a large amount of speculative interest was paying attention to US bond yields. The yield curve is the most inverted since 2000. 2-year Treasuries are yielding 3.03%, while the 10-year note yields 2.76%. An inverted curve is usually a sign of an upcoming recession.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Economic Data<\/strong><\/p>\n\n\n\n <\/p>\n\n\n\n Home purchases, in the United States, dropped 8.1% in June to an annualized 590,000 rate. The number of homes sold awaiting start is at the highest level since January 2022.<\/p>\n\n\n\n After posting its lowest reading in a decade in June, the consumer confidence index slipped further to 95.7 from last month\u2019s 98.4, which was revised lower.<\/p>\n\n\n\n <\/p>\n\n\n\n Other Developments<\/strong><\/p>\n\n\n\n <\/p>\n\n\n\n Biden\u2019s administration on Tuesday said it will sell an additional 20 million barrels of oil from the Strategic Petroleum Reserve as part of a previous plan to tap the facility to calm oil prices.<\/p>\n\n\n\n The International Monetary Fund cut the global growth forecast once again this year, from 3.6% in their April review to 2.9%. IMF also warned that downside risks from overheated inflation and the Ukraine war could push the world economy to the edge of a global recession.<\/p>\n\n\n\n The World Economic Outlook also showed that in the case Russia complete cut gas to Europe and a drop in the country\u2019s oil export would slow growth further in 2023.<\/p>\n\n\n\n The Euro was again among the weakest performers among the dollar\u2019s rivals, with EUR\/USD flirting with 1.0100. GBP\/USD held above 1.2000, while the AUD\/USD settled at 0.6935. The USD\/CAD pair advanced amid weaker oil prices, trading near 1.2890.<\/p>\n\n\n\n Save-haven currencies saw little activity, with USD\/CHF steady around 0.9620 and USD\/JPY now trading at 136.75.<\/p>\n\n\n\n Spot gold remained within familiar level, although near the lower end of its latest range. Gold changed hands at $1,717 per ounce.<\/p>\n\n\n\n Crude oil prices edged lower, partially due to the dismal mood but also because of a US decision to sell additional 20 million barrels of oil from its Strategic Petroleum Reserve. The barrel of WTI finished the day trading at $94.90 a barrel.<\/p>\n\n\n\n The focus now shifts to the Fed. The US central bank is widely anticipated to hike the funds rate by 75 bps, although there is a chance of a 100-bps movement. The latter has become increasingly unlikely since the latest Fed meeting, as economic growth keeps deteriorating. Policymakers may not risk a recession to tame inflation.<\/p>\n\n\n\n Also Read<\/strong><\/p>\n\n\n\n WTI Unable To Penetrate $100 Level<\/a><\/p>\n\n\n\n Gold turns below $1,720 ahead of Fed\u2019s policy decision<\/a><\/p>\n\n\n\n Cryptocurrencies witness more declines<\/a> <\/p>\n\n\n\n Microsoft profits miss expectations<\/a><\/p>\n\n\n\n Alphabet Earnings Below Expectations<\/a><\/p>\n\n\n\n Nasdaq Retreats 2%, Indexes Drop After Walmart Profit Warning<\/a><\/p>\n\n\n\n ECB\u2019s de Cos: Eurozone inflation outlook intensified<\/a><\/p>\n\n\n\n Walmart In News Headlines Because Of Inflation, Q2 Results<\/a><\/p>\n\n\n\n Wells Fargo: US Recent loss of momentum doesn\u2019t bode well for consumption<\/a><\/p>\n\n\n\n EUR\/USD looks weak, drops to multi-day lows near 1.0100<\/a><\/p>\n\n\n\n Status of grain exports from Ukraine still doubtful<\/a><\/p>\n\n\n\n