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[QUOTE="MikhailLF, post: 165872, member: 42242"] Morning Market Review 2019-06-17 08:43 (GMT+2) EUR/USD EUR showed a decline against USD on Friday, retreating to local lows of June 6. The reason for the appearance of the "bearish" dynamics of the instrument was the strong macroeconomic statistics from the United States, as well as the general corrective sentiment at the market. The volume of industrial production in the US in May increased by 0.4% MoM after a decline of 0.4% MoM last month. Analysts had expected positive trend to recover, but counted on 0.2% MoM growth. Capacity Utilization Rate in May rose from 77.9% to 78.1%, which turned out to be better than the market forecast of 78.0%. Statistics from the euro area published on Friday turned out to be noticeably worse. France Harmonized Index of Consumer Prices slowed down in May from +0.3% MoM to +0.1% MoM, and from +1.3% YoY to +0.9% YoY. In Italy, the volume of industrial orders fell sharply. In April, the indicator fell by 2.4% MoM after rising by 2.1% MoM in the previous month. Analysts had expected growth by +2.4% MoM. GBP/USD GBP returned to an active decline against USD at the end of the last trading week, updating local lows of May 31. The negative dynamics of the instrument is taking place against the background of further growing uncertainty in the market, which forces investors to look for safer assets. At the same time, concerns about a rate cut by the US Fed have now faded into insignificance, since the market has partially involved this scenario in current quotes. The speech of the Bank of England Governor Mark Carney on Friday did not provide any support for GBP, since it was not devoted to the prospects of monetary policy. Brexit remains a powerful negative factor for the instrument, as well as the election of a new British Prime Minister. Markets fear that the UK will leave the EU without a deal, which will cause more harm to the national economy. AUD/USD AUD showed a decline against USD on Friday, having updated local lows of the beginning of 2019. The development of negative dynamics of the instrument on Friday was due to strong macroeconomic statistics from the US, coupled with increased uncertainty in the market. Macroeconomic statistics from China also put certain pressure on the instrument. Industrial Production in May slowed down from +5.4% to +5.0% YoY, while analysts predicted growth of the rate to +5.5% YoY. Fixed Asset Investment decreased from +6.1% YoY to +5.6% YoY, which also turned out to be worse than forecast of 6.1%. During the Asian session on June 17, the instrument is trading ambiguously, waiting for new drivers to appear at the market. The macroeconomic background is relatively poor today, so an increase in volatility is expected from Tuesday, when the minutes of the RBA meeting will be published. USD/JPY USD showed a slight increase against JPY on Friday, but still maintains the flat corridor, which has existed since June 3. Support for the US currency is provided by strong macroeconomic data from the US, as well as a reduction in concerns about the development of a recession in the US economy. Published on Friday, statistics from Japan could not provide any substantial support to JPY. Industrial production in Japan in April showed an increase of 0.6% MoM and decreased by 1.1% YoY. The data coincided with forecasts and with the dynamics of last month. Capacity Utilization in April increased by 1.6% MoM after the decline by 0.4% MoM in the previous month. Experts expected a growth of +0.2% MoM. Oil Oil prices showed a moderate increase on Friday, continuing the development of a corrective impulse. Technical factors contributed to the development of "bullish" dynamics of the instrument, while the former negative background remained. Last week, the International Energy Agency lowered its demand forecast for the current year by 100K barrels to 1.2M barrels per day. A similar forecast was published by OPEC, lowering the forecast of demand to 1.14M barrels per day. The quotes are still supported by growing tensions in the Middle East: last week two tankers were attacked in the Gulf of Oman. The US has already blamed Iran for these attacks, which could lead to a new round of sanctions pressure on Tehran. [/QUOTE]
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