US Markets Brace for June CPI, Warsh Testimony and Bank Earnings as Cocoa Jumps 60%
Updated
Updated · XTB · Jul 10
US Markets Brace for June CPI, Warsh Testimony and Bank Earnings as Cocoa Jumps 60%
3 articles · Updated · XTB · Jul 10
Summary
Tuesday’s June CPI report, Kevin Warsh’s first congressional testimony as Fed chair and major bank earnings are set to dominate US market trading this week.
Gold is especially sensitive because softer inflation or a dovish read on Warsh could lift rate-cut bets, while hawkish signals could pressure bullion; Warsh has said he does not plan to give forward guidance.
JPMorgan, Citigroup, Wells Fargo, Goldman Sachs and Bank of America report Tuesday, with ASML, TSMC and Netflix later in the week alongside the Beige Book and retail sales.
Cocoa is another flashpoint after surging about 60% since El Niño was declared and as much as 120% from recent lows, driven by West African supply fears and higher ICE margin requirements.
Thursday’s European cocoa grindings data will test whether high prices are destroying demand, offering a broader read on how far this year’s commodity volatility can still run.