Market Compass
Ceasefire!
- “The ceasefire is going very well”: This was Donald Trump’s statement on the shaky ceasefire between Iran and Israel.
- The geopolitical agenda continues to take center stage in global markets. Even though a ceasefire has been reached, the not-so-confident attitude of both sides continues to keep the issue alive. For now, markets seem to be taking President Trump’s latest remarks into account.
- Although the waters seem to have calmed down after a period of high tension when the US directly attacked Iran, we remain cautious and are not in a hurry to update our medium-term expectation of a flat course upwards.
- Ahead of the July 30th Federal Open Market Committee (FOMC) meeting, Fed Chairman Powell’s remarks confirmed the view that the bank would not be in a hurry for another rate cut. In this context, we believe that developments in the Middle East as well as macro indicators regarding the US economy will continue to be closely monitored. Today, Chairman Powell’s speech will again be under scrutiny.
- Although the geopolitical agenda remains important for major digital assets, institutional demand continues to be interesting. Demand for spot Bitcoin ETFs continues, and inflows have moved to the 11th day since June 9. We are also seeing continued corporate buying.
On the previous day, we stated, “We think that upward reaction movements may come during the day, softening our expectation that major digital assets may have difficulty rising in the short term.” We think that pricing is in line with this prediction and that it is now possible to see more horizontal, lifeless price changes after recent gains for the short term. For the medium and long term, we have partially changed our “upside view” to “sideways” for the medium term and we maintain this stance. The main determinant of this expectation is our expectation that revived geopolitical risks will remain on the agenda of the markets for a while despite recent developments. In the longer term, we see no reason to change our bullish outlook.
For a detailed review of our twice-daily technical analysis report and the latest developments in digital assets click here.
Highlights Of the Day
Important Economic Calender Data
| Time | News | Expectation | Previous |
|---|---|---|---|
| BNB (BNB) BNB Super Meetup | |||
| Venom (VENOM) 59.26MM Token Unlock | |||
| 14:00 | FED Chair Powell Testifies | ||
| 14:00 | US New Home Sales (May) | 693K | 743K |
Information
*The calendar is based on UTC (Coordinated Universal Time) time zone.
The economic calendar content on the relevant page is obtained from reliable news and data providers. The news in the economic calendar content, the date and time of the announcement of the news, possible changes in the previous, expectations and announced figures are made by the data provider institutions. Darkex cannot be held responsible for possible changes that may arise from similar situations.
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