Economic Indicators & Central Banks:
Financial Markets Performance:
- The USDIndex is steady at 105 lows.
- The Yen extended losses for an 8th day against the Greenback to a 2-week low. Currently USDJPY is at 156.45.
- EURUSD rebounded slightly to 1.0785, however overall holds within a downwards channel with key resistance at 1.0850.
- USOIL held steady ahead of the release of an OPEC market outlook, with traders eagerly awaiting signals regarding the extension of supply curbs. Despite a decline since April, oil prices have remained relatively high this year due to ongoing supply restrictions by OPEC and its allies, with expectations that these curbs will be prolonged into the second half of the year. Currently USOIL is at $77.78.
- Gold (-0.93%) declined further to $2338 per ounce. Copper rose at +2.46% and Platinum +0.54%.
Market Trends:
- The 10-year JGB yield to a 6-month high of 0.965%. The 2-year JGB yield, which closely reflects policy expectations, rose to 0.340%, its highest since June 2009. The 20-year and 30-year JGB yields also surged to their highest levels in 11 years and since July 2011, respectively.
- FTSE100 stands by record highs, the S&P500 is close to topping March’s record high. The Nasdaq rose by 0.3%, with four of the Magnificent Seven stocks rising. The Hang Seng has added 20% in a rally that is entering a fourth week.
- Alibaba and Tencent report earnings later today.
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Andria Pichidi
Market Analyst
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