05 Jul 2018

Daily Market View

     

       Daily Market View

    Thursday, July 05, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
24211 2722.50 7043.25
-0.54% -0.49% -0.86%

U.S stock futures moved higher yesterday in a holiday-shortened session, though losses across other global markets due to trade tensions could make those gains tough to hang onto. American stock markets and the bond market were shut for the Independence Day holiday, and there are no economic releases expected, as federal agencies are closed. Volumes may be lower than usual for futures trading, as well. Dow Jones Industrial Average futures rose 64 points, or 0.3%, while S&P 500 futures added 8.45 points, or 0.3%. Nasdaq-100 futures put on 27 points, or 0.4%. On Tuesday, the Dow Jones Industrial Average closed 132.36 points, or 0.5%, lower. The S&P 500 ended down 0.5%, with the technology sector leading the declines with a 1.4% drop, while the NASDAQ Index declined 0.9%. Trading volumes were lower than normal ahead of the Fourth of July holiday, and markets closed three hours earlier than normal. Tuesday’s losses for U.S stocks accelerated toward the end of the session, and Asia picked up the baton on losses yesterday, as trade war worries persisted.

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

may

German Factory Orders n.s.a. (YoY) 06:00 1.7% -0.1%

jun

Switzerland Consumer Price Index (YoY) 07:15 1.1% 1.0%

jun

Markit Germany Construction PMI 07:30   53.9

 

BOE Governor Carney Speaks in Newcastle 10:00    

jun

U.S ADP Employment Change 12:15 190k 178k

jun

U.S Initial Jobless Claims 12:30 225k 227k

jun

U.S ISM Non-Manufacturing/Services Composite 14:00 58.2 58.6

jun

DOE U.S. Crude Oil Inventories 15:00   -9891k

jun

U.S FOMC Meeting Minutes 18:00    
Dow Jones Industrial Average

The Dow Jones Industrial Average fell 0.54% yesterday. The best performers of the session on the Dow Jones Industrial Average were Johnson & Johnson, which rose 0.93% or 1.13 points to trade at 122.71 at the close. Meanwhile, Exxon Mobil Corp added 0.59% or 0.48 points to end at 82.24 and Verizon Communications Inc. was up 0.56% or 0.28 points to 50.70 in late trade. The worst performers of the session were Nike Inc., which fell 2.64% or 2.07 points to trade at 76.28 at the close. Caterpillar Inc. declined 1.80% or 2.46 points to end at 133.83 and Apple Inc. was down 1.74% or 3.26 points to 183.92.

 

NASDAQ 100

The tech heavy NASDAQ index declined 0.86%. The top performers on the NASDAQ Composite were Anavex Life Sciences Corp which rose 43.61% to 3.820, Micronet Enertec Technologies Inc. which was up 31.71% to settle at 1.620 and Juniper Pharmaceuticals Inc. which gained 31.61% to close at 11.450. The worst performers were Black Box Corporation which was down 62.96% to 0.75 in late trade, SAExploration Holdings Inc. which lost 25.22% to settle at 1.720 and Tintri Inc. which was down 24.25% to 0.21 at the close.

Oil

Oil held near three-year highs on U.S Independence Day as tight supplies at home and abroad overshadows a Saudi pledge to boost output. Futures gained 0.3 percent in New York, extending crude’s 15 percent rally since early June. The American Petroleum Institute was said to report that U.S inventories dropped by 4.51 million barrels last week and a Bloomberg survey also estimates a decline. Meanwhile, Saudi Energy Minister Khalid Al-Falih reiterated that OPEC and its allies will boost output by 1 million barrels a day, which may not suffice to cover shortfalls elsewhere. While U.S. President Donald Trump continued to push Saudi Arabia to pump more than it pledged and reduce petroleum prices for consumers, Morgan Stanley raised its Brent crude forecast to $85 a barrel next year. West Texas Intermediate crude for August delivery rose 19 cents to $74.33 a barrel on the New York Mercantile Exchange, holding near a three-year, intraday high of $75.27 on Tuesday.

