Tweet this

Dealing Desk Hotline

(603)-2181 8848

USD100 Billion Plus Rout by Social Media Giant Facebook is the Biggest Loss in Stock Market

A guest post written by DAR Wong

Currency Market Observations – 30 July 2018

Fundamental Outlook

The US GDP grows at best record in past 4 years. Other data on housing growth and durable orders remain flat. American Nasdaq drops from recent record high after Tech giant Facebook caused kneejerk decline. German tracks continual growth in manufacturing sector.

The US existing home sale grew 5.38 million in June and below forecast, after charted 5.41 million in previous month. New home sales grew 631,000 in June, lower than forecast and previous month.

American orders for durable goods rose 1.0 percent in June and below forecast. Core orders, excluding transportation, grew 0.4 percent and matched expectation. Unemployment claims for the week ended 21 July rose 217,000 and in-line with consensus.

The US GDP for Q2 seasons grew 4.1 percent at best record since Q3 2014. President Trump says the numbers will go higher by sustaining the GOP tax plan.

Facebook set a record plunge on last Thursday by declining 19 percent worth USD120 billion in a single-day loss. Twitter also tumbled more than 20 percent on Friday after governing the platform health check. Nasdaq makes its recent record high at 7933 level before fizzles out.

Eurozone flash manufacturing index rises 55.1 in July and higher than forecast. Another report on flash services climbs 54.4 and misses expectation.

German Ifo business climate on manufacturers and wholesalers’ confidence rises to 101.7 in July and matches forecast. Another report on manufacturing index grows at 57.3 in July and highest in 3-month record.

Technical Forecast

USD/JPY traded in a mild bearish trend last week. Market is weak after fizzled out recent high 113.17. This week, we forecast the trend will remain sideways with potential to make a pull up retracement. Range is expected to be contained from 110.50 – 113.50 region amid mixed sentiment.

EUR/USD is still in an entrapped range while slightly weak in sentiment. This week, we reckon range will stay in same region from 1.1600 – 1.1800 until we see a breakout beyond it. In our opinion, the market is waiting to be led by Dollar trend as a lead factor to move Euro.

GBP/USD has been trading in fatigue sentiment. The market is still waiting to break beyond 1.3000 and 1.3200 extremes before we could forecast a new directional headway. This week, we predict the sentiment will stay unchanged in aforementioned range as traders ebb sideways.

Dar Wong

This post is contributed by OPF Guest Blogger, DAR Wong.

DAR Wong is a registered fund manager in Singapore with 26 years of global trading experiences. You may reach him at

Subscribe to OPF Blog via Feed Reader or Email

DISCLAIMER: This post is written for general information only. The author, publisher and/or any third party involved in the distribution of this work assume no legal responsibilities and shall have no liability whatsoever for any direct or consequential losses, costs or expenses arising from the use of the information contained herein.


Share and Enjoy:
[] [Digg] [Facebook] [Google] [Mixx] [MySpace] [Twitter] [Windows Live] [Yahoo!] [Email]

Post a Comment

Displayed next to your comments.

Not displayed publicly

If you have a website, link ti it here


OPF reserves the right to delete comments that are snarky, offensive, or off-topic. If in doubt, read our Comments Policy.