SPX (S&P 500) extending gains
The (S&P 500) extended gains after a progressive job report from the NFP and a decent unemployment reading. The US economy defied expectations after exceeding forecasts as America woke up from its 4th of July weekend. However, slower consumer spending and rising jobless claims mean that the index might pull back slightly from its bullish run. With the FOMC expected to give more guidance this week, the Fed could pull stocks lower. 6400 is the next target, with 6000 serving as key support.
AUDUSD steadily creeping higher
The Australian dollar continues to benefit from the greenback’s weakness as prices steadily rise. However, with the RBA expected to cut the rate again this week, we could see some volatile moves, especially if business confidence slips into the negative again. With the country’s main exports suffering slightly due to declining copper and iron ore prices, a correction could be just around the corner. The pair is drifting towards 0.6550, and 0.6700 is the first resistance to be lifted.
UKOIL remains subdued
Brent has struggled in recent sessions after dropping over $10 in value last month. However, all is not lost as the forecast is looking positive for the rest of the year. Geopolitical tensions have eased as the US–mediated ceasefire in the Middle East continues to hold. Additionally, the risk factor for another downturn appears to have dissipated, leading to a rebound in this quarter. 70.00 is a critical resistance with 66.00 a critical floor.
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