27 June: Oil higher after large inventory draw. US Durable Goods/Wholesale Inventories in focus today

By | June 27, 2018

 

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.

CURRENCIES
EURUSD: 1.1647
Res  1.1675  1.1700  1.1720
Sup  1.1635  1.1615  1.1600
USDJPY: 110.01
Res  110.20  110.50  110.75
Sup  109.80  109.50  109.35
GBPUSD: 1.3222
Res  1.3245  1.3270  1.3290
Sup  1.3195  1.3175  1.3150
USDCHF: 0.9906
Res  0.9925  0.9950  0.9990
Sup  0.9880  0.9855  0.9825
AUDUSD: 0.7390
Res  0.7415  0.7445  0.7480
Sup  0.7380  0.7345  0.7325
NZDUSD: 0.6850
Res  0.6880  0.6900  0.6920
Sup  0.6825  0.6800  0.6780
INDICES / COMMODITIES
S&P: 2725
Res  2735  2745  2755
Sup  2715  2700  2685
DJ30: 24274
Res  24375  24545  24665
Sup  24155  24075  23955
SPI200.fs: 6136
Res  6155  6175  6200
Sup  6115  6090  6075
XAUUSD: 1259
Res  1265  1270  1275
Sup  1255  1250  1245
XAGUSD: 16.27
Res  16.45  16.60  16.75
Sup  16.15  16.05  15.90
WTI: 70.65
Res  70.85  71.70  72.90
Sup  70.00  69.40  68.60