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The Dow Jones Industrial Average, S&P 500, and Nasdaq 100 all finished with gains of 0.13 percent, 0.12 percent, and 0.17 percent, respectively. respectively When appearing to the House Financial Services Committee, Jerome Powell repeated his dovish approach. China’s second-quarter GDP is forecast to grow at an annual rate of 8.1 percent, setting the tone for APAC trading. At Open: Powell Testimony, China GDP, Earnings, Yields, USD, Asia-Pacific: In a semiannual monetary policy report to Congress, Fed Chair Jerome Powell repeated his dovish position, sending Wall Street equities higher. He believes the economy is still a long way from meeting the threshold of’substantial further development,’ and that the labor market, in particular, is still well below pre-Covid levels. As a result, the central bank may maintain its current asset buying pace while gradually tightening monetary stimulus. After his speech, the US Dollar and Treasury yields declined, assuaging fears of tapering after Tuesday’s core CPI data fueled inflation fears. However, tapering will continue to be a major market topic in the months ahead. Both the RBNZ and the Bank of Canada stated yesterday that they will reduce their pandemic-era asset purchases this month as the economy recovers. The first quarter of the US earnings season began on a positive note, with Morgan Stanley, Goldman Sachs, Bank of America, Wells Fargo, and Citigroup all outperforming analysts’ expectations. However, market reactions were varied, indicating that traders were “buying expectations and selling facts.” Today’s economic agenda includes China’s Q2 GDP number, as well as Australia’s jobs report and US weekly initial jobless claims data. Asian investors will keep a tight eye on the world’s second-largest economy’s growth rate for signs of its recovery. The recent RRR cut showed that small and medium businesses require more liquidity to resist rising raw material prices. Find out more with the help of the DailyFX economic calendar. Forecast for China’s GDP (YoY) Bloomberg and DailyFX are the sources for this information. Asia- At the start of Thursday’s trading day, Pacific markets are mixed. Japan, mainland China, Hong Kong, South Korea, Singapore, Malaysia, and Thailand have red futures, while Australia, Taiwan, and India have green futures. After losing 0.38 percent on Wednesday, Japan’s Nikkei 225 index appears to be headed lower. As investors consider gains in new coronavirus infections in Japan caused by the Delta version of the Covid-19 virus, Tokyo stocks are under selling pressure. Stocks may be harmed by a higher Japanese Yen, which makes the country’s exports more expensive to foreign purchasers. Looking back to Wednesday’s close, 5 of the 11 S&P 500 sectors finished up, accounting for 48.1 percent of the index’s members. Consumer staples (+0.92%), real estate (+0.89%), and utilities (+0.84%) were among the best-performing sectors, while energy (-2.94%) lagged behind. Performance of the S&P 500 Sectors 14-07-2021 Bloomberg and DailyFX are the sources for this information. The S&P 500 Index Analysis of the Technical The S&P 500 index broke beyond a critical resistance level of 4,290, indicating that there is still room for more higher. The next important resistance level is 4,650, which is the 161.8 percent Fibonacci extension. The general trend is optimistic, as prices continue to rise within a “Ascending Channel” that has been in place since November. The MACD signal continues to trend higher, indicating that the market is still moving upward. Daily Chart of the S&P 500 Index Technical Analysis of the Nikkei 225 Index: Since February, the Nikkei 225 index has been in a “Descending Channel.” The channel’s floor and ceiling can be thought of as immediate support and resistance levels, respectively. The downward-sloped SMA lines indicate that the overall trend is still bearish. The MACD indicator is fluctuating around the neutral line, indicating that prices are unsure about where they are going. Daily Chart of the Nikkei 225 Index Technical Analysis of the ASX 200 Index: Over the last two weeks, the ASX 200 index has been stuck in a tight range between 7,230 and 7,370, looking for new triggers for a breakout. The upward-sloped SMA lines indicate that the general bullish trend is still intact. The MACD indicator is on the verge of forming a bullish crossing, indicating that upward momentum is gaining traction. Daily Chart of the ASX 200 Index—- Margaret Yang, a DailyFX.com strategist, wrote this article. Use the comments section below to contact Margaret, or follow her on Twitter at @margaretyjy./nRead More

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