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COMING UP: Data: Chinese Trade Balance (Jul), German Industrial Production (Jun), Trade Balance (Jun), French Trade Balance (Jun), US Jobs Report (Jul), Canadian Jobs Report (Jul), Ivey PMI (Jul), NY Fed SCE (Jul).
Speakers: Fed’s Barkin. Supply: Australia.
Earnings: Allianz, Munich Re. Credit Ratings: S&P on Switzerland.
Newsquawk US Market Wrap: Stocks slide and oil climbs as US/Iran optimism fades
SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar up, Gold flat
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EUR/USD weekly close
The euro is sitting 40 pips below the level that matters, with one session left in the week and the July employment report landing in the middle of it.
Spot is 1.1520. The ceiling is 1.1560. Support is 1.1450. That is a 110-pip box, and everything about where this pair trades into the middle of August is going to be settled inside it on Friday afternoon.
Market Update: Reality check
It is noit clear which is l;eading, US bond yields (up) or crude oil (up) but as noted earlier, the dollar is firmer as the euphoria over the prospects of the Strait reopening fades and is replaced by the reality of a potential deal.
Whatever the cause, US yields are up and weighing on risk
USDJPY 4 HOUR: – BoJ’s dilemma’
Break above 158 (200 day mva) poses a dilemma for the BoJ. If it intervenes and USDJPY does not break 155.00-22, the move will be met with buying. If it stands aside, then it risks a move back towards 160. So let’s see what the BoJ is looking at with no obvious resistance until above 160. In the absence of the BoJ, which still looms as a risk above the market, USDJPY has settled in a 157.21-157.95. FIBOS for 163.98-155.22 at: :
- 158.57 = 38.2%
- 159.50 = 50%
- 160.53 = 61.8%
NAS100 DAILY OUTLOOK: 30K prov ing tough
Trend: Short-term up but limited by 30K Momentum: Up but stalled below 30K
Failure to test 30K keeps NAS100 in a 28-30K range where the 28600 area needs to hold to keeps downticks looking like retracements. If the range proves accurate, the 29K will be pivotal as well in setting the tone (e.g. needing to hold to keep a bid)
(AT 4 hour chart)
NAS100 (NASDAQ) 4 HOIUR : 30K remains the obstacle
Trend Short-term up but stalling Momentum up but contained
Failure to test 30K is a bit of a disappointment and unless it trades, a case can be made for a 28-30K range where the 29K midpoint is pivotal in setting the trading tone. Firmer US bond yields along with the same in crude oil may be weighing on risk so far today
US500 (SP500) 4 HOUR: Range time?
While calling for a top in US stocks has eventually turned out to be a losing bet, the one way move in US500, at a minimum, argues for a pause, at least as long as 7800 caps the upside. If this proves to be the case, then charts show a 7600-7800 range where 7700 could be pivotal in setting the trading tone. Moves on the dsownsisde should be treated as retracements, at least as long as the trendline holds.
Newsquawk Daily US Opening News – 6th August 2026
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Market Update
EURUSD: Often the more times a level is tested the weaker it becomes, In this case, 3rd day 1.1560 was tested it held its ground. Now dependent on 1.1526 holding to keep its focus pointiung up and avoid a shift back to 1.15.
US500: Given its meteoric rise into record high territory and then a pause below 7800, some backing an filling should not be a surprise. Question could be who is left to buy? In any case, moves down will likely be treated as retracvements unless sub 7604-24 trades.
XBRUSDL Oil giving few clues as it stays defensive but consolidting above its low.
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