Markets have been mostly uninspiring on Tuesday although the US$ has regained a little ground against European majors but the ranges have been fairly limited. Sterling is a little heavy because BoE policy maker Haskell is seen as less hawkish than Ian McCafferty, who is no longer on the MPC. Stocks are flat, while Gold remain heavy. Th big mover has been WTI which shot above 70.00 pb after a much bigger inventory drawdown than had been expected (-9.225 barrels as opposed to the expected -2.5 mio)
Wednesday kicks off with the NZ Trade Balance, Activity Outlook and Business Confidence for June although there will be little else to come for the Asian time zone. Europe will be similarly devoid of economic data, with a speech from BOE Governor, Mark Carney and the UK Financial Stability Report likely to be the main event, while the ECB Non-Monetary Policy Meeting will also take place but is unlikely to be a market mover. Things will be a little busier in the US 25 June when the May Durable Goods Orders (exp +0.5%), Pending Home Sales (+0.5%), Wholesale Inventories (0.2%) will be released, alongside speeches from the Fed’s Quarles and Rosengren. Have a good day.
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