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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

1 August

market news summary

European indices showed mixed performance at the end of Monday’s session, coinciding with a decrease in inflation in the Eurozone. The STOXX600 index closed higher by approximately 0.12% at 471 points after initial data revealed a drop in Eurozone’s core inflation to 5.3% in July. Additionally, new growth figures indicated an economic recovery in the region during the second quarter of this year.

The U.S. Treasury Department expects to borrow trillions of dollars, exceeding previous estimates by around $274 billion. The department attributed this increase to declining revenues and rising expenditures.

Investors are also awaiting this week’s crucial company earnings reports, including those from “Amazon” and “Apple,” along with U.S. employment data.

Dollar Index (USDX)

US Dollar Index chart on 1 August 2023

The dollar index rose by 0.22% in the latest trading to reach 101.82 points, but it is heading towards a monthly decline of approximately 1%, marking its second consecutive monthly loss.

U.S. Treasury bond yields closed lower during Monday’s session as investors closely monitor a data-heavy week, including the upcoming Non-Farm Payrolls report for July, scheduled for release on the following Friday.

Pivot point: 101.50

Resistance levelSupport level
101.75101.35
101.90101.15
102.15101.00

Spot Gold (XAUUSD)

Spot Gold Chart on 1 August 2023

Gold prices rose at the close of trading on Monday, achieving their best monthly performance since last March. The surge was supported by a weak dollar and expectations that major global central banks are nearing the peak of interest rate hikes.

Gold futures increased by 0.5% at the settlement, and spot gold prices rose by 0.4% to $1967.77 per ounce.

Pivot point: 1962

Resistance levelSupport level
19741952
19841940
19961930

Dow Jones Index (DJ30ft – US30)

DOW JONES Index chart on 1 August 2023

The U.S. indices closed with slight gains in Monday’s session, capping off a strong performance in the month of July. The gains were supported by robust company earnings and optimism surrounding the U.S. economy’s potential for a “soft landing” after a series of interest rate hikes.

The Dow Jones Industrial Average rose by 0.28%, equivalent to around 100 points, in Monday’s session, marking its highest close in 18 months. Over the course of July, the Dow Jones increased by 3.3%, achieving its second consecutive monthly gain.

Likewise, the S&P 500 index rose by approximately 0.1% on Monday and achieved a 3.1% gain during July, marking its fifth consecutive monthly gain.

Pivot point: 35645

Resistance levelSupport level
3577535575
3584535440
3597535370

US Crude (USOUSD)

US Crude chart on 1 August 2023

Oil prices rose to their highest level in 3 months at the close of Monday’s session, recording their biggest monthly gain since January 2022. The surge was driven by signs of a global supply contraction and increased demand during the year’s remaining months.

At the settlement, Brent crude oil futures rose by approximately 1.2% to close at $85.43 per barrel, while West Texas Intermediate (WTI) crude oil futures increased by 1.5% to $81.80 per barrel.

Pivot point: 81.30

Resistance levelSupport level
82.4080.55
83.1579.40
84.3078.70

Risk Warning

This material provides real-time market analysis from contributing analysts. Please note that any views expressed in this material do not constitute operational advice. It is important to assess your risk tolerance and make independent trading decisions. STARTRADER holds no responsibility for any trading consequences that may arise from relying on the views expressed in this material.