Check out the news happening in the last 24 hours

  1️⃣ Yesterday's main news

 - Last week, the number of first-time applicants in the United States continued to be at its lowest level since the week of March 14 last year.

 The US House of Representatives passed a $715 billion infrastructure bill.

 - Fed Hack: Support to reduce debt by the end of this year.

 - European Central Bank President Lagarde: Restrictions on bank dividends could be lifted by the end of September.

 - OECD announces 130 countries/regions in favor of "two-pillar" reform.

 - UAE prevents OPEC from reaching an agreement to increase production.

 - US Congressional Budget Office: The estimated US fiscal deficit is $1.153 trillion in fiscal year 2022.

 2️⃣ Notable economic events and data today

 - The US will release the unemployment rate for June and nonfarm employment population data after seasonal adjustment for the US in June.  Investors pay close attention to this data.

 - European Central Bank President Lagarde will deliver a speech.

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Comment on Gold on July 2, 2021

In yesterday's session, precious metal Gold returned to the sideways range of the past 1 week when it moved mainly in the range of 1770-1782, closing the day session at around 1776 with a green candle.  increase point.  As you can see, it ends with a bullish candle, but the momentum of this precious metal is not too strong and the price zone around 1780-1785 is the price zone many times Gold has failed to break since 21/21.  6/2021 to present.  So in my personal opinion selling pressure will still be maintained around this price level of 1780-1785.

In addition, the selling pressure on the major weekly (W1) and monthly (MN) time frames is still quite strong, the upper resistance area is also MA20 on the weekly chart, so we have more reasons to establish this position.  short position with a safe target around 1765-1760.

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Notable events and data today

  The European Parliament's Economic and Monetary Committee will hold a hearing, the President of the European Central Bank Lagarde will attend and deliver a speech.

 Governor of the Bank of England Bailey will give a speech.

 The 181st OPEC meeting will be held; OPEC ministerial supervisory committee meeting and non-OPEC oil producing countries;  The 18th OPEC and non-OPEC oil-producing countries ministerial meeting will take place At that time, you can pay attention to the price movement of the two oils.

 The US will release the initial number of jobless claims through June 26. The previous value was 411,000 and the expected value was 393,000.  The performance of the data can affect the volatility of the US dollar.

 The next day, Bostic, the 2021 FOMC voting committee and the president of the Atlanta Fed, will speak. 

Governor of the Bank of England Bailey will give a speech.

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Let's take a closer look at how these and other important events affect Indices

Weekly changes: SPX500 +3.26%

The SPX500 gained 3,2% for the week and closed Friday at the new all-historic high of 4,280.70. The U.S. Senate accepted President Biden's infrastructure deal. Therefore, all the stocks of the material and industrial sectors rose, pushing the main SPX500 higher. The yields on the ten-year U.S. Treasury notes closed Friday at 1.54%, almost unchanged from the previous week.

The U.S. dollar index (DXY) slightly corrected itself from its highest levels last week and consolidated at 91,797. The American nonfarm payroll report will be released this Friday. The two previous releases showed less than expected figures. Will the greenback weaken again affected by a third weak release, or will July start with a new DXY height?

KEY POINTS

The U.S President's infrastructure plan will boost the economy. In addition, the labour market will be at total capacity due to the spending plan. Thus, all of these investments would strengthen the labour force and help the economy grow. Biden also believes that the recent high inflation won't last long. He stated that the economy is 7-10 million jobs down, compared to the pre-pandemic level. The President plans to get these jobless Americans back to work without inflaming inflation by raising taxes for the rich and corporations.

Last Friday, the DXY index rose to a 2.5 month high after the Fed forecasted two rate hikes in 2023. However, as the week passed, the U.S. dollar slipped and consolidated at the 'pre-Fed' level since the officials gave contrasting opinions on inflation pressure. Nevertheless, all investment markets started filling with liquidity as the inflation fears eased. As a result, investors became more concentrated on their investment goals.

Most traders are still bullish this year with the stimulus. The Fed is committed to being dovish with the economy reopening due to vaccinations and overall corporate earnings rising

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