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Thứ sáu, Tháng bảy 19, 2019

The Washington Post has reported that the U.S. technology industry is pushing the Trump administration for permission to supply Chinese tech company H

The Washington Post has reported that the U.S. technology industry is pushing the Trump administration for permission to supply Chinese tech company Huawei with parts for consumer technology products, arguing that such sales won’t hurt U.S. national security, according to people familiar with the matter. Key notes from the article: Tech companies are asking the administration to allow sales of chips and other parts for Huawei-made smartphones and laptops, even if the White House is intent on continuing to block exports of supplies Huawei uses to manufacture 5G wireless equipment, according to the people, who requested anonymity to discuss sensitive issues. Several large semiconductor companies recently made such requests in applications to the Commerce Department, petitioning for special licenses that would allow them to sell some products to Huawei, these people said. The subject is likely to come up Monday at the White House where Huawei’s major suppliers are scheduled to meet with National Economic Council Director Larry Kudlow, according to people familiar with the matter. Companies such as Qualcomm, Intel and Google are expected to talk with Kudlow and other administration officials, and President Trump may make a brief appearance at the gathering. Tech companies are also asking the administration to relax the anti-Huawei rules that now bar them from participating alongside the Chinese company in global standards-setting bodies, which establish technical rules that underpin global networks, according to one person familiar with the matter. Prominent lawmakers, including Sens. Marco Rubio (R-Fla.) and Mark R. Warner (D-Va.), have warned the president not to ease up on Huawei. Earlier this week, bipartisan groups of lawmakers in the House and Senate introduced legislation that would reinforce the existing ban on U.S. companies providing computer chips and other key parts to Huawei. “Our bill will prohibit U.S.-based companies from doing business with Huawei until they no longer pose a national security threat,” said Sen. Mitt Romney (R-Utah), who was among the Senate sponsors. The House has included similar language in its version of the fiscal 2020 defense authorization bill. The Commerce Department added Huawei to a trade blacklist in May, saying it had “reasonable cause to believe” that the company was “involved in activities contrary to the national security or foreign policy interests of the United States.” Some attorneys who focus on U.S. export law have disagreed with that interpretation, arguing that the value in the chip comes not just from the physical manufacturing of the product, but also from the design, which happens largely in the United States. So far, the Commerce Department has not indicated it would crack down on companies that continue to sell Huawei products manufactured outside the U.S. by American companies, according to the people familiar with chip makers’ plans.

Brent oil's recovery from the one-month low off $61.32 could be extended further to key resistance at $63.80 on the hourly chart. Sings of seller exha

Brent has recovered from one-month lows.The corrective bounce could be extended further to key MA at $63.80Brent oil's recovery from the one-month low off $61.32 could be extended further to key resistance at $63.80 on the hourly chart. Sings of seller exhaustion have emerged on the 4-hour chart in the form of oversold readings on the relative strength index, bullish divergence of the MACD and a long-tailed bullish hammer. Further, the MACD on the hourly chart has turned bullish. So the black gold could rise toward the 50-hour moving average, currently at $63.80, in the next few hours. The overall outlook remains bearish with the daily chart reporting a rising channel breakdown. 4-hour chart Hourly chart Daily chartTrend: Corrective bouncePivot points 

USD/CNH keeps following a short-term symmetrical triangle as it trades near 6.8755 during early Friday.

USD/CNH trades in a range below the key short-term moving average.Technical indicators show traders’ indecision.USD/CNH keeps following a short-term symmetrical triangle as it trades near 6.8755 during early Friday. The pair recently bounced off the pattern support, indicating brighter chances of its pullback towards yesterday’s high around 6.8867. However, 200-bar moving average on 4-hour chart, coupled with the formation resistance, could limit the pair’s further upside around 6.8946/52. While 14-bar relative strength index (RSI) and 12-bar moving average convergence/divergence (MACD) are both signaling traders’ indecision, pair’s rise past-6.8952 could recall buyers targeting June 19 high around 6.9100. On the downside, 38.2% Fibonacci retracement of June month declines and the triangle support can limit the quote’s south-run near 6.8710/20. It should also be noted that the pair’s declines beneath 6.8710 can push bears towards 23.6% Fibonacci retracement level of 6.8500 ahead of highlighting late-June low close to 6.8166. USD/CNH 4-hour chartTrend: Sideways  

