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Wednesday 28th June: European Open Briefing

Global Markets:

  • Asian stock markets: Nikkei down 0.35 %, Shanghai Composite gained 0.05 %, Hang Seng fell 0.30 %, ASX 200 rose 0.40 %
  • Commodities: Gold at $1253 (+0.50 %), Silver at $16.80 (+1.25 %), WTI Oil at $44.15 (-0.25 %), Brent Oil at $46.90 (+0.05 %)
  • Rates: US 10-year yield at 2.20, UK 10-year yield at 1.09, German 10-year yield at 0.37

News & Data

  • PBoC Sets CNY/USD Mid-Point Fix At 6.8053 Vs Prev 6.8292 and Last Close 6.8145
  • RBNZ: Outlook for Econ Growth Positive, But Considerable Uncertainties
  • Financial System Sound, Key Domestic Risk Is Housing Market
  • Fed’s Yellen: We Believe Appropriate to Raise Rates Gradually
  • Fed’s Yellen: Even Though Jobless Rate Low, Below Level Colleagues See as Sustainable, Inflation Has Continued to Run Below Our Objectives
  • Asia stocks pressured as Wall St. hit by healthcare vote delay – RTRS

Markets Update:

The Euro rallied after hawkish comments from ECB President Draghi. EUR/USD reached a high of 1.1355 in Asia. While it looks a bit overbought in the short-term, the pair is likely to find good support around 1.1300. Overall, further gains seem likely, with 1.1450 now the next notable resistance level.

GBP/USD recovered as well, although it has not been able to gather the same momentum as EUR/USD. The pair reached a high of 1.2825 in Asia. The break above 1.2810 resistance suggests GBP/USD could test 1.2970 soon. However, the topside is likely to be capped ahead of 1.30 amid on-going political uncertainty in the UK.

USD/JPY traded 112.05-35 overnight. The tech outlook remains positive, but broad USD weakness could weigh on the pair as well. Key support is seen at 111.50, while resistance lies ahead of 113.

USD/CAD broke below a key support level overnight, and it is likely that it will move towards 1.30 in the coming days. While falling oil prices would usually be bearish for the Canadian Dollar, it didn’t have much of an impact in the last few trading weeks.

The main event today will be US crude oil inventories data. If the increase in inventory is larger than expected, WTI is likely to test 42.00 soon.

Upcoming Events:

  • 07:45 BST – French Consumer Confidence
  • 10:00 BST – Italian CPI
  • 15:00 BST – US Pending Home Sales
  • 15:30 BST – US Crude Oil Inventories

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