Lack of fiscal discipline makes US bond market vulnerable to rising oil and an attack by the..
Bond vigilantes, who are large institutional investors who sell off government bonds in protest of fiscal or monetary policies they view as irresponsible or inflationary. This massive sell-off decreases bond prices and drives up yields, forcing the government to pay higher borrowing costs and potentially forcing a return to fiscal discipline.
MARKET UPDATE: iNDICES BATTLE FOR PIVOTAL LEVELS
US500 risks breaking a 5 DAY pattern around 7500 and NAS100 a 6 day pattern around 29K if both or either stay below these levels tomorrow.
If these levels stay untouched, it would send a bearish signal but only if confirmed by firm moves below 7420 and/or 28000-200.

CB holds rates unchanged as expected. Neutral statement. Some expected a more hawkish one. LaGarge presser next.

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There was a familiar playbook in response to Alphabet’s earnings beat and capital expenditure boost overnight – its stock fell and chip stocks rose.
The hyperscaler posted more than 80% growth in its key cloud business, beating the Street, but raised its capex estimates yet again – with AI-linked investments this year now set to top $200 billion…. Full story on Reuters US Morning Bid
GBPUSD 4 hour: What’s driving the GBP bus?
Momentum down but GBPUSD holding above key 1.3342 and 1.3322 supports.
A break of the rendline and 1.3395 would needed to break momentum.
Who’s driving the HBP bus?
EURGBP is drivng.
Offsets from EURGBP selling helped drive GBPUSD to the 1.3558 high
Offsets from a bounce in EURUSD has been a factor in the GBPUSD retreat.
Note, EURGBP has come off its earlier high, easing selling pressure on GBPUSD and removing a source of EURUSD demand.

Newsquawk Daily US Opening News – 23rd July 2026
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XAUUSD (GOLD) 4 HOUR: XAUYUSD wakes up
After ignoring higher US yields, XAUUSD has woken up today.
This follows the pause below 4180 and move below 4106 (see chart), which breaks the momentum for the last leg up.
However, to break the back of the rebound off the 3942 low and shift the focus back to 4000, the 4 hour trendline and 4044 would need to be broken

Forex Market Snapshot: Calm before the next storm?
While Middle East hostilities expand, oil continues to rise and US yields follow, the dollar has stayed on the sidelines, trading another lackluster session overnight.>
USDJPY has cautiously extended its 40-year high with fear of triggering a Bo J attack retraining the move.
EURUSD yet to shake a focus from 1.14 after running stops on the upside overnight, which has raised questions whether it is trading bid in n offered market or vice versa.
AUDUSD has extended its pivot around ..7000 for the7th day in a row. Range over this time has been .6965-.7027
Underperformers: NZD, JPY

Reuters
–
“BOJ to raise rates again by December as weak yen revives inflation risks: Reuters poll”
“BOJ on alert to price risks that may lead to faster rate hikes, sources say”
“Japan ready to take decisive currency action”
“Japan bond jitters overshadow Takaichi’s first economic policy roadmap”
hehehe:
“JPMorgan, other US banks set to help finance Japan’s $550 billion US investment plan”
naturally. for a fee. naturally.
ST … want a chuckle ?
about plans
‘I couldn’t breathe’: South Korea’s frenzied stock trading exposes margin loan risks
– Lee Seung-ho built a trading windfall using a 500% margin loan
– Turned 20 million won of savings into a 15-fold gain before the loss
– Lee says he plans to re-enter once he rebuilds capital
– Easy borrowing reflects South Korea’s high-risk retail trading culture
– Deeply-leveraged retail investing alarms regulators
SEOUL, July 20 (Reuters) – Lee Seung-ho watched the nearly 300 million won ($202,515) stock trading fortune he built with a 500% margin loan evaporate in just four weeks in May, but he plans to borrow again and return to the market the moment he has enough capital. ../.
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