Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew July 5 2023

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Markets waking up again - PMI and Fed Minutes up

Good Morning,

Due to the 4th of July Holiday markets were fairly subdued yesterday and remain so in early European trading. The weak Chinese Service PMI is weighing on Risk sentiment and pushed Indexed a little lower but trading is in tight ranges.

The US 500 is at 4450, the US 30 at 34361 and the US Tech 100 at 15185. TGER40 retreated to 16015.

The USD Index remains locked near 103, EURUSD is a tad lower at 1.0870, GBPUSD 1.2700 and USDJPY 144.60. Gold and Silver continue to try to break the 1930 and the 23 figure. Our Kim Cramer is cautiously optimistic: Gold formed bottom and reversal pattern after bouncing from 1,900. Eyeing 2K but will not be without a struggle.
Silver finding support just above 22.00 and seems to be building uptrend
Copper could be range bound for a while. 382 could be the Bull/Bear Pivot

Oil rose to 70.90 on the Saudi output throttles and the Opec Meeting the next two days.

Yields remain of interest as our Althea sees the inversion of the yield curve increase even further over the summer.

Tesla China June deliveries up 20% from May, maybe a good sign to watch for China and makes Tesla the stock to watch again.

Today, International PMI through the day and most importantly the Fed minutes re coming up, that aside, we have an eye on Sino-American and Sino-EU  relations with Janet Yellen visiting China, trade restrictions and the cancellation of EU Representative Borrell`s visit.

Data: .

  • WED: July 5th FOMC Minutes, Chinese Caixin Services PMI Final (Jun), EZ/UK/US Services & Composite PMI Final (Jun), US Durable Goods R (May)
  • THU: July 6th NBP Announcement, Australian Trade Balance (May), EZ Retail Sales (May), US ADP National Employment (Jun), US ISM Services PMI (Jun) Opec Seminar
  • FRI July 7th : German Industrial Output (May), US Jobs Report (Jun), Canadian Jobs Report (Jun)

Trade Safely.



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.