{"id":64299,"date":"2023-07-04T10:29:15","date_gmt":"2023-07-04T00:29:15","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=64299"},"modified":"2023-07-04T10:29:15","modified_gmt":"2023-07-04T00:29:15","slug":"general-market-analysis-04-07-23","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/general-market-analysis-04-07-23\/","title":{"rendered":"General Market Analysis 04\/07\/23"},"content":{"rendered":"\n<p><strong>Quiet Start to the Trading Week<\/strong><\/p>\n\n\n\n<p>US markets experienced a quiet day at the start of the week in a shortened trading day ahead of the major Independence Day holiday, but the major indices still managed to creep higher, the Dow closed up 0.03%, the S&amp;P 0.12%, and the Nasdaq climbed 0.21%. Currencies were little changed and continued to trade in familiar ranges and traders noted that the yield curve in the US hit its most inverted level in decades with the 2-year exceeding the 10-year by 110 bps. Oil dropped a bit further with the WTI down 0.7% to once again trading under $70\/b despite Saudi Arabia confirming production cuts.<\/p>\n\n\n\n<p><strong>Reserve Bank of Australia in Focus<\/strong><\/p>\n\n\n\n<p>Markets are split on what happens with the Reserve Bank of Australia\u2019s key interest rate decision today, there is a slight leaning towards a hold after CPI numbers were a lot lower than expected last month but money markets are close to 50\/50 on the call. CPI data was lower but other numbers have been resilient including jobs and wages prints and that has helped to make this a real flip of the coin event for traders. Recent hawkish rhetoric from major central banks has many still expecting another hike. The Aussie dollar had a quiet day yesterday but the rate decision due out at 2.30 pm Sydney time is a guaranteed market mover for traders today.<\/p>\n\n\n\n<p><strong>Independence Day Trading, but no Fireworks Expected<\/strong><\/p>\n\n\n\n<p>It is set to be a relatively quiet day\u2019s trading again for investors today as they look ahead to what is likely to be a moribund US session with markets closed for the Independence Day holiday. APAC markets have a shortened US session to bounce off, so a quiet start is expected, however, the delicately balanced Reserve Bank of Australia rate decision will give plenty of interest with the market split 50\/50 between a rate hold or another 25 bps hike. There is little out in the way of tier 1 data today in Europe and many traders are expecting another quiet day ahead of a subdued US trading day.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quiet Start to the Trading Week US markets experienced a quiet [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":64300,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[463],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/64299"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=64299"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/64299\/revisions"}],"predecessor-version":[{"id":64301,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/64299\/revisions\/64301"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/64300"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=64299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=64299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=64299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}