HFM Zambia

📈 Treasuries surged after a much cooler than expected CPI report that saw Fed funds futures price in a -25 bp rate cut for September and 3 cuts by the end of Q1 2025. 🇪🇺EU stocks opened muted, following a sharp decline in Asian equities driven by a significant drop in technology stocks, mirroring the stability seen in US stock futures after a tech-driven selloff on Thursday. 🇺🇲Wall Street was not as enthused, although it's coming off of prior strong gains. 📉 Disappointing earnings from Delta and PepsiCo weighed heavily. 💲The USDIndex took it on the chin, falling to 104.07 from the high of 104.99 on the dovish Fed outlook. 🇯🇵 A lot of the weakness came from JPY as USDJPY crashed 4-handles, as there were reports of intervention. 🏦 The BOJ conducted rate checks with traders, reinforcing the belief that authorities had intervened in the market to support the currency. 🛢️ Oil prices rallied for a 3rd day in a row boosted by the US inflation. 🥇 Gold corrected some of yesterday's gains, back to 2400.

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📊 Market Brief – 11/07/2024 📈 NASDAQ’s most influential stocks witnessed significant gains on Wednesday. The bullish price movement was largely driven by the top 8 most influential stocks, all of which rose in value. 📉 Investors are focusing on today’s US Inflation rate, which analysts expect to fall from 3.3% to 3.1%. Markets predict US Core Inflation to remain at 3.4%. 🔍 If inflation reads lower than analysts' expectations, the global stock market potentially will continue its established bullish trend. 👔 The Fed Chairman said the employment sector is showing signs of weakening, while yesterday the Fed Governor advised that inflation will reach the target without the Unemployment Rate rising much further. 🏦 KeyBanc Capital Markets raised NVIDIA’s target price from $130 to $180, maintaining the overweight rating. 🏅 Gold increases in value ahead of today’s inflation data and outperforms all currencies. 📈 The day’s best performing currency is the NZD 🇳🇿, while the worst is the CAD 🇨🇦.

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Market Snapshot – 10 July 💱 Major currency pairs remain in familiar ranges as Traders await new catalysts. 📊 Fed Chairman Jerome Powell to deliver Semi-Annual Monetary Policy Report. 🗣 Powell's remarks to Senate: No rate cuts until more confidence. 📉 US Dollar Index slightly up. 🇳🇿 RBNZ holds policy rate at 5.5%; NZD/USD down over 0.5%, below 0.6100. 🇪🇺 EUR/USD holds above 1.0800, trades around 1.0820. 🇬🇧 GBP/USD below 1.2800, trades near this level in the European morning. 🇯🇵 USD/JPY up, trading around 161.50 after support near 161.00. 📈 Wall Street hits record highs amid rate cut optimism; S&P 500 up 0.1%, NASDAQ up 0.2%. 📉 Dow Jones down 0.1%. 🛢 WTI slips to $81.00 amid energy market concerns. 📉 API reports smaller drawdown in US crude supplies; Chinese demand lower than expected in 2024. 🪙 Gold rises above $2,360 after Powell’s cautious testimony on rate cuts. 🌍 World Gold Council reports ETF inflows for second month; PBoC pauses gold purchases.

Rand Strengthens Amid US Job Market Shifts Lately, the USDZAR currency pair has shown some interesting trends. Right now, $1 is equivalent to R18.12. It’s been a bit of a rollercoaster, considering it moved down from a 2024 high of 19.39. This drop hints at the South African Rand getting stronger against the US Dollar. Detailed Analysis

09 July 2024 📊Trading was muted as markets digested recent data & overseas elections. 📈Asian stocks rose, but Europe remained mostly lower. 🇺🇸US futures found some buyers, but caution prevailed ahead of Powell's testimony on rate cuts. 🇯🇵Japan: the BoJ will discuss bond purchase reductions with market participants over the next few days. 🇨🇳China: investors reacted to new liquidity operations seen as a rate hike, pressuring bonds, and looked ahead to the annual policy meeting for stimulus hopes. 📉Wall Street was mixed, with big tech lifting the NASDAQ & S&P500 to marginal gains and fresh highs. 📊Nikkei and Sensex hit new all-time highs, led by the S&P500. 💵The USDIndex dipped to 104.80 but rebounded to 105.09 as GBP and EUR stabilized. ₿itcoin steadied but stayed below $59k. 🛢Oil remained stable after a 2-day decline, with Hurricane Beryl posing less threat to Texas' crude infrastructure, hovering at 81.60. 🥇Gold steadied after its largest drop in two weeks. Copper edged lower.

Market Brief – 08/07/2024 📉Asian stocks mostly fell today. EU and especially French bond markets sold off modestly. 🗳The French leftist alliance won the most seats, limiting the influence of the left-wing New Popular Front coalition & Marine Le Pen’s National Rally. 🇫🇷Euro & European bonds declined amid uncertainty about the next French government's structure. 🏛Key events include Fed Chair Powell's testimony & US CPI. 💼Earnings reports from major US banks, along with rate decisions in New Zealand. 🇨🇳Chinese equities dropped, pushing China’s CSI 300 negative for the first time in five months ahead of a key Chinese Communist meeting. 📈Wall Street climbed due to Fed hopes, with NASDAQ & S&P500 hit new all-time highs. 💲The USDIndex held below 105. 🪙Bitcoin fell by 5.2% to $55,290, driven by concerns over potential sales by creditors of the failed Mt. Gox exchange. 🛢Gold and oil prices steadied, with oil traders monitoring production threats from a storm in the US and wildfires in Canada.

Here’s your preview of the key events for traders this week! Check them out, then visit the Economic Calendar on our website for more details!

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