 
Precious and Base Metals

Gold rose to a one-week high yesterday, extending the prior session’s rebound from a seven-month low, helped by a softer U.S. dollar and smoldering trade policy tensions, though the prospect of the Federal Reserve raising interest rates further may limit gains. The U.S. dollar index fell against a basket of major currencies, while the Chinese Yuan rose for a second day with central bank support, after seeing an 11-month low this week. A weaker U.S dollar makes dollar-priced gold cheaper for non-U.S investors. Gold has been trending lower for several weeks and this being (U.S) non-farm payrolls (week) the dollar is likely to remain in range, so people are taking profit on dollar and gold positions. Spot gold was up 0.3 percent at $1,256.20 an ounce after touching $1,261.10, a one-week high. The yellow metal has gained over $20 from Tuesday’s low of $1,237.32 an ounce, its weakest since Dec. 12. U.S gold futures for August delivery rose 0.4 percent to $1,258.10 in a shortened session and will not have a settlement price due to the U.S. Independence Day holiday yesterday. Investors are now looking to minutes of the June U.S. Federal Reserve meeting due for publication today and the U.S. non-farm payrolls and unemployment data on Friday for further cues on monetary policy. Markets are pricing in two more Fed interest rate hikes for 2018. World stocks were flat amid growing anxiety ahead of Washington’s end of week deadline to impose tariffs on Chinese imports. Since the trade wars have been doing the rounds, if anything we’ve seen gold come lower. But if it continues to escalate gold could go only one way and that’s higher. China is putting pressure on the European Union to issue a strong joint statement against U.S. President Donald Trump’s trade policies at a summit later this month but is facing resistance, European officials said. Gold is often regarded as a safe haven during times of and financial uncertainty. Silver was 0.1 percent higher at $16.03 an ounce.

 

 

Wheat, Corn and Soybeans

Wheat futures rebounded on Tuesday from the steepest percentage decline in nearly a year during the previous trading session on worries about weather-reduced crops in several key production areas around the world.

 

 

 

Futures Settlement Price Wednesday, July 04, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 24156 24250 24123 24211 52
S & P 500 SPM18 2713 2724 2710.75 2722.5 9.5
NASDAQ 100 NDM18 7022 7052.5 7015 7043.25 20.5
Hang Seng HSH18 28205 28438 27923 28050 -264
Nikkei 225 NKH18 21720 21755 21570 21675 -115
FTSE 100 FTH18 7515 7525 7496 7521 8.5
Gold GCJ18 1253.4 1262.1 1253.3 1258.4 4.7
Silver SIK18 1605 1618 1602.5 1613.5 8.5
Copper HGK18 293.05 294 283.65 286.65 -5.6
Crude Oil CLK18 74.2 74.85 73.47 74.4 0.16
Wheat WK18 N/A N/A N/A N/A N/A
Soybeans SK18 N/A N/A N/A N/A N/A
Corn CK18 N/A N/A N/A N/A N/A

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2
DJM18 24012 24068 24139 24195 24266 24322 24393
SPM18 2700.92 2705.83 2714.17 2719.08 2727.42 2732.33 2740.67
NDM18 6983.83 6999.42 7021.33 7036.92 7058.83 7074.42 7096.33
HSH18 27321 27622 27836 28137 28351 28652 28866
NKH18 21393 21482 21578 21667 21763 21852 21948
FTH18 7474.00 7485.00 7503.00 7514.00 7532.00 7543.00 7561.00
GCJ18 1244.97 1249.13 1253.77 1257.93 1262.57 1266.73 1271.37
SIK18 1589.17 1595.83 1604.67 1611.33 1620.17 1626.83 1635.67
HGK18 271.85 277.75 282.20 288.10 292.55 298.45 302.90
CLK18 72.25 72.86 73.63 74.24 75.01 75.62 76.39
WK18 N/A N/A N/A N/A N/A N/A N/A
SK18 N/A N/A N/A N/A N/A N/A N/A
CK18 N/A N/A N/A N/A N/A N/A N/A

  Source: – News & Quotes (Courtesy:  Reuters)          

 

                                                          

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.