AUD/JPY has risen to the to a resistance, obeying the trendline support since recovering from the 18th June swings lows located down at 73.93. Bulls h

AUD/JPY has risen to the to a resistance, obeying the trendline support since recovering from the 18th June swings lows located down at 73.93. Bulls have reached a high of 76.07 with 76.28/30 on the radar as a prior high and resistance. 76.80 comes thereafter with a full retracement to the 50% Fibo of the mid-April highs to aforementioned recent lows at 77.40 as a major hurdle that meets a series of support levels. A 50% retracement of the recent range brings 75 the figure into play.   

The People's Bank of China (PBOC) has set the Yuan reference rate at 6.8635 vs Thursday's fix of 6.8761.

The People's Bank of China (PBOC) has set the Yuan reference rate at 6.8635 vs Thursday's fix of 6.8761.

Having slumped to the lowest in a fortnight, the US Dollar Index (DXY) recovers to 96.81 during the early morning on Friday.

Statements from the Federal Reserve Bank of New York downplayed market’s previous bearish bias towards the Fed policy.Lack of economic data highlights trade/political news to follow for fresh direction.Having slumped to the lowest in a fortnight, the US Dollar Index (DXY) recovers to 96.81 during the early morning on Friday. The greenback gauge previously had to bear the burden of dovish Fedspeak led by the NY Fed President John Williams and Fed Vice Chair Richard Clarida. Both the Federal Reserve policymakers cited the need for "swift" and "pre-emptive" action by the US central bank, which in turn fuelled market sentiment for a 50 basis points (bps) rate cut during the July 31 meeting. However, the Federal Reserve Bank of New York took a U-turn on early Friday morning in Asia by stating that Mr. Williams’ comments were not indicative of the future monetary policy. The same grabbed market attention during less liquid hours of the trading day and activated the US Dollar (USD) recovery while also stopping the risk sentiment from being worse. The US 10-year treasury yields remain static around 2.04%. Elsewhere, the US claims that it downed an Iranian drone whereas the US Treasury Secretary Steve Mnuchin highlighted the prospects an in-person meet of the diplomats to extend the trade negotiations. Technical Analysis While 21 and 50-day exponential moving average (EMAs) are likely to limit immediate upside around 96.97 and 97.06, a month-old trend-line at 97.50 becomes the key resistance to watch. Meanwhile, 96.45/40 and June month low near 95.84 could please sellers during further declines.

USD/JPY dropped from 108.00 to 107.21 for a one-month low overnight. In Tokyo, the price has been stabilising between 107.33/43. The slide in the pair

USD/JPY dropped from 108.00 to 107.21 for a one-month low overnight. Federal Reserve James Williams was advocating for significant easing.USD/JPY dropped from 108.00 to 107.21 for a one-month low overnight. In Tokyo, the price has been stabilising between 107.33/43. The slide in the pair came despite a strong end to Wall Street that took stocks off their lows. The Dollar was the culprit in the main after Federal Reserve speakers played up the rate cut ante.  The indexes subsequently rallied later in the day. The S&P 500 index added  0.4% to end at 2,995, and the Nasdaq Composite Index ended 0.3% higher at 8,207. The Dow Jones Industrial Average, DJIA, however, was the laggard due to the declines in UnitedHealth Group Inc. -2.27% and Boeing Co. BA, +1.85%, ending the day flat at 27,222.  Firstly, Federal Reserve James Williams advocating for significant easing which was followed up by Clarida underscoring the need for "swift" and "preemptive" action by the Fed. The Dollar tanked as markets are pricing in a higher chance of a 50bp cut by the Fed in July. Subsequently, we had the US 2-year treasury yields falling from 1.84% to 1.76% and the 10-years dropping from 2.08% to 2.03%. The markets have now priced 38bp of easing at the 31 July meeting, up from yesterday's pricing in of 33bp. We also had some risk-off on the reports of confrontations between the US and Iran which helped to lift the price of oil. In early Asia, we had the Japanese CPI for June 2019 with a headline of 0.7% y/y, in line with expectations. As for US data, analysts at Westpac explained that Manufacturing sentiment in the Philly region rebounded strongly in July:
 
