8th August 2022: Fridays closed orders given +1.682%; Drought forecast for Europe; Stocks and stock futures are on the rise; Trade between China and Russia is on the rise
Symbol: USDCAD; Type: BUY; Open Price: 1.29403; Close Price: 1.29252; Profit: -0.117%.
Symbol: EURJPY; Type: BUY; Open Price: 136.611; Close Price: 137.214; Profit: +0.439%.
Symbol: US500; Type: SELL; Open Price: 3871.85; Close Price: 4110.46; Profit: -5.805%.
Symbol: ETHUSD; Type: BUY; Open Price: 1581.60; Close Price: 1703.67; Profit: +7.165%.
Drought forecast for Europe
On Friday, temperatures are forecast to soar to over 36 degrees Celsius (96.8 degrees Fahrenheit) in the United Kingdom, Germany, and France. The heat will cause an increase in the demand for cooling, will make existing dry conditions much worse, which will be detrimental to crops, and will require restrictions on water use. This week, Europe’s northwest and central regions are forecasted to be struck by yet another blistering heat wave, which will strain the continent’s already overburdened electrical system. The continent has already begun to feel the effects of the extreme heat, with France recording the driest month of July and England recording the driest month in over 90 years. As a result of the weather, many fires have broken out in the vicinity of London, warnings have been issued that railway lines might break, and power stations have been forced to work at lower levels to avoid overheating. Although France is amid an energy crisis, the country’s regulatory bodies have given five nuclear power stations permission to release hot water into rivers temporarily.
Stocks and stock futures are on the rise
Stocks and stock futures are rising as bond rates begin to pull back from their recent spike as investors weigh the chances of aggressive rate rises from the Federal Reserve against profits that are comforting. The technology sector led the way up for Europe’s Stoxx 600 benchmark index as interest rates on benchmark government debt in Germany, and the UK fell. The figures on non-farm payrolls in the United States were higher than expected on Friday, which contributed to the argument for the Federal Reserve to tighten monetary policy further.
Traders are looking to inflation readings due out this week for hints on the policy route that will be taken. It’s possible that inflationary pressures have reached their peak, but it’s not obvious whether or not they’ll stay at these persistently high levels. Traders now perceive a larger chance that the Federal Reserve will raise interest rates by another 75 basis points in September as part of a worldwide wave of rate hikes. The payroll data for July in the United States is “expected to boost the Fed’s predisposition to front-load interest rate hikes until the policy rate overshoots neutral,” as stated in the previous sentence.
Trade between China and Russia is on the rise
The number of commodities Russia purchased from China in July was $6.7 billion, representing a more than 33 percent rise from the previous month. The upswing in trade is driven by the return of exports to Russia to levels close to those observed before the Kremlin invaded Ukraine. With Russian consumer spending on the mend, the flood of imported products is taking some weight off the ruble by restoring demand for hard currencies. This helps to relieve some of the stress that has been placed on the ruble.
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