Markets

Market Update – June 24/2022

Written by Stuart Cowell

USD slips from highs (USDIndex 104.00), Stocks closed higher (NASDAQ +1.62%) Yields slipped again (-1.66%) after no new news from Powell. Asian shares stronger  (Hang Seng +2.24%, Nikkei +1.23%) Oil holds at lows, Gold dipped & BTC picked up. Ukraine gained EU candidacy status. UK PM Johnson’s Conservatives lost the two by-elections, triggering resignation of Party Chairman Dowden. European Futs +1.0%. USDJPY cooled further as NZD & AUD outperformed in Asian session.

  • USDIndex tested 104.50 yesterday before slipping back to 104.00 now. 
  • Equities – USA500 closed +35 (3795), US500FUTS higher at 3824 now.
  • Yields 10-year yield lower, closed down at 3.133% , trades at 3.018% now.   
  • Oil & Gold had mixed sessions – USOil rallied to $106.80 before slipping back to $104.50 now. Gold spiked to $1845 again but trades at $1822 now on weaker Yields and USD.
  • Bitcoin continues to pivot around $20K,  trades at $20.7k now from a test of 21k.
  • FX Markets – EURUSD tested 1.0500 yesterday now back to 1.0536,  USDJPY cooled again to 134.60 now. Cable trades at 1.2270 now, from lows at 1.2170 yesterday, despite by-election results and weak Retail Sales data, UK recession risks are stacking up.

Overnight – Japanese Core CPI inline & unchanged (2.1%) SPPI hotter (1.8%) UK Retail Sales  a tick better than expected (-0.5% vs -0.6%) but down significantly from 1.4% last month. 

Today – German Ifo, US New Home Sales, Speeches from Fed’s Bullard & Daly, ECB’s de Cos, BoE’s Pill, 

Biggest FX Mover @ (06:30 GMT) NZDUSD (+0.49%). NZD out performed today. Rallied from 0.62500 test yesterday to 0.6300 now and a key resistance. MAs aligning higher, MACD histogram positive & rising, RSI 56.58 & rising, H1 ATR 0.00127, Daily ATR 0.00843.

About the author

Stuart Cowell

With over 25 years experience working for a host of globally recognized organisations in the City of London, Stuart Cowell is a passionate advocate of keeping things simple, doing what is probable and understanding how the news, charts and sentiment work together to provide trading opportunities across all asset classes and all time frames.

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