"The Philadelphia Fed general activity survey surging to a one-year high of 21.5 from 0.3, exceeding even the most bullish forecasts; orders, shipments and employment all saw solid increases. The Conference Board’s US economic leading index fell 0.3%, weaker than expected. US jobless claims hovered down near general lows for yet another week; +216k from 208k the prior week." USD/JPY levelsValeria Bednarik, the Chief analyst at FXStreet explained that the USD/JPY pair was heading into the Asian session technically bearish according to the 4 hours chart, as the pair continued developing below all of its moving averages, and with the 20 SMA gaining bearish traction below the larger ones: "The Momentum indicator in the mentioned chart has extended its decline within negative territory, while the RSI turned sharply lower, all of which maintains favors further slides ahead. Trading now around the previous monthly low, the pair has room to extend its decline to 106.77, June’s low, during the upcoming sessions."
 

The GBP/USD pair’s recent recovery is currently struggling with the 100-hour moving average (4H 100MA) amid overbought RSI.

4H 100MA, 11-week descending trend-line limit the GBP/USD pair’s near-term upside amid overbought RSI levels.Sellers await a break of 1.2510/05 for fresh positions.The GBP/USD pair’s recent recovery is currently struggling with the 100-hour moving average (4H 100MA) while taking the rounds to 1.2545 on early Friday. Not only repeated failure to cross the key short-term moving average (MA) but overbought conditions of the 14-bar relative strength index (RSI) also signals brighter chances of the quote’s pullback to 1.2510/05 area comprising multiple supports and June month low. In a case where sellers dominate past-1.2505, July 09 low close to 1.2440 and current month bottom surrounding 1.2382 could be on their radars. Alternatively, pair’s ability to rise beyond 4H 100MA level of 1.2551 will be tested by the 11-week old descending trend-line ranged since early-May, at 1.2594. However, a successful break of 1.2594 opens the gate for the rally towards late-June lows close to 1.2660. GBP/USD 4-hour chartTrend: Pullback expected  

Given the New York Fed’s attempt to downplay the President Williams’ previously dovish comments, the USD/CAD pair recovers from multi-month lows.

USD recovers across the board after the New York Fed downplayed the President Williams’ earlier comments.The US Michigan Consumer Sentiment Index and Canadian Retail Sales data will join trade/political news to direct near-term market moves.Given the New York Fed’s attempt to downplay the President Williams’ previously dovish comments, the US Dollar (USD) manages to recover some of its earlier losses and triggers the USD/CAD pair’s pullback towards 1.3040 during early Friday morning. The Loonie pair initially dropped to the fresh lows since late-October 2018 amid signs of a 50 basis points rate cut from the key Federal Reserve policymakers including the New York Fed President John Williams. However, the Federal Reserve Bank of New York, later on, downplayed the bearish comments by stating that the President’s speech was academic and based on research and was not about potential policy actions at the upcoming FOMC meeting. Limiting the pair’s upside was WTI recovery on the back of the US comments that they have downed an Iranian drone and also due to Iran’s complain to the United Nations (UN) that their oil tanker is being seized by the British Navy. It should also be noted that the US-China trade developments are going on with Reuters quoting the US Treasury Secretary Steve Mnuchin who highlights chances of the in-person meeting of the diplomats. Looking forward, monthly readings of the US Michigan Consumer Sentiment Index (July) and Canadian Retail Sales (May) will be up for grabs during the day. While the US consumer confidence gauge is expected to inflate to 98.5 from 98.2, the Canadian data could flash 0.3% growth versus 0.1% prior on a monthly basis with Core figure likely rising to 0.4% against 0.1% previous readouts. Technical Analysis Considering the pair’s repeated failure to slip beneath 1.3000 round-figure, chances of its pullback to 1.3100 seem brighter on the break of February month low surrounding 1.3070. However, a downside break of 1.3000 may fetch the quote to 1.2970 and 1.2915 numbers to the south.

