The Bullet Report: Asian shares dip, crude oil extends losses

Financial Markets have taken a short break from the sharp gains made in the last few sessions, with Japan also on Holiday yesterday, further adding to the low volatility. Today, UK inflation data will be a focus. In Germany, focus will turn to ZEW economic sentiment which is expected to drop. US will release housing data. Overnight, bourses dropped in Asia while most pairs stayed inside their ranges, with exception being the AUD.

Currencies: AUDUSD dropped broadly overnight (-0.56%) as the RBA stated that the bank is open for further interest rate cuts in August. EUR remained within its tight range, While GBPUSD was sold off heavily to 1.3225 as it reached 1.3300 and was not able to sustain its momentum. USD/JPY gave up some of its recent gains as most Asian stock markets declined overnight. It fell from 106.30 to 105.70; support is noted at 105.00 and 104.60.

Stocks: All major markets are taking a breather after the sharp gains made in the last few sessions. Asian shares were narrowly mixed on Tuesday with investors awaiting monetary policy cues in Australia, Japan and China for direction. The Dow Jones industrial average (DJI) and the S&P 500 (SPX) both printed fresh record highs on Monday on hopes that a decline in U.S. corporate earnings is bottoming out. Focus will also turn to the ECB and its monetary policy meeting on Thursday.

Oil and Gold: Pressure remained on crude oil prices after they settled down more than 1 % on Monday after rising stockpiles of crude and refined fuel intensified fears of another major supply glut. Brent crude was 0.3 % lower at $46.82 a barrel, after shedding 1.4 % on Monday. U.S. crude was down 0.4 % at $45.07, after dropping 1.6 % overnight. Spot gold was slightly down at $1,327.87 an ounce, after dropping as much as 1 % on Monday.

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