Market Overview Analysis by Ipek Ozkardeskaya covering: EUR/USD, USD/JPY, USD/CAD, Nasdaq 100. Read Ipek Ozkardeskaya's latest article on Investing.com
The week started with mixed feelings. The rising geopolitical tensions in the Middle East, and between the West and China, and a pullback across the big technology stocks cast a shadow on the optimism that the Federal Reserve is about to start cutting the interest rates in September.
As such, the fundamentals are supportive of a further convergence between the tech and the non-tech pockets of the market. The problem with that is, the tech is a major boost to the S&P 500 index. Nvidia alone can move the S&P 500 by around 1% in a session.retreated to 1.1150 and settled a bit higher than that in Asia. Cable consolidates a touch below the 1.
Iron ore futures are struggling near the pandemic low levels. Other than that – still in the context of geopolitical shenanigans - IBM said that it will shut its R&D department in China – also due to the mounting tensions between Beijing and Washington.
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