The US Dollar and rates dropped following Federal Reserve James Williams advocating for significant easing which was followed up by Clarida underscori

The Dollar tanked as markets are pricing in a higher chance of a 50bp cut.US 2-year treasury yields lost ground from 1.84% to 1.76%. The US Dollar and rates dropped following Federal Reserve James Williams advocating for significant easing which was followed up by Clarida underscoring the need for "swift" and "preemptive" action by the Fed. The Dollar tanked as markets are pricing in a higher chance of a 50bp cut by the Fed in July. US 2-year treasury yields lost ground from 1.84% to 1.76%, while the 10-years fell from 2.08% to 2.03%. Indeed, the markets have priced 38bp of easing at the 31 July meeting. Yesterday, they only pricing in 33bp yesterday. Then there were also reports of confrontations between the US and Iran which helped to lift the price of oil. In early Asia, we had the Japanese CPI for June 2019 with a headline of 0.7% y/y, in line with expectations. Currency action   Australian employment data brought a softer headline data yesterday, but the AUD/USD pair still climbed and scored above 0.7040 and reached as high as 0.7082, a three month high. EUR climbed from 1.1210 to 1.1270.  GBP/USD rallied from 1.2400 to 1.2544. USD/JPY dropped from 108.00 to 107.40 – a one-month low.  NZD rose from 0.6740 to 0.6871 which was a three-month high.  Key notes from Wall Street Wall Street ends mixed following Fed speaker's solid remindersUS Dollar Index technical analysis: DXY gets slammed on Fed’s William comments   

Japan Foreign Bond Investment rose from previous ¥297.1B to ¥950B in July 12

Japan Foreign Investment in Japan Stocks fell from previous ¥192.2B to ¥-93.1B in July 12

Japan National CPI ex Food, Energy (YoY) came in at 0.5%, below expectations (0.6%) in June

Japan National CPI ex-Fresh Food (YoY) meets expectations (0.6%) in June

Japan National Consumer Price Index (YoY) meets forecasts (0.7%) in June

Despite successfully trading above 23.6% Fibonacci retracement of a recent downpour, the GBP/JPY pair lags behind many key resistances by early Friday.

GBP/JPY remains positive above 23.% Fibonacci retracement.134.83/95 stands first in the series of resistances comprising trend-line and key moving averages.Despite successfully trading above 23.6% Fibonacci retracement of a recent downpour, the GBP/JPY pair lags behind many key resistances as it takes the rounds to 134.70 during the early Asian session on Friday. The 134.83/95 area comprising Thursday’s top and July 15 low becomes the first resistance buyers have to clear ahead of confronting a week-long descending trend-line at 135.10. Should prices rally past-135.10, 200-hour moving average (200-HMA) around 135.23 and 61.8% Fibonacci retracement level of 135.36 hold the keys to 7-day long descending trend-line at 135.65. Alternatively, the pair’s decline below 23.6% Fibonacci retracement level of 134.43 might not refrain from highlighting the latest low of 133.85 for sellers. GBP/JPY hourly chartTrend: Pullback expected  

With the US Dollar (USD) taking some of the pips back from bears, the Gold drops off the May 2013 high while trading near $1443 amid initial Friday.