 

 

 

 

 

 

05 Jul 2018

FOREX Newsletter

     

FOREX Newsletter

July 05, 2018

 

Pulse of the Market

·      Dollar remained range-bound before today’s release of minutes from the FOMC minutes

·      Weaker confidence in the euro zone overshadowed better-than-expected data on business activity

·      Sterling advanced as traders responded to a better-than-expected Markit Services PMI reading

·      The spotlight will be on the Federal Reserve today, with the release of the FOMC minutes

 

The U.S Dollar treaded water against a currency basket on Wednesday in thin trade with U.S. markets closed for the July 4th holiday. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was trading at 94.38. With U.S markets shut, investors were turning their attention to what was set to be a busy end to the week, with minutes from the Federal Reserve’s June meeting due out today and the U.S. employment report for June scheduled for Friday. Investors remained cautious ahead of Friday’s deadline for the U.S. to impose a 25% tariff on Chinese imports, which Beijing has vowed to match with a levy on U.S. products. China’s Yuan rebounded overnight after China’s central bank pledged to keep the exchange rate “basically stable,” in a bid to calm markets which have been roiled by fears over the fallout of the escalating trade spat between Washington and Beijing. U.S. President Donald Trump is sticking to plans to penalize major trading partners, including the European Union, Mexico and Canada as part of his ‘America First’ policy that many investors fear will hit global growth. The euro was slightly lower, with EUR/USD slipping 0.13%. In the euro zone, data earlier in the day showed that private sector activity accelerated in June, indicating that the region’s economy regained some traction at the end of the second quarter. The dollar drifted lower against the yen, with USD/JPY dipping 0.07%. The pound edged higher, with GBP/USD up 0.11%. Sterling found support after data showing that activity in the UK service sector accelerated at the fastest pace in eight months in June. The report added to signs that the economy rebounded in the second quarter and kept the door open for an August rate hike by the Bank of England. The Canadian Dollar steadied against its U.S counterpart after touching its strongest intraday level in nearly three weeks, as oil prices pared some recent gains and a holiday in the United States restrained activity in currency markets.
 

 

Time(GMT)   Economic Release IMP Actual Forecast Prior
06:00 German Factory Orders n.s.a. (YoY) (MAY) Medium   1.7% -0.1%
07:15 Switzerland Consumer Price Index (YoY) (JUN) Medium   1.1% 1.0%
07:15 Switzerland CPI EU Harmonized (YoY) (JUN) Medium     1.0%
07:30 Markit Germany Construction PMI (JUN) Medium     53.9
08:10 Markit France Retail PMI (JUN) Low     50.7
08:10 Markit Germany Retail PMI (JUN) Medium     55.5
08:10 Markit Eurozone Retail PMI (JUN) Low     51.7
10:00 BOE Governor Carney Speaks in Newcastle High      
12:15 U.S ADP Employment Change (JUN) Medium   190k 178k
12:30 U.S Initial Jobless Claims (JUN 30) Medium   225k 227k
12:30 U.S Continuing Claims (JUN 23) Medium   1718k 1705k
14:00 U.S ISM Non-Manufacturing/Services Composite (JUN) High   58.2 58.6
15:00 DOE U.S Crude Oil Inventories (JUN 29) Medium     -9891k
18:00 FOMC Meeting Minutes (JUN 13) High      
Euro

The single currency fell as weaker confidence in the euro zone overshadowed better-than-expected data on business activity, while concern about Washington’s end-of-week deadline to impose tariffs on Chinese imports crimped trading. However, with Independence Day celebrations in the U.S discouraged traders from taking big positions. Overall, the EUR/USD traded with a low of 1.1629 and a high of 1.1680 before closing the day around 1.1658 in the New York session.

 

Yen

The Japanese Yen pair ticked lower yesterday. U.S banks and stock markets were closed for the Fourth of July and there were no U.S events. The sole Japanese event is the 30-year bond auction. Today, the U.S releases ADP nonfarm payrolls, unemployment claims and the FOMC minutes of the June policy meeting. Japan will release Household Spending. Overall, the USD/JPY traded with a low of 110.25 and a high of 110.59 before closing the day around 110.50 in the U.S session.

 

British Pound

The British Pound advanced against rivals such as the U.S Dollar and Euro mid-week as traders responded to a better-than-expected IHS Markit Services PMI reading, which showed momentum within the UK’s largest economic sector gathering pace in June which makes the likelihood of a Bank of England interest rate rise in August all the more likely.  Overall, the GBP/USD traded with a low of 1.3169 and a high of 1.3247 before closing the day at 1.3231 in the New York session.

 

Canadian Dollar

The Canadian Dollar steadied against its U.S. counterpart on Wednesday while holding near its strongest level in nearly three weeks, as oil prices rose and investors braced for a potential interest rate hike next week from the Bank of Canada. The price of oil was driven higher by a threat to supply from an Iranian commander and a drop in U.S crude inventories. Overall, USD/CAD traded with a low of 1.3109 and a high of 1.3159 before closing the day at 1.3144 in the New York session.

