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Despite an upbeat opening, the US equity indices lost in the second part of the day and all indications are that they will close on a loss. At the time of publication, the US100 is losing 0.85%, the US500 is trading 0.80% lower and the US2000 as much as 1.70%.
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Declines in equity indices are supported by a gaining dollar and US bond yields. The USDIDX index is trading 0.35% higher, while 10-year bond yields gain to 4.18% and 2-year bond yields to 4.45%.
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As expected, the ECB left the deposit rate at 3.75%. During the conference, Chairwoman Lagarde refrained from suggesting a potential rate cut and forecasting a September decision. So it seems that future decisions will depend on incoming macro data.
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The conference did not cause much volatility on the EURUSD pair despite a clear refrain from Lagarde from dovish forecasts. However, according to information following the conference, European Central Bank policymakers are increasingly concerned that they will only be able to cut interest rates once more this year.
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With inflationary pressures still high, bankers are losing confidence that a path of two more cuts is feasible and do not want investors to believe that a move in September is a foregone conclusion. The EUR gained slightly after these reports.
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New jobless claims data from the US came in higher than expected. Reading: 243,000 (expected: 229,000, previous: 223,000). The claims show that the labor market may indeed be weakening further, which may increase the chances of US rate cuts in September.
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European indices recorded a mixed session today. The ECB's decision, due to its consistency with expectations, did not cause increased volatility on the Old Continent's equities. The German DAX fell by 0.45% today, the CAC40 gained 0.2%, the Italian IT40 rose by 0.5% and the Stoxx Europe 600 recorded a small discount of 0.16%.
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Precious metals recorded a deceleration of the upward momentum. Gold lost 0.1% today and silver almost 1%. Stronger bumps, however, can be seen in platinum, which loses 2.3% and palladium, which records a discount of more than 3%.
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Gas is gaining more than 3% today, however, remaining in the strong downtrend initiated in June this year.
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The cryptocurrency market is seeing a slight pullback. Bitcoin is losing 0.90% to the USD 63500 level. The altcoin sector is seeing larger declines. Ethereum, on the other hand, gains 0.40% driven by the upcoming official launch of ETFs as early as 23 July.
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