Market News Today – Bonds across Asia-Pacific were mostly under pressure, while stocks moved higher. September 10-year Bund future is down 5 ticks at 176.45, outperforming slightly versus US futures. That ties in with pressure on bond markets during Asian hours.
Japan is on holiday today, but elsewhere concern over China’s regulatory clampdown eased, which helped underpin risk appetite, as did progress on the US infrastructure plan, which is expected to be signed off by the Senate early this week. Part of the move higher in local markets will also be catch up trade following the stellar US jobs report last week. The spread of the Delta variant continues to cloud over the outlook for global growth & that is also a key reason behind the slide in oil prices.
GER30 and UK100 futures are currently down -0.1% and -0.2% respectively and US futures are also posting losses of around -0.1/0.2%. In FX markets both EUR and GBP are little changed against the USD at 1.1763 and 1.3870 respectively. USD (USDIndex 92.74) & Yields (10yr 1.297%) both higher. JPY eased to 110.18, while USOIL prices continued to slide, currently to $66.32 per barrel. Gold slipped to a more than 4-month low today.
Today – Data releases today focus on German trade data which beat expectations in June in rising 1.3% m/m, after a mere 0.4% m/m in the previous month. Import growth meanwhile slowed to 0.6% m/m from 3.4% m/m, which left the sa trade surplus of EUR 13.6 bln, up from EUR 12.8 bln in May. Elseswhere we have Jolts Job Openings and FOMC speeches from Bostic and Barkin (voters).
Biggest Mover @ (06:30 GMT) Gold slipped to a more than 4-month low today (-4.4%) Drifted by nearly 82 points from 1,764.59 to 1,681.83. Faster MA’s clashed, MACD signal line currently below histogram well below 0, RSI 39, all suggesting that the dip reached its end and correction took over. H1 ATR 12.65, Daily ATR 24.20.
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Andria Pichidi
Market Analyst
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