 

Australian Dollar

The Australian Dollar continued the rally which started after the Reserve Bank of Australia’s (RBA) interest rate decision. The AUD/USD pair is trading at 0.7408. The catalyst for the movement was the retail sales data for the month of May. In that month, the sales increased by 0.4%, which was better than the expected 0.3%. Overall, AUD/USD traded with a low of 0.7308 and a high of 0.7403 before closing the day at 0.7319 in the New York session.

 

Euro-Yen

EUR/JPY is trading below 14, 50 and 100 days moving average. Fast stochastic is giving a bearish tone and MACD is also issuing a bearish stance. The Relative Strength Index is above 51 and lies above the neutral zone. In general, the pair has lost 0.10%.

 

  

Sterling-Yen

Currently, GBP/JPY is trading below 14, 50 and 100 days moving average. Fast stochastic is issuing a bearish tone and MACD is also indicating a bearish stance. The Relative Strength Index is above 49 reading and lies below the neutral zone. On the whole, the pair has gained 0.25%.

 

  

Aussie-Yen

Currently, the cross is trading below 14, 50 and 100 days moving average. Fast stochastic is giving a bearish tone and MACD is indicating a bullish stance. The Relative Strength Index is above 45 reading and lies below the neutral region. In general, the pair has lost 0.07%.

 

 

Euro-Sterling

This cross is currently trading above 14, 50 and 100 days moving average. Fast stochastic is indicating a bullish tone and MACD is also issuing a bullish signal. The Relative Strength Index is above 52 and lies above the neutral region. On the whole, the pair has lost 0.25%.

 

 

Sterling-Swiss

This cross is trading below 14, 50 and 100 days moving average. Fast stochastic is issuing a bearish stance and MACD is indicating a bullish tone. The Relative Strength Index is above 45 and lies below the neutral region. In general, the pair has gained 0.35%.

 

Appendix

 

 

FOREX Closing Prices for July 04, 2018
Currency Open High Low Close Net Chg
EUR/USD 1.16573 1.16804 1.16292 1.16581 0.0001
USD/JPY 110.584 110.594 110.258 110.508 -0.0660
GBP/USD 1.3192 1.32476 1.3169 1.32319 0.0040
USD/CHF 0.99224 0.99379 0.99034 0.99303 0.0008
USD/CAD 1.31368 1.31592 1.31096 1.31449 0.0007
EUR/JPY 128.937 128.94 128.478 128.804 -0.1290
GBP/JPY 145.881 146.34 145.543 146.217 0.3610
CHF/JPY 111.406 111.451 111.157 111.316 -0.0840
AUD/JPY 81.643 81.938 81.401 81.592 -0.0590
EUR/GBP 0.88339 0.88388 0.87978 0.88123 -0.0022
EUR/CHF 1.15684 1.15817 1.15471 1.15748 0.0007
GBP/CHF 1.30916 1.31458 1.30764 1.31387 0.0046

 

  

Daily Pivot Points
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
EUR/USD 1.1580 1.1605 1.1631 1.1656 1.1683 1.1707 1.1734
USD/JPY 109.98 110.12 110.31 110.45 110.65 110.79 110.98
GBP/USD 1.3106 1.3138 1.3185 1.3216 1.3263 1.3295 1.3342
USD/CHF 0.9875 0.9889 0.9910 0.9924 0.9944 0.9958 0.9979
USD/CAD 1.3067 1.3088 1.3117 1.3138 1.3166 1.3188 1.3216
EUR/JPY 128.08 128.28 128.54 128.74 129.00 129.20 129.47
GBP/JPY 144.93 145.24 145.73 146.03 146.52 146.83 147.32
CHF/JPY 110.87 111.01 111.17 111.31 111.46 111.60 111.75
AUD/JPY 80.81 81.11 81.35 81.64 81.89 82.18 82.42
EUR/GBP 0.8753 0.8775 0.8794 0.8816 0.8835 0.8857 0.8876
EUR/CHF 1.1519 1.1533 1.1554 1.1568 1.1589 1.1602 1.1623
GBP/CHF 1.3025 1.3051 1.3095 1.3120 1.3164 1.3190 1.3234

Sources:  News, Charts & Quotes (Courtesy: Reuters, US Department Of Treasury)

 

 

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.

