Should We Be Wary of Rebalancing on the Last Day of the Month?
30.07.2021
- Canada · GDP
- France: Consumer Price Index (Preliminary Figures)
Yesterday, the three major U.S. stock indices all rose, with the S&P 500 closing at 4,419 points, up 0.42% from the previous day.The Russell 2000 also closed 15 points higher at 2,240. The Chinese market, where concerns had been mounting over a continued decline, rebounded strongly, with the Shanghai Composite Index closing at 3,411, up 1.49% from the previous day.
In the foreign exchange market, cross-yen pairs are falling, with GBP/JPY retreating from 153.4 to 152.6. However, the pair rebounded after finding support at the 20-period moving average on the 4-hour chart and is currently trading as it seeks direction. Similarly, EUR/JPY recovered from earlier losses during today’s Asian session and is currently trading around 130.1.
Today’s economic indicators include the French Consumer Price Index (flash estimate) at 15:45, the Swiss KOF Leading Index and Turkey’s trade balance at 16:00,at 17:00, Germany’s Q2 GDP; at 18:00, the Eurozone’s Q2 GDP and Eurozone Consumer Price Index; at 21:30, Canada’s GDP and Industrial Production, and U.S. Personal Income and Core PCE Deflator; at 22:00, remarks by U.S. Federal Reserve’s Braid:St. Louis Fed President’s remarks; at 22:45, the U.S. Chicago Purchasing Managers’ Index; and at 23:00, the U.S. University of Michigan Consumer Sentiment Index. We will be closely monitoring whether today’s economic data releases will cause any shifts in the balance between European currencies and the U.S. dollar.
Author: Keisuke Sakurai
