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July 24 2018

This week’s major markets – market commentary from David Jones, Chief Market Strategist at Capital.com

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Although volumes can be expected to drop off across all markets as the holiday season gets into full flow, there is still plenty to watch – particularly when it comes to the fortunes of the pound and US stock markets.

Last week was another torrid one for the pound, with GBPUSD plunging to its lowest level since September 2017, briefly moving below 1.30. The pound has lost 9% of its value against the US dollar in a little over three months – Brexit uncertainty continues to be a factor but last week’s poor High Street sales data also raised questions regarding the state of the UK economy. Most are expecting the Bank of England to raise the interest rate in August – but a weaker economy could tempt them into delaying again, just as they did in May.

Towards the end of last week the pound did stage something of a recovery and is going to remain one of the major markets to watch this week to see if it can actually rally further – or whether this is just a ‘dead cat bounce’ before the next sell-off.

Earnings season in the US continues this week with plenty of big names reporting such as Alphabet (Google), Ford and Amazon. The US stock market was a little softer towards the end of last week but still remains near its highest levels for more than five months. At the moment there still appears to be an appetite to be a buyer of weakness for stock markets. Amazon’s earnings on 26 July are likely to be the most closely watched. The retail colossus share price hit fresh all-time highs once again last week – the share price has risen a staggering 50% for the year to date. The market is expecting the latest set of results to show earnings of around $2.50 per share – based on the current momentum this year, it seems it would take a lot to dent investors’ confidence at the moment.

  1. EXCLUSIVE: “Passion Project” – Brice van de Walle, Mastercard in ‘The Fintech Magazine’

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  2. FreedomPay Drives Global Merchant Innovation

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  3. FIS Brings AI-Powered Advancements to Seamless, Personalized Digital Banking Experiences

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  4. Citi Ventures Invests in BVNK to Power the Next Generation of Financial Infrastructure

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  5. Nearly Two-Thirds of Global Retailers Say Payment Method Flexibility Drives Revenue Growth, ACI Worldwide Survey Finds

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