The Federal Reserve Bank of New York tried safeguarding the President Williams earlier dovish comments.The USD is on the run-up to recover some of the previous losses due to the Fed speaker’s signals to rate cut.With the US Dollar (USD) taking some of the pips back from bears, the Gold drops off the May 2013 high while trading near $1443 amid initial Asian session on Friday. The bullion surged the previous day after the key Federal Reserve officials, including the New York Fed John Williams and Vice Chairman Richard Clarida, brightened chances of a 50 basis points (bps) cut in the Fed’s benchmark rate during the July 31 monetary policy meeting. However, sellers sneaked in around the multi-year top after the New York Fed said that the President Williams’ speech was not about potential policy actions. Though, the prices are yet to register a slump as geopolitical plays surrounding the US and Iran, coupled with the US-China trade stalemate, remain in the spotlight. Given the absence of major data, except the Michigan Consumer Sentiment Index, investors may keep following news headlines for fresh impulse. Technical Analysis May 2013 top surrounding $1,488/90, followed by $1,500 round-figure, can lure buyers during the yellow metal’s fresh rise beyond recent highs of $1,453, failure to do so could recall $1,430 and 21-day simple moving average (SMA) level of %1,413 back to the chart.    

Oil was sold off into the New York session but recovered some ground late in the day following escalations of the U.S. and Iran stand-off. In New York

WTI is currently trading at 55.77, between a range of 55.69 and 55.88, consolidating the overnight volatility. Oil was sold off into the New York session but recovered some ground late in the day.Oil was sold off into the New York session but recovered some ground late in the day following escalations of the U.S. and Iran stand-off. In New York, spot prices has travelled between $57.29bbls and $54.76bbls, ending the day down -1.82%, although up off its lows to $55.50bbls. August WTI lost $1.48, or 2.6%, to settle at $55.30 a barrel on the New York Mercantile Exchange after falling 1.5% on Wednesday. In Asia, the price is consolidating but better bid considering the heightened tensions between the US and Iran. Just as de-escalation with Iran looked to be on the cards after Pompeo's remarks suggested Iran was ready to negotiate, accompanied by what appeared to be a technical sell-off that triggered stops which could be attributed to the fall, a late announcement that the US had shot down an Iranian drone took the spotlight and helped the price to recover. Trump said that the amphibious assault ship, the USS Boxer, shot down an Iranian drone in the Strait of Hormuz in a defensive action, although Iran's FM Zarif claimed not be aware of any drone downing following Trump's announcement, according to Reuters. “We have no information about losing a drone today,” Zarif told reporters at the United Nations. "In US markets, tropical storm Barry came and went without any major outages, with production and refining already ramping back up. While the most recent EIA data showed large product builds, this was likely due to higher runs heading into the storm," analysts at TD Securities explained.  USD/JPY levels Following a break below the fresh weekly lows, WTI has extended the fall to a fresh low of 54.76 today. Bears now sit below the 4HR 200 moving average and have eyes on the 200-week moving average down at 52.98. Thereafter, we have the 14th Jan 50.41 lows ahead of the 26th November lows which are located at 49.44. On the upside, 57.40 comes in as a key area with the confluence of prior support and an accumulation of daily 20, 50 and 200 moving averages.

With the failure to slip beneath 120.80/78 support-zone, the EUR/JPY pair trades near 121.00 during early Friday.

EUR/JPY buyers lurk around June month low amid nearly oversold RSI.Break of key support can drag prices to sub-120.00 region.With the failure to slip beneath 120.80/78 support-zone, the EUR/JPY pair trades near 121.00 during early Friday. Given the nearly oversold conditions of 14-day relative strength index (RSI) and the quote’s U-turn from June month low, prices are likely to witness a pullback towards early-month low close to 131.30 while 23.6% Fibonacci retracement of November 2018 to January 2019 drop, at 121.51, could be on buyers’ radar then after. Should prices manage to clear 23.6% Fibonacci retracement, 21-day and 50-day simple moving averages (SMAs) around 121.83 and 122.07 respectively could return to the chart. Alternatively, bears await a sustained break of 120.80/78 support-zone, comprising June month low, to aim for January’s flash crash bottom surrounding 118.85. However, 120.00 round-figure might offer an intermediate halt during the slump. EUR/JPY daily chartTrend: Pullback expected  

Just when the markets are heavily expecting a 50 bps Fed rate cut on New York Fed President Williams comments, the bank came out with statements.

