{"id":69553,"date":"2022-08-04T03:03:28","date_gmt":"2022-08-03T23:03:28","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=69553"},"modified":"2022-08-04T03:07:02","modified_gmt":"2022-08-03T23:07:02","slug":"market-drivers-us-session-wednesday-august-3","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-wednesday-august-3\/08\/04\/market-updates\/","title":{"rendered":"Market Drivers \u2013 US Session \u2013 Wednesday, August 3"},"content":{"rendered":"\n

US indexes surged, capping the safe-haven dollar\u2019s demand, partially helped by strong Q2 corporate earnings reports and encouraging local data.

Commodity-linked currencies, on the other hand, benefited from Wall Street\u2019s strength. AUD\/USD trades around 0.6950 while USD\/CAD is marginally lower at 1.2840.

The EUR\/USD pair trades around 1.0160, as tepid European data undermined demand for the shared currency. The GBP\/USD pair finished the day in the red at 1.2145.

Gold price settled at $1,765 a troy ounce, while crude oil prices edged lower, as different OPEC+ sources suggest that they won\u2019t increase output. Also, US weekly data showed slowing demand. WTI ended the day at $90.90 a barrel.

Economic Data
<\/strong>
The business activity in the US service sector expanded at a more robust pace in July than in June with the ISM Services PMI rising to 56.7 from 55.3. This reading came in better than the market expectation of 53.5.

Further details of the publication revealed that the Prices Paid Index declined to 72.3 from 80.1, compared to the market forecast of 81.6, and the Employment Index improved to 49.1 from 47.4.

Other Developments
<\/strong>
Different US Federal Reserve officials reinforced the market\u2019s speculation that the US central bank is far from done with aggressive tightening, putting a 75 bps rate hike back on the table for September.

Sino-US tensions decreased on Wednesday, pushing the US dollar down prior to the US session\u2019s opening. The dollar recovered only after robust services sector data indicating that the local economic activity is still strong.

Recession fears maintain the US Treasury yield curve inverted, and the difference between the 2-year note and the 10-year note yields has widened to 36 bps. Nevertheless, Wall Street managed to post solid gains, helped by another batch of solid earnings reports.

The Bank of England will announce its monetary policy decision on Thursday. BoE is expected to decide the biggest rate hike in 27 years.

Also Read:
<\/strong>What is important about Michael Saylor\u2019s bet on Bitcoin<\/a><\/p>\n\n\n\n

Fed\u2019s Kashkari: 2023 rate cuts very unlikely<\/a><\/p>\n\n\n\n

BoE to decide biggest rate hike in 27 years<\/a><\/p>\n\n\n\n

USD\/CAD down amid higher risk appetite<\/a><\/p>\n\n\n\n

GBP\/USD retreats on risk-on ahead of BoE\u2019s decision<\/a><\/p>\n\n\n\n

Fed speakers reiterate more hawkish tone<\/a><\/p>\n\n\n\n

US shares jump on robust earnings, strong US data<\/a><\/p>\n\n\n\n

Moderna\u2019s earnings rise above expectations<\/a><\/p>\n\n\n\n

ISM Services PMI rises to 56.7 in July above 53.5 expected<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

US indexes surged, capping the safe-haven dollar\u2019s demand, partially helped by strong Q2 corporate earnings reports and encouraging local data.Commodity-linked currencies, on the other hand, benefited from Wall Street\u2019s strength. AUD\/USD trades around 0.6950 while USD\/CAD is marginally lower at 1.2840.The EUR\/USD pair trades around 1.0160, as tepid European data undermined demand for the shared …<\/p>\n","protected":false},"author":13,"featured_media":52794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[6874,6984,6871],"class_list":["post-69553","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-gold","tag-treasury-yields","tag-usd"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/69553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=69553"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/69553\/revisions"}],"predecessor-version":[{"id":69559,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/69553\/revisions\/69559"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52794"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=69553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=69553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=69553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}