Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew July 27 2021

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Markets remain cautious on Ukraine

Good Morning,

Worries on Ukraine continue to worry markets, US Indexes closed a little changed yesterday but gave  up ground overnight, the US 30 is trading 34500, the US 500 4400 and the US tech100 14280. The GER40 is trading at 15044,  key support lies at 14,836. If closing below there is no strong support before 13,390, minor levels would come in at 14,245 and 13,893 acc to our Kim Cramer. The S&P 500 Index closed back below the 200 daily SMA and minor support at 4,446 after being rejected at the resistance level at 4,590,  there is not strong support before 3,725.

Gold and Silver were again strong, Gold is just breaking above the resistance at 1876, if we hold above, 1910 is the next significant level. Oil gave up a little ground on profit taking. Bitcoin could recover to 43600 amid discussions if it serves as a safe haven or not.

Althea composed a great collection of the most relevant charts in the bond Markets:

EURUSD remains little changed at 1.1315, GBPUSD at 1.3529 and the USD Index at 96.20.

The US reiterated it`s warnings that a Russian attack on Ukraine may be imminent, and that is was moving it`s embassy away from Kiev. German Chancellor Scholz is visiting Moscow today, trying to prevent an escalation ahead of the rumored key  day tomorrow. The rumors of an emergency rate hike by the Fed at their closed meeting were proven wrong yesterday. 

Justin Trudeau invokes emergency powers to end the Corona protests by truckers..

Key Data comint up:

Today: 8:00 UK Unemployment , 11:00 EU GDP

16th : China CPI and PPI, UK CPI, US Retail sales, US  Industrial Production

17th Turkey Rate decision, US Jobl3ess Data and Phily Fed

18th UK Retail Sales, Eurozone Consumer Confidence

 Earnings are Marriot, Airbnb and Viacom among smaller companies, tomorrow is more important with Shopify,, Hilton, Kraft, AMC, Nvidia and Cisco.



The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.