EBC Daily Snapshot Jul 2, 2024

Brent has soared above $100. Is this just the beginning?

Brent has consolidated above $100 against a backdrop of escalating tensions in the Middle East, supply disruptions and a recovery in Chinese demand. Forecasts suggest a rise to $120–150.

FxPro | 6h 45min ago

Today Fundamental Analysis: Brent Holds Around $100 Amid Fresh US-Iran Escalations

Oil prices rose sharply as escalating US-Iran tensions raised concerns over further disruptions to Middle East energy supplies, with West Texas Intermediate (WTI) up 1.9% to $94.80 and Brent gaining 1.7% to $99.64 after the US destroyed five Iranian crude tankers.

STARTRADER | 7h 24min ago

S&P 500 Stepped From Record Highs, but Market Breadth Is Flashing a Warning 💥

S&P 500 stepped from recent record highs, but its internal strength is deteriorating as fewer constituents hold above their 50-day averages. With September seasonality, elevated yields and Fed uncertainty creating near-term risks, market breadth is flashing caution. Yet a stronger fourth quarter and pre-election positioning could provide the next bullish catalyst.

Headway | 7h 41min ago

Bitcoin: the golden cross signals an uptrend, but not right away

Bitcoin has formed a ‘golden cross’, but the crypto market is currently trading sideways. Historical data points to strong bullish potential, although growth may take time.

FxPro | 10h 22min ago

US Inflation Data and Elevated Asset Valuations — Nasdaq, S&P 500 and Gold

This week's CPI, PPI releases and ECB rate decision arrive against a backdrop of elevated valuations in U.S. equities and Gold. With the Fed meeting next week, inflation data could trigger a repricing across Nasdaq 100, S&P 500 and Gold. Key technical levels and market signals to watch.

Born2trade | 10h 25min ago

China50 Tests 14,600 Resistance as Investors Await Inflation Data

Chinese equities attempt to recover from recent weakness, but upcoming inflation data, technology-sector performance and global risk sentiment remain key factors for the next market move.

VT Markets | 11h 41min ago

Dollar slips, yen surges as Middle East tensions escalate

Oil rally persists, as military operations in the Middle East resume; Dollar fails to benefit from risk-off; euro/dollar rises towards 1.1650; Yen gains continue, courtesy of Bessent’s commentary, but move looks stretched; Equities remain in limbo, edging lower; gold bounces off $4,400;

XM Group | 11h 55min ago

Oil Surge Pressures US Stocks as Markets Await Inflation Data

🛢️ Iran targets US Navy vessels, US strikes Iranian tankers near Kharg Island — Brent approaches $100 at $99.05, WTI at $94.04. Oil +8% in September. Dow drops 628 points. Goldman raises December Brent forecast to $85. JPY strengthens on BoJ hike bets. ADP and Lagarde speech due today.

CPT Markets | 11h 57min ago

EURUSD	1.16313	GBPUSD	1.35466
USDJPY	153.589	USDCAD	1.38073