Where’s the Market Bottom? Is this it?
JPMorgan Says It’s Time to Buy the Dip in Stocks.
“We do have sympathy with some of the tactical market concerns,” said strategists led by Mislav Matejka. “Our core view remains that one should use the prospective weakness as an opportunity to add further, similar to the May experience. We continue to believe that global equities will advance further before the next U.S. recession strikes. We think that the growth-policy trade-off is far better now than it was in 2018.”
China’s yuan revaluation triggers risk-on correction, volatility remains high
China has strengthened its currency at a higher level after it let USD/CNY top 7.00 on Monday. The move has improved market sentiment and allowed stocks to stabilize after the massive sell-off.
UK- Johnson’s policies seem to serve as a preparation for elections and Germany assesses this is the most likely scenario. GBP/USD remains in the 1.2100 handle.
EU- German factory orders have jumped by 2.5% in June, better than projected and providing hope that the manufacturing slump may come to an end. EUR/USD consolidates its gains around 1.1200 after it took advantage of the dollar’s decline on Monday.
Trading Central – EUR/GBP
Trading Central – GBP/JPY
Short sentiment as long as 132.87 is resistance.
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