Turnaround Tuesday

A very good morning to all market participants and a warm welcome back to those returning to their desks following 4th of July celebrations. Top story on newswires as I got on mine are the two economic behemoths - China and the US discussing Trump-era tariffs that President Biden aims to ease.

APAC Update: Gold prices hover above its $1800 handle after briefly printing a new low for the year during last Friday’s trade. DXY futures, spurred by Fed hike bets remain elevated as the week’s session, seen holding above May High at 104.800. US Index Futures trades on a positive after declines in the prior week. E-mini S&P 500 Futures now holding above its $3800 handle. The Royal Bank of Australia delivers another 50bps rate hike.

Energy Update: The IEA paints a bleak picture for global gas demand saying growth forecasts are set to falter for a number of years. NatGas Futures last seent reading around $5.755 just shy of its 2022 support trendline which it briefly broke through last week.?

Data Ahead: Quiet on the data slate for today apart from PMI Figures out of the UK but note these are final readings hence unlikely to present cause for volatility. We do have BoE’s Bailey speaking today at 1000 GMT and in the interest of monitoring developments in the US markets enroute to the NFP this Friday - US Factory Orders is set to be released at 1500 GMT.?

That is it from me today, for more head on over to the Duggan Capital Youtube Channel for The Daily Briefing and Pre-US Rundown. For those interested in finding a community of like-minded cohorts, do hit that purple button below and sign up for the ProTraders Package to enjoy a 1-month Free Trial Period to trade with us in our Virtual Trading Floor via Discord.

Have a great session ahead, this was Your Morning Reed.?

Sources: Trading Economics, Newsquawk, Bloomberg, RTRS, Caxton.io, Amplify Trading, Macro Hive.

Disclaimer: This is for information purposes ONLY & not meant as trading/investment advice. Reader discretion advised.??