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As we await the Boris Johnson verdict, the FOMC Minutes are set to be released

  
  Analysis

If the Fed minutes were honest they would say, “Powell already leaked to CNBC and the WSJ that we’re hiking 75 bps, so our hands are tied”.

I think risk-buyers are cautious until the headlines hit on fear that there will be some very-hawkish sounding words in there. I wouldn’t be surprised if we see a risk rally afterwards, no matter what they contain because they’re already old news.

Over in the UK, Boris Johnson’s cabinet is meeting with him now and trying to convince him to go gracefully.

Strike in Norway will cut oil and gas output

  
Analysis, Crude
  • Industrial action will begin at midnight local time (2200 GMT) at three fields – Gudrun, Oseberg South and Oseberg East – and will then expand at three other fields – Kristin, Heidrun and Aasta Hansteen – from midnight on Wednesday.
  • A seventh field, Tyrihans, will have to shut because its output is processed from Kristin.

Supply is already tight.

Brent update, hourly candles:

brent 05 July 2022

A supersize rate hike is expected from the Bank of Canada

  
  Analysis
  • Consumer inflation expectations surged in Canada, hitting fresh highs in the short-term and up “significantly” over the long-term … bolstering calls for a very rare 75-basis point rate increase

With remarks from Andrew Grantham, senior economist at CIBC Capital Markets:

  • “In particular, long-term (consumer) inflation expectations increased dramatically,”
  • adding the across-the-board jumps were “not good news” for the central bank

A 75bp rate hike is expected at the next Bank of Canada monetary policy meeting,

  • statement due on Wednesday, July 13 at 1400 GMT
  • It will be accompanied by an updated Monetary Policy Report
  • Bank of Canada Governor Macklem will speak at this press conference, following at 1500 GMT
Bank of Canada

Bank of Israel hikes rates 50 bps vs 50 bps expected

  
  Analysis
  • Prior was 0.75%
  • The benchmark rate hiked to 1.25% from 0.75%
  • Economy is experiencing high growth and a tight labor market
  • Inflation is ‘well above’ the upper bound of the target range
  • Notes that expectations for three years out have converged to midpoint of the range
  • Forecasts 5% growth in 2022 vs 5.5% prior. Sees 3.5% next year
  • Expects inflation at 2.4% in 2023
  • Forecasts benchmark rate at 2.75% in one year vs 1.50% previously

Some economists were looking for just 25 basis points. Israel’s  inflation  is expected at 4.5% this year, which is high but below most developed economies.

5 Ways U can become Consistent Day Trader

  
Analysis, Education

Number 5 PNG images, 5 Clipart images Free Download - Free Transparent PNG Logos1. Control your impulses One of the best ways to stay consistent is to not take any random trade you want just because you’re bored. Plan your trades and wait patiently for them. If they don’t happen, theres always tomorrow. Limit your unnecessary losses.

2. Don’t size up too fast Sizing up too quickly after a few good days is usually a recipe for disaster. Be patient with this and honestly take it as slow as possible. Its the best way to allow your emotions to adjust to seeing bigger numbers.

3. Let profits run Many traders cut green trades too fast, because theyre scared for it to turn red again. Results in SMALL wins. If youre in a good trade, scale some out to secure profit but let the trade play out.

4. Cut your losses Dont baghold red trades hoping for them to turn back green. Results in BIG losses most of the time. Cut trades where you plan to cut them, chances of profitability in the long run are much higher than if you constantly hold losing positions.

5. Trade the same setups. My best tip for consistency is to trade the same setup day in and day out. This way you learn this setup like the back of your hand and will be able to spot and trade it with no hesitation. Redundancy = consistency.

Iran says new round of talks to revive the 2015 nuclear deal are being finalized

  
  Analysis

The talks to revive the nuclear deal with Iran have been ongoing since April 2021.

  • the JCPOA with the world powers was agreed in July 2015
  • former US President Donald Trump pulled Washington out of the agreement in May 2018

Talks to restart the agreement will recommence according to weekend comments from Iran’s chief nuclear negotiator Ali Bagheri Kani:

  • time and venue of next negotiations are being finalized in the exchanges” between Iran and the European Union (EU).

(The EU is acting as a proxy for the US in the talks).

iran
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