Just when the markets are heavily expecting a 50 basis points rate cut from the US Federal Reserve in its July 31 meeting, mainly based on the New York Fed President John Williams latest comments, the New York Federal Reserve came out with statements defending Mr. Williams’ dovish appearance. Key quotes Speech today by President Williams was academic and based on research. Was not about potential policy actions at the upcoming FOMC meeting. FX Implications The news triggered a pullback of the US Dollar (USD) which declined heavily on the Fed policymakers’ earlier comments. Investors may now await fresh clues for further direction

While yesterday's jobs report initially built the Aussie run-up, dovish comments from the key Fed members fuelled the pair which is at the 12-week top now.

Aussie bulls cheered domestic employment data, dovish Fedspeak to lead the G10 currencies.US-China trade developments, market risk sentiment will be closely followed amid a dearth of major data/events.While Wednesday’s jobs report initially built the Aussie run-up, dovish comments from the key Federal Reserve policymakers fuelled the quote towards 12-week high as it trades near 0.7075 on early Friday morning in Asia. No change in the Unemployment Rate and an upbeat reading of the Fulltime Employment data tamed expectations of successive rate cuts by the Reserve Bank of Australia (RBA) and pleased the Australian Dollar (AUD) buyers the previous day. Adding to the sentiment, with a great force, were the US Federal Reserve policymakers that highlighted prospects of 50 basis points Fed rate cut with their statements favoring the need for "swift" and "preemptive" action. However, the presence of risk aversion and doubts over the US-China trade deal remain present with the US 10-year treasury yield revisiting early-month levels around 2.02% by the press time. Investors may now concentrate more on the qualitative catalysts amid lack of data on the economic calendar. Among them, signals for the Fed’s future monetary policy and the trade-related headlines might lure the short-term traders. Technical Analysis 200-day exponential moving average (EMA) level of 0.7100 becomes the landmark to achieve for the Aussie bulls at the moment. However, a sustained break beyond yesterday’s high around 0.7080 becomes a precondition which if not matched shifts sellers’ attention to overbought conditions of 14-day relative strength index (RSI) and can recall 0.7050/45 back to the chart.

Three key Tory members of the UK political fraternity are readying to resign if Boris Johnson becomes the PM next week, as per the UK Times.

Three key Tory members of the UK political fraternity, including the chancellor Philip Hammond and Rory Stewart, the international development secretary, are readying to resign if the Prime Minister (PM) hopeful Boris Johnson wins the race on next Wednesday, the UK Times report. The news report further says that the resignations will deny the new PM the chance to sack the most hardline opponents of a no-deal Brexit. FX implications While no immediate reaction to the news was witnessed during early Asian morning on Friday, the news report increases the chances of a soft Brexit and might help the British Pound (GBP) for a short-term.

With the Fed policymakers’ clear bearish bias dragging the US Dollar (USD) down, the NZD/USD carries previous strength forward as it trades near 3-month high.

Greenback bears took dovish Fedspeak ahead of the blackout period as a clear indication of the Fed’s high rate cut.Absence of major data, positive sentiment surrounding the largest customer, Australia, helped Kiwi.Trade/political headlines will be in the spotlight following NZ Credit Card Spending data.With the Fed policymakers’ clear bearish bias dragging the US Dollar (USD) down, the NZD/USD carries previous strength forward as it trades near 3-month high while taking the rounds to 0.6785 at the start of Friday’s Asian session. The New York Fed President John Williams stole the show before the US Federal Reserve policymakers go for a 2-week’s blackout period ahead of the July 31 monetary policy meeting decision. Mr. Williams provided the strongest hint to the speculations of 50 basis points (bps) Fed rate cut during the upcoming Federal Open Market Committee meet while mentioning that a preventive cut is better than letting ‘disaster unfold’. Additionally, comments from the Fed Vice Chairman Richard Clarida, as conveyed by the Fox News, were also downbeat enough to support the sentiment in favor of the Kiwi pair. Elsewhere, optimism surrounding the largest customer Australia also pleased the New Zealand Dollar (NZD) buyers. On the contrary, the US-China trade tussles turn stalemate as the US weighs what kind of concessions it can give to China’s Huawei in order to push the trade negotiations forward. Looking ahead, the economic calendar has fewer data/events up for release during the day but New Zealand’s Credit Card Spending for May and the US Michigan Consumer Sentiment Index for July will be observed closely. While NZ Credit Card Spending may soften to 5.4% from 6.6%, the US consumer confidence gauge could strength to 98.5 versus 98.2. Technical Analysis With the overbought conditions of 14-day relative strength index (RSI) favors the quote’s pullback to 200-day exponential moving average (EMA) level of 0.6716, 0.6750 may offer an intermediate halt during the dip. Meanwhile, sustained break of 0.6790 enables the pair to target April month high around 0.6840.