 

 

03 Jul 2018

Daily  Market View

              

Daily  Market View

Tuesday, July 03, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
24293 2727.75 7117.25
-0.27% -0.15% +0.22%

U.S stocks pared losses yesterday after a weak morning as gains in technology stocks bolstered the NASDAQ. On the first trading day of the third quarter, the S&P 500 flipped in and out of negative territory while the blue-chip Dow almost erased most of its 100-point deficit. Worries over trade tensions between the U.S. and its major trading partners lingered, weighing on investors’ sentiment. The Dow Jones Industrial Average fell 51 points, or 0.2%. The S&P 500 shed less than a point and the NASDAQ reversed an earlier drop to rise 32 points, or 0.4%. Recent trading has been driven by uncertainty over trade policy, with investors seeking clarity about potential protectionist changes to U.S. policies and how they could be met by retaliatory measures. A trade war is seen as providing a significant headwind to global growth. On Sunday, President Trump said he sees his threat to impose global auto tariffs as his biggest weapon to extract concessions from trading partners.

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

may

Australia Building Approvals (YoY) 01:30 9.9% 1.9%

jul

RBA Cash Rate Target 04:30 1.50% 1.50%

jun

Markit/CIPS UK Construction PMI 08:30 52.5 52.5

may

Euro-Zone Producer Price Index (YoY) 09:00 2.7% 2.0%

may

Euro-Zone Retail Sales (YoY) 09:00 1.6% 1.7%

jun

RBC Canadian Manufacturing PMI 13:30   56.2

may

U.S Durable Goods Orders 14:00 -0.5% -0.6%

jun

Australia AiG Performance of Service Index 22:30   59

jun

U.K BRC Shop Price Index (YoY) 23:01   -1.1%
Dow Jones Industrial Average

The Dow Jones Industrial Average added 0.15% yesterday. The best performers of the session on the Dow Jones were Microsoft Corporation, which rose 1.42% or 1.40 points to trade at 100.01 at the close. Meanwhile, Goldman Sachs Group Inc. added 1.22% or 2.69 points to end at 223.26 and Apple Inc. was up 1.12% or 2.07 points to 187.18 in late trade. The worst performers of the session were Walmart Inc., which fell 1.93% or 1.65 points to trade at 84.00 at the close. General Electric Company declined 1.76% or 0.24 points to end at 13.37 and Chevron Corp was down 1.72% or 2.18 points to 124.25.

 

NASDAQ 100

The tech heavy NASDAQ index climbed 0.76% yesterday. The top performers on the NASDAQ Composite were RadiSys Corporation which rose 120.28% to 1.540, Adamis Pharma which was up 50.00% to settle at 4.80 and SAExploration Holdings Inc. which gained 42.86% to close at 2.300. The worst performers were MiMedx Group Inc. which was down 38.50% to 3.93 in late trade, MabVax Therapeutics Holdings Inc. which lost 36.49% to settle at 0.540 and Helios and Matheson Analytics Inc. which was down 29.03% to 0.220 at the close.

 

Oil

Oil prices fell yesterday, reversing course from last week as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid an escalating trade dispute with the United States. U.S. light crude dropped 28 cents to $73.87 a barrel. The move came after information provider Genscape said U.S. crude inventories at Cushing, Oklahoma had fallen in the week, traders said. Genscape said stockpiles at the Cushing delivery hub were down 3.2 million barrels in the week June 22, but rose slightly in the four following days to June 26. Oil prices rose strongly last week, with the U.S. crude contract hitting its highest in 3-1/2 years at $74.46. But a flurry of announcements over the weekend unsettled oil markets. U.S. President Donald Trump tweeted on Saturday that Saudi Arabia’s King Salman bin Abdulaziz Al Saud had agreed to pump more oil, “maybe up to 2,000,000 barrels”. The White House later walked back the comments.

