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HFMarkets (hfm.com): New market analysis services.
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[QUOTE="HFM, post: 209321, member: 32345"] [b]Date : 9th June 2022. Market Update – June 9 – European Futures Down Ahead of ECB.[/b] [URL='https://analysis.hfm.com/wp-content/uploads/2018/11/eu_update_pic_nov18-1.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2018/11/eu_update_pic_nov18-1-696x391.jpg[/IMG][/URL] [B]USDIndex[/B] steady at [B]102.50[/B] but overall USD on bid. Stocks traded mostly lower, with China bourses hit by news suggesting that virus restrictions in part of [B]Shanghai are already being tightened[/B] again amid a rise in case numbers, shortly after Covid lockdowns were lifted. Shanghai will lock down the Minhang district on Saturday morning for mass COVID-19 testing, according to Bloomberg. [B]Hang Seng -0.9%[/B], [B]US stocks[/B] closed down over 1% [B]([/B][URL='https://www.wsj.com/articles/intel-rethinks-near-term-spending-plans-amid-economic-uncertainty-11654748749?mod=latest_headlines'][B]INTEL[/B][/URL] -5.28%), [B]Yields[/B] back up (10-yr over 3% again), [B]JPY[/B] pressured, [B]Brent[/B] & [B]WTI[/B] rose over 2.5% on tight supply and China opening up. Yellen says some China tariffs still warranted. [B]Bonds[/B] are under pressure, with a 6 bp jump in Australia leading the way overnight. [B]Overnight[/B] – [B]China trade surplus widened as exports rebound.[/B] [LIST] [*][B]USDIndex[/B] dipped to [B]102.24.[/B] [*][B]Equities[/B] – [B]Hang Seng[/B] and [B]CSI300[/B] are currently down -0.9% and -0.8% respectively. [B]JPN225[/B] moved sideways, but the [B]ASX[/B] lost 1.5%. [B]GER40[/B] and [B]UK100[/B] are both down -0.6% and US futures are also in the red. [B]USA500[/B] finished off -1.08%, while the [B]USA30[/B] was off -0.81% and the [B]USA100[/B] was -0.73% lower. [*][B]Intel[/B] rethinks near-term spending plans amid economic uncertainty – freezes some hiring. [*][B]Yields[/B] 10-year rose over 6 bps to test 3.045%. The 2-year was 4 bps higher at 2.77%. The 10-year Bund yield is up 0.4 bp at 1.35%. [*][B]USOIL up to [/B]$[B]123.13[/B] after stronger-than-expected Chinese exports in May, but found a ceiling amid new Shanghai lockdown restrictions.[B] Gold [/B]weaker again below[B] 1850. [/B] [*][URL='https://www.bloomberg.com/news/articles/2022-06-08/us-natural-gas-prices-plunge-after-fire-at-texas-lng-terminal#xj4y7vzkg'][B]NATGAS[/B] [/URL]futures jump[B] 25%[/B] this morning on US LNG outage. [*][B]FX markets[/B] – [B]Yen[/B] found some support in the near term. [B]USDJPY[/B] is above [B]133.90.[/B] [B]EURUSD[/B] found some buyers ahead of the ECB meeting, leaving [B]EURUSD[/B] at [B]1.0712[/B], while [B]Cable[/B] dropped to [B]1.2516[/B] and Sterling also declined against the EUR. [B]Turkish[/B] [B]lira[/B] slid to beyond [B]17.2[/B]. [/LIST] [B]Today – [/B]ECB Rate Decision and Statement and US jobless claims. [B]ECB Preview:[/B] Markets are eagerly awaiting today’s press conference. Rate settings are expected to be held steady for now, and while there are some members who see the urgency to act sooner rather than later as inflation goes through the roof, the ECB’s timetable for the phasing out of stimulus effectively excludes a move on rates this week. Net asset purchases need to end first and Lagarde is expected to confirm that this will happen early in July, which would pave the way for a rate hike in July. Lagarde has already mapped out two moves in July and September and the basic scenario is for “gradual” 25 bp steps, although the discussion on a bolder kick off with a 50 bp boost in July has already started. We suspect that Lagarde will stick with a focus on “gradualism” for now. But she will not rule out a 50 bp step as the need to maintain credibility and assert the Bank’s commitment to price stability and the 2% inflation target seem increasingly urgent. [URL='https://analysis.hfm.com/wp-content/uploads/2022/06/2022-06-09_10-02-32.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2022/06/2022-06-09_10-02-32.jpg[/IMG][/URL] [B]Biggest Mover[/B] @ (06:30 GMT) [B]Platinum[/B] ([B]-1.92%[/B]). Next key support at 970.00. H1 MAs aligning lower, MACD histogram sharply down, RSI 28, OS & declining, H1 ATR 3.91, Daily ATR 24.51. [b]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/b] Click [url=https://www.hotforex.com/hf/en/trading-tools/economic-calendar.html][b]HERE[/b][/url] to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click [url=https://www.hotforex.com/en/trading-tools/trading-webinars.html][b]HERE[/b][/url] to register for FREE! [url=https://analysis.hotforex.com/][b]Click HERE to READ more Market news.[/b][/url] [b] Andria Pichidi Market Analyst HFMarkets Disclaimer:[/b] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]
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