Market Update – June 24 – USD & Yields slips, Stocks tick higher

USD slips from highs (USDIndex 104.00), Stocks closed higher (NASDAQ +1.62%) Yields slipped again (-1.66%) after no new news from Powell Asian shares stronger (Hang Seng +2.24%, Nikkei +1.23%) Oil holds at lows, Gold dipped & BTC picked up. Ukraine gained EU candidacy status. UK PM Johnson’s Conservatives lost the two by-elections, triggering the resignation of Party Chairman Dowden. European Futs +1.0%. USDJPY cooled further as NZD & AUD outperformed in Asian session.

  • USDIndex tested 104.50 yesterday before slipping back to 104.00 now.
  • EquitiesUSA500 closed +35 (3795), US500FUTS higher at 3824 now.
  • Yields 10-year yield lower, closed down at 3.133% trades at 3.018% now.
  • Oil & Gold had mixed sessions – USOil rallied to $106.80 before slipping back to $104.50 now. Gold spiked to $1845 again but trades at $1822 now on weaker Yields and USD.
  • Bitcoin continues to pivot around $20K, trades at $20.7k now from a test of 21k.
  • FX marketsEURUSD tested 105.00 yesterday back to 1.0536, USDJPY cooled again to 134.60 now. Cable trades at 1.2270 Now, from lows at 1.2170 yesterday, despite by-election results and weak Retail Sales data, UK recession risks are stacking up.

OvernightJapanese Core CPI inline & unchanged (2.1%) SPPI hotter (1.8%) UK Retail Sales a tick better than expected (-0.5% vs -0.6%) but down significantly from 1.4% last month.

Today – German Ifo, US New Home Sales, Speeches from Fed’s Bullard & Daly, ECB’s de Cos, BoE’s Pill,

Biggest FX Mover @ (06:30 GMT) NZDUSD (+0.49%). NZD out performs today. Rallied from 0.62500 test yesterday to 0.6300 now and a key resistance. MAs aligning higher, MACD histogram positive & rising, RSI 56.58 & rising, H1 ATR 0.00127, Daily ATR 0.00843.

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Stuart Cowell

Head Market Analyst

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