The Summer Tech Roller Coaster continues with the Nasdaq 100 falling 3.7% yesterday, this indices has been weighed down by Alphabet Inc. sliding 5% with spending higher than analysts expected and Tesla Inc.’s Robotaxi delay which saw a 12% stock dive. I have added Bitcoin into this world today as that fell 2.8% to $64,224.76 and Ether fell 5.5% to $3,191.01 as well. If you are looking for the outperformers in the market then that is USDYEN, with the yen climbing another 1.1% against the dollar overnight. The Japanese currency is trading at the strongest levels relative to the greenback since May as investors start positioning for a potential policy rate hike by the BOJ.
In other markets Gold's performance is equally volatile, the price surged back above $2,400 on Tuesday, the result of India's decision to cut the gold import duty to 6% from 15%. Indian demand has been very weak, the high price has deterred Indian jewellers from paying up for the commodity ahead of the peak demand season which is mid-September. However the 'risk off' move overnight to $2375 will be an opportunity to buy the dip. Elsewhere the yield on 10-year Treasuries declined two basis points to 4.26%, West Texas Intermediate crude fell 0.9% to $76.91 a barrel and GBPUSD opens at 1.2890.
As for the day ahead we have the Germany IFO business climate, US GDP, initial jobless claims, and the unpredictable durable goods number. Only one day to go until the Olympic Opening Ceremony in Paris where the rumours are that Lady Gaga and Celine Dion will headline...!
