Friday's Markets Update (July 28, 2023)

31 Jul 2023 by rate3

On Friday, the Core PCI showed lower than anticipated inflation leading to a new hope for no rate hikes rising among bulls, which pushed NASDAQ higher. BTC, meanwhile, continued its weird side-wise move, strongly suggesting a strong buy-wall.

Details: The annual rate of inflation, as measured by core PCE, was the lowest since September 2021 rising by 4.1% while 4.2% was expected. The PCE price index, which includes food and energy costs, rose 3% in June from the corresponding period of the previous year, the lowest since March 2021.

Week 31 promised to be a volatile one for investors, yet again, as several notable economic events take place around the world and major indexes (as well as BTC) are trading close to their major support zones.

In the US, the focus will be on non-farm payrolls, earnings reports, factory orders, JOLT's Job Openings, and ISM Manufacturing issued on Tuesday, August 01, and Services PMI - on Thursday, August 03, as well as an Unemployment Rate - on Friday, August 04.

Others:
Central banks in the UK, Australia, and Brazil will be making decisions about monetary policy.
Meanwhile, macro investors will be watching for GDP growth rates in the Euro Area, Italy, Hong Kong, and Mexico, as well as inflation rates in the Euro Area, Italy, Netherlands, Switzerland, Turkey, South Korea, the Philippines, and Indonesia.
Finally, China will release manufacturing and services PMI data, while Japan, Germany, the Euro Area, and Canada will publish unemployment rates.