Posted at 27 June 2022 / Categories Market Roundups
Market Roundup
• Spanish PPI (YoY) 43.6%, 45.0% previous
• France Jobseekers Total 2,933.0K, 2,955.0K previous
• EU Irish Unemployment 146.4K previous
Looking Ahead - Economic Data (GMT)
•12:30 US May Core Durable Goods Orders (MoM) 0.3% forecast ,0.4% previous
•12:30 US May Durables Excluding Defense (MoM) 0.3% previous
•12:30 US May Durable Goods Orders (MoM) 0.1% forecast , 0.5% previous
•12:30 US May Goods Orders Non Defense Ex Air (MoM) 0.4% previous
•13:00 EU French 12-Month BTF Auction 0.708% previous
•13:00 EU French 3-Month BTF Auction -0.465% previous
•13:00 EU French 6-Month BTF Auction -0.096% previous
•14:00 US May Pending Home Sales (MoM) -4.0% forecast, -3.9% previous
•14:00 US May Pending Home Sales Index 99.3 previous
•14:30 US Jun Dallas Fed Mfg Business Index -7.3 previous
•15:30 US 3-Month Bill Auction 1.670% previous
•15:30 US 6-Month Bill Auction 2.390% previous
Looking Ahead - Events, Other Releases (GMT)
•18:30 EU ECB President Lagarde Speaks
Fxbeat
EUR/USD: The euro edged higher on Monday as investors awaited start of the European Central Bank's annual summit in Portugal. The euro led gainers versus the dollar as the European Central Bank's annual forum in Sintra got underway with ECB President Christine Lagarde and Federal Reserve Chair Jerome Powell both attending the meeting.Several European Central Bank policymakers, including President Christine Lagarde, will speak at the ECB Forum on Central Banking in Sintra, Portugal, starting late on Monday. Markets will be keenly watching for any signs of future policy moves. Immediate resistance can be seen at 1.0606(38.2%fib),an upside break can trigger rise towards 1.0693(50%fib).On the downside, immediate support is seen at 1.0546(5DMA), a break below could take the pair towards 1.0476(23.6%fib).
GBP/USD: Sterling was little changed against dollar on Monday amid more post-Brexit tensions and persistent economic growth worries in Britain.British Prime Minister Boris Johnson said on Monday parliament could pass legislation this year to scrap some of the rules on post-Brexit trade with Northern Ireland that his government agreed in 2020 with the European Union. Risk-sensitive sterling had risen in London morning to a two-week high versus the dollar, lifted by an equity market rally. But by 1110 GMT, it was flat at $1.2273. Immediate resistance can be seen at 1.2368(21DMA),an upside break can trigger rise towards 1.2444 (38.2%fib).On the downside, immediate support is seen at 1.2232(23.6%fib), a break below could take the pair towards 1.2163(June 22nd low).
USD/CHF: The dollar strengthened against the Swiss franc on Monday as traders reassessed the prospects of aggressive rate hikes. Trading has remained volatile over the past few days as investors try to gauge the impact of rising global interest rates and mounting price pressures on corporate earnings and economic growth. All eyes are now on a range of economic data including the German consumer price index and euro zone consumer confidence and final manufacturing activity is expected later this week. At (GMT 12:18),greenback was trading higher 0.16% versus the Swiss franc to 0.9597. Immediate resistance can be seen at 0.9607(5DMA), an upside break can trigger rise towards 0.9638 (38.2%fib).On the downside, immediate support is seen at 0.9553(23.6%fib), a break below could take the pair towards 0.9457(Lower BB).
USD/JPY: The dollar edged higher against the Japanese yen on Monday as the greenback benefited from a safety bet amid concerns that rising interest rates and weaker economic data could signal a looming global recession. Softening US economic data in a survey released on Friday showed consumer confidence at a record low, giving investors further impetus to scale back their bets on US interest rate hikes. But the specter of a global slowdown and favoritism of dollar-denominated assets has prevented further declines. At (GMT 12:18),greenback was trading higher 0.20 % versus the yen to 135.48. Strong resistance can be seen at 135.80 (23.6%fib), an upside break can trigger rise towards 136.24(June 23rd high).On the downside, immediate support is seen at 134.68(14DMA), a break below could take the pair towards 133.00(38.2%fib).
Equities Recap
European stocks hit a two-week high on Monday, helped by miners as China's easing of COVID-19 restrictions boosted global commodities and eased inflation fears.
At (GMT 12:20),UK's benchmark FTSE 100 was last trading up at 0.60 percent, Germany's Dax was up by 0.62 percent, France’s CAC was down by 0.16 percent.
Commodities Recap
Gold rose on Monday as the dollar weakened and economic concerns continued, while a ban on imports of the metal from Russia by four of the G7 countries also provided some support to gold price .
Spot gold was up 0.7% at $1,838.10 per ounce by 0937 GMT. U.S. gold futures rose 0.5% to $1,839.50.
Oil prices rose in a volatile session on Monday as investors awaited action on Russian oil and gas exports that could result from a meeting of Group of Seven (G7) leaders in Germany.
Brent crude futures rose 46 cents to $113.58 a barrel by 1048 GMT after rebounding 2.8% on Friday. U.S. West Texas Intermediate crude was at $107.82 a barrel, up 20 cents, or 0.19%, following a 3.2% gain in the previous session.