of a 125.0 reading. Core PCE inflation rose just 1.6% y/y, setting the stage for an interest rate cut from the Federal Reserve tomorrow. See our full preview report for more details and potential market implications.
  • Commodities: Oil rallied over 2% on rumors surrounding Iran. Gold also gained ground again today.

  • US indices closed marginally lower amidst unease about a lack of progress in US-China trade talks.
  • Energy stocks (XLE) led the way, boosted by rising oil prices, while Utilities (XLU) brought up the rear in today’s trade.
  • Stocks on the Move:
    • Beyond Meat (BYND, -12%) remained on the back foot after announcing a secondary offering with yesterday’s earnings report.
    • Capital One Financial (COF) fell 6% after the company revealed a hacker gained access to 100 million credit applications.
    • Procter and Gamble (PG) tacked on 4% after reporting strong earnings and revenue figures.
    • Apple (AAPL, -0%) is poised to report earnings after the bell – stay tuned to twitter for our coverage of the release!


Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.