After 2 days of subdued trading due to holidays in the US, we are back in full swing. Little happened yesterday except for news of new restrictions – this time from China – on the export of two metals critical to chip production, Gallium and Germanium. There was also a virtual meeting between the three biggest powers bidding to reshape the global order dominated by the United States, with Putin, XI and Modi meeting at the Shanghai Cooperation Organisation, demonstrating a fairly close collaboration.
Currency indices, relative strength 05/07
- FX – The USDIndex is trading at 102.79, EUR flat at 1.0881, GBP regained 1.27, JPY below possible intervention levels at 144.65.
- Stocks – US/EU Futures are slightly in red this morning: US500 – 0.12%, USA100 -0.15%, Dax -0.41%, Cac -0.37%. APAC in red: China – 1.14%, HK -1.50%, AU200 -0.4%.
- Commodities – USOil regained $71 ($70.96 right now, is now back at $70.08); Gold flat at $1924.80.
Today – IT, FR, DE, EU, UK Services/Composite PMIs, EU PPI, US Factory Orders, FOMC minutes.
Sugar, Daily
Biggest Mover @ (06:30 GMT) Sugar (+2.10%) continues its recovery after last week’s drop, trading at $23.37, RSI rising at 41.01, MACD still negative, price between the 50 and 200 Mas.
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Marco Turatti
Market Analyst
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