Newsquawk US Market Wrap: Amazon leads stock gains; JPY firms again as intervention speculation mounts
SNAPSHOT: Equiti\es up, Treasuries down, Crude up, Dollar flat, Gold down.

Markets heard a dovish Kevin Warsh. The Fed chairman’s own words suggest a rate hike
Investors interpreted Kevin Warsh’s second Fed press conference as dovish, sending long-term Treasury yields rising.
Warsh fumbled the message he likely intended to deliver to markets as he pivoted from his clearer prepared remarks to his much-maligned press conference.
Warsh’s prepared remarks were more hawkish, stressing that the Fed’s inflation target remains a strict 2%.
If upcoming inflation reports stay hot, Warsh may have laid the groundwork for a rate hike at the next FOMC meeting. (CNBC)
U of M Consumer Sentiment (final): Few revisions except expectatio

US PREMARKET MOVERS: AAPL, AMZN, XOM, CVX, ABBV, LIN, ETN, SYK, COIN, RBLX, RDDT, REPL
ES +0.3% NQ +0.8% RTY +0.2%

USDJPY 4 HOUR – Debate over the BoJ goal
Debate is whether the BoJ is looking to drive USDJPY even lower or establish a 2-way risk.’
If the former, then the BoJ would have hiked interest rates today.
In any case, the 158 level (also around the 200 day mva) has provided a floor and kept the focus on 160 as a pivotal level (also around the 100 day mva). If this proves to be the case, then 158-162 is a wide range.
Intra-day range 158.52 – 160.82

XAUUSD 4 HOUR – Disappointing
Disappointing price action after XAUUSD ran into resistance again above 4100, only managing to break 4116 by 4 pips.
This leaves it in a no man’s land between 4000-4100 with key levels out side it at 3996 and 4120.
To keep hopes for momentum building to the upside, 4928 needs to hold.

Forex Market Snapshot
Risk on start to the last day of the month has kept the USD on the defensive but trading mixed with the AUD outperforming and USDJPY falling sharply from a bounce near 161 but so far holding above 158.50 and yesterday’s ;low just below 158.
EURUSD has been unable to extend its high but so far remains above the pivotal 1.15 level.
Some caution should not be a surprise as month end can see erratic forex flows, especially in the run uo to the 4 PM London fixing.


COMING UP: Data: Japanese Tokyo CPI (Jul), Retail Sales (Jun), Chinese NBS PMIs (Jul), French/Italian/EU Inflation. Flash (Jul), German Unemployment Rate (Jul), Canadian GDP (May), US University of Michigan Final (Jul). Events: BoJ Policy Announcement (Jul).
Speakers: BoJ Governor Ueda; BoE’s Pill; Fed’s Hammack, Logan, Kashkari.
Supply: Australia.
Earnings: AbbVie, Chevron, Credit Agricole, NatWest. Credit Ratings: Scope Ratings on Switzerland
Newsquawk US Market Wrap: Strong Microsoft earnings allow Tech to rebound
SNAPSHOT: Equities up, Treasuries steepen, Crude down, Dollar down, Gold up

Japan govt confirming intervention is a form of verbal intervention to keep traders on guard.

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