12 June: A steady session on all fronts. China/US inflation data in focus today. Mario Draghi speaking later.

By | June 12, 2019

 

Markets have been generally fairly steady on Tuesday although the US$ is mildly lower as traders focused on the US/China trade war and the growing possibility of a Fed  rate cut in the coming months. Of note in the FX markets, Sterling has rallied on stronger than expected wage growth, while the BoE Deputy Governor Ben Broadbent noted that interest rate might have to rise more quickly than market expected. Elsewhere, stocks ended the day flat as did the metals, while oil is a little lower.

Wednesday will be dominated by inflation data and by central bank speakers from the RBA and the ECB. In terms of inflation, China will come first and then will be followed later in the day by the US data for May; China: CPI, exp 0.0%mm, 2.7%yy; PPI, exp 0.6%yy. US; CPI, exp 0.1%mm, 1.9%yy. Other data will include the NZ Visitor Arrivals and Electronic Card Retail Sales, and the Australian WBC Consumer Confidence but with little else to come from either the EU or the US.

Economic data highlights will include:

Wed: NZ Visitor Arrivals, Electronic Card Retail Sales, Japan Machine Orders, Australian WBC Consumer Confidence, RBA’s Kent/Ellis Speeches, China CPI/PPI, New Loans, ECB’s Draghi/De Guindos/Coeure Speeches, US CPI, Monthly Budget Statement.

Market moves, in brief:

FX: DXY 96.71 (-0.06%)

Bonds: US10Y; 2.145% (-0.33%), German 10Y; -0.232% (-6.33%), UK 10Y; 0.85% (+1.43%), Australian 10Y; 1.47% (-0.85%), NZ 10Y; 1.74% (-0.29 %), China 10Y; 3.24% (-0.14%)

Stock Indices: DJI; -0.05%, S+P; -0.03%, NASDAQ; -0.01%, EUStoxx50; +0.43%, FTSE100; +0.31%, Shanghai Composite; +2.58%,

Metals: Gold $1327 oz (0.00%), Silver $14.75 oz (+0.30%), Copper $2.6715 lb (+0.38%), Iron Ore $102.76 per tonne (NYMEX) (3.50%),

Oil: WTI $ 52.98 pb (-0.73%)

CURRENCIES
EURUSD: 1.1327
Res  1.1345  1.1370  1.1390
Sup  1.1305  1.1285  1.1265
USDJPY: 108.50
Res  108.60  108.80  109.00
Sup  108.30  108.05  107.80
GBPUSD: 1.2721
Res  1.2745  1.2780  1.2810
Sup  1.2695  1.2670  1.2640
USDCHF: 0.9921
Res  0.9935  0.9955  0.9975
Sup  0.9900  0.9875  0.9855
AUDUSD: 0.6961
Res  0.6980  0.7000  0.7020
Sup  0.6940  0.6925  0.6910
NZDUSD: 0.6583
Res  0.6595  0.6605  0.6615
Sup  0.6575  0.6570  0.6560
INDICES / COMMODITIES
S&P.fs: 2887.03
Res  2890.00  2900.00  2910.00
Sup  2880.00  2870.00  2860.00
DJ30.fs: 26065.50
Res  26170.00  26270.00  26350.00
Sup  26000.00  25930.00  25830.00
SPI200.fs: 6566
Res  6580  6600  6620
Sup  6550  6530  6510
XAUUSD: 1326.76
Res  1330.00  1335.00  1340.00
Sup  1325.00  1320.00  1315.00
XAGUSD: 14.74
Res  14.80  14.90  15.00
Sup  14.65  14.55  14.45
WTI.fs: 53.04
Res  53.85  54.80  55.90
Sup  52.50  51.50  50.50

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