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Tradeview’s Daily Digest – 23rd June

New highs for the NASDAQ

After briefly falling below the 10,000 level last week, the NASDAQ has once again hit a new high.

On Tuesday, the tech heavy NASDAQ hit its 5th record high in June, mainly led by gains in Apple, who have been up as much as 3% today.

The move comes as Apple announced they would be moving away from Intel processors to begin using their own chips for Mac computers. This decision to use the proprietary chips which are currently found in both the iPhone and iPad, saw the market raise price expectations for the tech giant.

Both the Dow Jones and S&P 500 also rose close to 1% as the U.S. contraction in manufacturing slowed in June.

Eurozone PMI figures beat expectations

After months of lockdowns and all-time low levels of production from Eurozone economies, Tuesday provided a sign of life for those in the EU.

Eurozone flash Manufacturing PMI came in at 46.9 for June versus the  44.5 expected. 

Traditionally, the PMI (purchasing managers index) is registered on a scale of 0 to 100, with anything above 50 signalling growth and anything below marking contraction.

France was the best performing eurozone economy as it returned to modest growth in June as lockdown measures eased.

Business contraction eases in the U.S.

Sticking with the PMI figures released today by IHS Markit, business activity within the U.S. contracted for a fifth straight month in June.

However this was positive news for markets on Tuesday, as the pace of decline has eased.

Some now believe that we have seen the worst of the pandemic, and that the recession caused by the COVID-19 crisis could be slowly coming to an end.

Quote of the day: “Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected.”

George Soros

Biggest Bull

Gold: Another day, yet another $20 move from Gold. XAUUSD bounced from the $1,748 level earlier today, to reach a high of $1,769.

Biggest Bear

EURGBP: EURGBP slipped from its daily high of 0.90782 on Tuesday, back towards its long term support point. The current price of the pair is 0.90381

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