25 Jun: US$, yields still heavy; Focus now on the weekend G20 meeting. Gold at 6 year high. Thin calendar, Tuesday.

By | June 25, 2019

 

The US$ is still under pressure on Tuesday, although momentum has slowed somewhat, but it appears set to remain heavy until the weekend when the G20 meeting takes place in Osaka. US bond yields are under pressure, not helping the dollar, which in turn has allowed Gold to shoot higher again, now at a 6 year high. Stocks paused to draw breath, ending with mixed results on Monday, ahead of the Trump/Xi trade meeting at the G20. WTI is firm, underpinned by the Middle East issues, where Donald Trump has imposed new sanctions on Iran’s supreme leader and other top officials.

Looking ahead, there is little on the agenda today aside from central bank speakers, including Powell, although the US housing data will be watched. With only second-tier US economic data this week, direction will most likely to be driven by headlines on trade issues and Iran, as well as month-end and quarter-end flows.

Apologies for the lack of an update at the start of the week; I had no internet at all for a couple of days.

Economic data highlights will include:

Tue:, RBA’s Bullock Speech, ECB’s De Guindos Speech, US New Home Sales, House Price Index, Case Shiller House Price Index, Richmond Fed Mfg Index, Fed Speakers; Powell, Bostic, Bullard & ECB’s Coeure, OPEC Meeting, .

Market moves, in brief:

FX: DXY 96.00 (-0.11%)

Bonds: US10Y; 2.018% (-2.18%), German 10Y; -0.307% (-8.57%), UK 10Y; 0.813% (-4.03%), Australian 10Y; 1.305% (+1.2%), NZ 10Y; 1.535% (+1.32 %), China 10Y; 3.27% (+0.17%)

Stock Indices: DJI; +0.03%, S+P; -0.17%, NASDAQ; -0.32%, EUStoxx50; -0.33%, FTSE100; +0.12%, Shanghai Composite; +0.21%,

Metals: Gold $1420 oz (+1.45%), Silver $14.44 oz (+0.63%), Copper $2.705 lb (+0.04%), Iron Ore $109.00 per tonne (NYMEX) (1.35%),

Oil: WTI $ 57.73 pb (+0.26%)

CURRENCIES
EURUSD: 1.1396
Res  1.1405  1.1425  1.1445
Sup  1.1380  1.1365  1.1345
USDJPY: 107.35
Res  107.55  107.80  108.05
Sup  107.05  106.80  106.55
GBPUSD: 1.2734
Res  1.2745  1.2765  1.2790
Sup  1.2710  1.2685  1.2660
USDCHF: 0.9722
Res  0.9740  0.9760  0.9785
Sup  0.9710  0.9690  0.9675
AUDUSD: 0.6964
Res  0.6970  0.6985  0.7000
Sup  0.6950  0.6935  0.6920
NZDUSD: 0.6619
Res  0.6630  0.6640  0.6650
Sup  0.6605  0.6595  0.6585
INDICES / COMMODITIES
S&P.fs: 2951.53
Res  2960.00  2970.00  2980.00
Sup  2945.00  2935.00  2925.00
DJ30.fs: 26763.50
Res  26920.00  27000.00  27105.00
Sup  26655.00  26505.00  26355.00
SPI200.fs: 6579
Res  6590  6600  6610
Sup  6565  6555  6540
XAUUSD: 1418.78
Res  1425.00  1430.00  1435.00
Sup  1415.00  1410.00  1405.00
XAGUSD: 15.44
Res  15.55  15.65  15.75
Sup  15.35  15.25  15.15
WTI.fs: 57.75
Res  58.75  59.85  61.20
Sup  56.65  55.65  54.65