What drives the market on July 8?
The market takes breath after the long rally. What opportunities do traders have today?
Housebuilding backs moderate rebound in British construction
The previous month housebuilding caused a recovery in the UK construction industry, thus offsetting weakness in other parts of a mostly dismal sector, as a poll unveiled on Monday.
In November, the IHS Markit/CIPS UK Construction PMI managed to hit a five-month maximum of 53.1 versus October’s outcome of 50.8. It surpassed all estimates in a Reuters survey of market experts. The given upturn was generated solely by the residential sector.
Commercial along with civil engineering activity kept contracting notwithstanding a marked easing in cost pressures. On November 22 UK finance minister Philip Hammond revealed a series of measures to spur house-building that has lagged demand for years and caused a steep ascend in house prices. By the way, as IHS Markit informed, up to 70% of responses to the poll were gathered prior to the budget speech.
Confidence about business prospects over 2018 soared to a three-month maximum, while keeping to nearly three-year minimums.
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The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
How to trade on July 7?
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
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Risk-on is back. Market news and trade ideas on July 9
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
GOLD: the era of $1 800
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canadian job data: an attractive release for trading
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.
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