DJIA was ending the day flat at 27,222. Nasdaq Composite Index ended 0.3% higher at 8,207. The S&P 500 index added 0.4% to end at 2,995. Wall Street'

 DJIA was ending the day flat at 27,222. Nasdaq Composite Index ended 0.3% higher at 8,207. The S&P 500 index added  0.4% to end at 2,995.Wall Street's stocks were closing Thursday's session mostly higher Thursday as investors price back in the prospects of a new easing cycle at the Fed following New York President John Williams saying that the Fed' should act quickly to prevent further economic weakness, giving the US economy a vaccine against it.  The comments came before the blackout period ahead of the 31 July FOMC meeting where increasing odds of rate cut is expected, despite a recent run of solid data.Williams: Concerned inflation expectations are anchored too low - RTRSThe indexes subsequently rallied later in the day. The Dow Jones Industrial Average, DJIA, however, was the laggard due to the declines in UnitedHealth Group Inc. -2.27% and Boeing Co. BA, +1.85%, ending the day flat at 27,222. The S&P 500 index added  0.4% to end at 2,995, and the Nasdaq Composite Index ended 0.3% higher at 8,207.  U.S. data The Philadelphia Fed factory index jumped by the most in ten-years in July, rising to 21.8 (the highest level since July 2018), and far exceeding expectations for a print of 5: "Increases in orders, shipments, prices paid, and employment drove the rise in the index for the region. The New York Empire State survey earlier this week rose to 4.3 (from -8.6), a +13 gain from June. Taken together with the Philadelphia Fed gauge, which rose +21, we could be in for a strong ISM print later this month if the trend continues," analysts at ANZ bank explained.  DJIA levels On a technical basis, the DJIA  consolidates within a broader bearish correction where the Fibo' targets with the confluence of stop territories come into play. The 23.6% retracement of the 3rd June low to 12th July recently printed high falls in at 26706 which meets April 23rd and 1st May double-top highs. The 38.2% retracement of the same range falls in at 26324 and meets 25th Feb and 11th June highs. The 50% meets the 3rd Dec spike high and mid-June lows. On the flip side, the 28500s remains as a key target.

South Korea Producer Price Index Growth (YoY) below forecasts (0.5%) in June: Actual (0.1%)

South Korea Producer Price Index Growth (MoM) below expectations (-0.1%) in June: Actual (-0.3%)

The US Dollar Index (DXY) broke below the 97.00 handle and the 200-daily simple moving average (DSMA). DXY 4-hour chart The market is trading below it

DXY breaks below the 97.00 figure and the 200 DSMA. The level to beat for bears is 96.60 and 96.36.
  DXY daily chart
  The US Dollar Index (DXY) broke below the 97.00 handle and the 200-daily simple moving average (DSMA).
DXY 4-hour chart
  The market is trading below its main SMAs suggesting bearish momentum in the medium term. Bears would need a break below 96.60 and 96.36.
DXY 30-minute chart
  The bears took the market by surprise and brought the index near the weekly lows. Resistances are seen at 96.80 and the 97.00 figure. 
Additional key levels  

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