Precious and Base Metals

Gold slipped more than 1 percent to its lowest in 6-1/2 months yesterday ahead of a U.S holiday, and platinum headed to its lowest in nearly 10 years as the greenback strengthened and an ongoing U.S.-European Union trade spat pressured precious metals. Fears of a trade war between the United States and China have helped weaken China’s renminbi, the Indian rupee and Japan’s yen against the dollar. A strong dollar makes greenback-priced gold more expensive for holders of other currencies. The dollar received another boost from better-than-expected U.S. manufacturing data. Its strength has helped to pressure spot gold by more than 8 percent from its April high of $1,365.23. Meanwhile, a deepening auto tariff spat between the United States and the European Union has caused more sales of autocatalyst metals platinum and palladium. Spot gold was down 0.8 percent at $1,242.01 per ounce. U.S. gold futures for August delivery settled down $12.80, or 1 percent, at $1,241.70 per ounce. Platinum was down 4 percent at $814 an ounce after touching its weakest since December 2008 at $804. The European Union has warned the United States that imposing import tariffs on cars and car parts would harm the U.S. automotive industry and likely lead to counter-measures on $294 billion of U.S exports. On Wednesday, July 4, the trade will halt early for the U.S. Independence Day holiday and there will be no settlement price. Investors awaited minutes of a June Federal Reserve meeting on Thursday and U.S. employment data on Friday. An aggressive tone by the Fed or strong jobs numbers could bolster the case for higher U.S. interest rates. Higher rates tend to strengthen the dollar and boost bond yields, reducing the appeal of non-yielding bullion. In other precious metals, silver was down 1.4 percent at $15.85 an ounce after hitting $15.73, the lowest in 6-1/2 months.

 

 

Wheat, Corn, and Soybeans

Corn and soybean futures fell to within a few cents of contract lows yesterday on strong U.S crop prospects and on concerns that trade fights with key export partners would curb export demand. Wheat also fell as rising supplies from the U.S winter crop harvest overshadowed worries about weather-reduced crops.

 

 

 

Futures Settlement Price Monday, July 02, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 24270 24321 24024 24293 7
S & P 500 SPM18 2720.75 2728.25 2698.5 2727.75 5
NASDAQ 100 NDM18 7068 7119 6987.25 7117.25 44
Hang Seng HSH18 N/A N/A N/A N/A N/A
Nikkei 225 NKH18 22180 22290 21715 21725 -520
FTSE 100 FTH18 7518 7526.5 7473.5 7512.5 -53
Gold GCJ18 1253.2 1253.4 1240.4 1243.2 -11.7
Silver SIK18 1613.5 1613.5 1579 1589.5 -31.5
Copper HGK18 296.6 297.25 292.1 295 -2.1
Crude Oil CLK18 73.49 74.31 73.07 74.12 -0.07
Wheat WK18 502.25 509.25 479.25 480.75 -19.25
Soybeans SK18 865 867.5 850.25 853.25 -280.25
Corn CK18 361.25 361.25 346.25 347.75 -12.25

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 23807 23916 24104 24213 24401 24510 24698
SPM18 2678.33 2688.42 2708.08 2718.17 2737.83 2747.92 2767.58
NDM18 6898.25 6942.75 7030.00 7074.50 7161.75 7206.25 7293.50
HSH18 N/A N/A N/A N/A N/A N/A N/A
NKH18 20955 21335 21530 21910 22105 22485 22680
FTH18 7428.83 7451.17 7481.83 7504.17 7534.83 7557.17 7587.83
GCJ18 1224.93 1232.67 1237.93 1245.67 1250.93 1258.67 1263.93
SIK18 1540.00 1559.50 1574.50 1594.00 1609.00 1628.50 1643.50
HGK18 287.17 289.63 292.32 294.78 297.47 299.93 302.62
CLK18 72.12 72.59 73.36 73.83 74.60 75.07 75.84
WK18 440.25 459.75 470.25 489.75 500.25 519.75 530.25
SK18 829.25 839.75 846.50 857.00 863.75 874.25 881.00
CK18 327.25 336.75 342.25 351.75 357.25 366.75 372.25

  Source: – News & Quotes (Courtesy:  Reuters)     

                                                               

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.

 

 

03 Jul 2018

FOREX Newsletter

       

FOREX Newsletter

July 03, 2018

  Pulse of the Market

·      ISM manufacturing data for June showed an uptick to a reading of 60.2 from 58.7

·      The Commerce Department yesterday showed construction spending increased 0.4% in May

·      The Japanese currency was unmoved by the Bank of Japan’s tankan business sentiment survey

·      The British Pound fell toward an eight-month low against the U.S Dollar yesterday

