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Market news: Toyota announced it will build a new $3.6 billion factory in Texas and move some truck production from Mexico to the United States.July 7th - CFTC data shows that as of June 30th, global traders bullish bets on the US dollar rose to nearly $40 billion, the highest level since 2015, continuing the dollars monthly rally driven by interest rate expectations. Market bets that the Federal Reserve may maintain higher interest rates or even raise rates again propelled the dollar to a gain of approximately 2% in June. Analysts believe that expectations of Fed monetary tightening and the resilience of the US economy are jointly supporting the dollars performance, but some institutions point out that recent weak employment data may limit further upside potential.Canadian Prime Minister Mark Carney: If negotiations with Germanys TKMS fail, Canada will reserve the right to begin submarine cooperation negotiations with South Koreas Hanwha Group.July 7th - According to CFTC data, as of the week ending June 30th, hedge funds pushed their net short positions in the yen to nearly 138,000 contracts in the futures and options markets, the most pessimistic level since 2007. The yen also fell to its lowest point since 1986, breaking below the 162 yen to the dollar level, triggering market expectations of possible government intervention in the foreign exchange market. The Japanese Finance Minister reiterated that the authorities could take foreign exchange intervention measures at any time, following Japans use of a record amount of funds to support the yen between late April and May. The market believes that the widening interest rate differential between the US and Japan remains the main factor putting pressure on the yen, and even the recent interest rate hikes by the Bank of Japan have failed to reverse the weakness.Israeli officials say that even if the US and Iran reach an agreement, Israel will retain the option of launching a military strike against Iran.

Two Trades to Watch: DAX, GBP/USD

Jimmy Khan

May 07, 2022 10:43


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The DAX is falling as industrial output declines.


After a slaughter on Wall Street that saw the Nasdaq finsh 5% down, European equities have begun in the red, extending losses from the previous day.


Fears of inflation, stagflation, and recession are weighing on the market as we approach the weekend. The DAX is expected to shed 1.4 percent this week, marking the fifth consecutive week of losses.


In March, German industrial output decreased -3.9 percent on a month-over-month basis, down from 0.2 percent in February and considerably below the -1 percent drop forecast. The negative report comes on the heels of a sharp drop in German manufacturing orders in March. The data represents the economic effect of the Russian conflict on Germany and the Eurozone as a whole.


Germany does not have any additional statistics due today. Sentiment and the US NFP announcement will affect European indexes.

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