The U.S Dollar rose against its rivals buoyed by upbeat U.S economic data pointing to underlying strength in the economy reaffirming investor expectations that the economy would be the least affected in a potential trade war with its trade partners. The U.S dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.63% to 94.82. ISM manufacturing data for June showed an uptick to a reading of 60.2 from 58.7, beating expectations for a reading of 58.4. A reading above 50 in the ISM index indicates an expansion, while a reading below 50 indicates a contraction in manufacturing, which accounts for about 12% of the U.S. economy. A separate report from the Commerce Department on Monday, meanwhile, showed construction spending increased 0.4% in May. That was slower than the 0.5% growth economists had forecast. The upcoming $34 billion of U.S. tariffs on Chinese imported goods slated for July 6 drew support for the greenback as traders bet that the U.S. would fare better in a potential trade war than its trade partners as domestic growth remains strong. Unless worries of a full blown trade war evaporate in the second half of 2018, investors are likely to continue buying safe-haven currencies, including the dollar, Japanese yen and Swiss franc. The dollar was also supported by a plunge in the euro as fresh political uncertainty in Germany roiled the single currency after German Chancellor Angela Merkel’s interior minister offered to quit amid a disagreement over migration policy. GBP/USD fell 0.60% to $1.3132 despite UK manufacturing data topping economists’ estimates as investors fret an upcoming Brexit cabinet meeting due later in the week. This week investors will get the chance to parse through the minutes of the Federal Reserve’s June meeting on Thursday, after they return from Wednesday’s Independence Day holiday. The Fed hiked interest rates in June and signaled for the first time that they could lift rates four times this year so market watchers will be focusing on the discussions around the inflation outlook and trade war fears. On Friday, attention will shift to the U.S. employment report for June for an update on the health of the labor market. The report is expected to show that hiring cooled.

 

  

 

Time(GMT)   Economic Release IMP Actual Forecast Prior
01:30 Australia Building Approvals (YoY) (MAY) Medium   9.9% 1.9%
04:30 Australia RBA Cash Rate Target (JUL 03) High   1.50% 1.50%
08:30 Markit/CIPS UK Construction PMI (JUN) Medium   52.5 52.5
09:00 Euro-Zone Producer Price Index (YoY) (MAY) Low   2.7% 2.0%
09:00 Euro-Zone Retail Sales (YoY) (MAY) Medium   1.6% 1.7%
12:30 Canada MLI Leading Indicator (MoM) (MAY) Low     0.1%
13:30 RBC Canadian Manufacturing PMI (JUN) High     56.2
14:00 U.S Factory Orders (MAY) Medium   0.0% -0.8%
14:00 U.S Durable Goods Orders (MAY F) Medium   -0.5% -0.6%
22:30 Australia AiG Performance of Service Index (JUN) Medium     59
23:01 U.K BRC Shop Price Index (YoY) (JUN) Low     -1.1%

 

Euro

The single currency received a setback after German Chancellor Angela Merkel was dealt a fresh blow when her interior minister offered to quit in an escalating row over migration policy. In yesterday’s trading session, the euro fell 0.6 percent. It racked up its third consecutive monthly loss against the dollar in June. Overall, the EUR/USD traded with a low of 1.1590 and a high of 1.1681 before closing the day around 1.1640 in the New York session.

 

Yen

The Japanese Yen pair started the third quarter on a positive note yesterday, benefiting from mounting global trade tensions, as investors scooped up the greenback as a safe-haven bet. The dollar further extended gains after the Institute for Supply Management’s manufacturing index showed a reading of 60.2, higher than the market forecast. Overall, the USD/JPY traded with a low of 110.58 and a high of 111.04 before closing the day around 110.90 in the U.S session.

 

British Pound

The British Pound fell toward an eight-month low against the dollar after stronger-than-expected manufacturing sector data failed to temper investors’ concerns about a Brexit cabinet meeting later in the week. The pound has slumped recently on fears that Prime Minister May will run out of time to agree a deal with the EU for life after Britain leaves the bloc next year.  Overall, the GBP/USD traded with a low of 1.3093 and a high of 1.3207 before closing the day at 1.3144 in the New York session.

 

Canadian Dollar

The Canadian Dollar continued to rise against its developed world rivals yesterday but fell relative to the US Dollar and Yen, both so called safe-haven currencies, in a telling sign of what may be to come for the Loonie now the 2018 Mexican election has vaulted an outsider candidate into the highest office of the country. Overall, USD/CAD traded with a low of 1.3137 and a high of 1.3222 before closing the day at 1.3187 in the New York session.

 

Australian Dollar

The Australian Dollar was one of the biggest losers in yesterday’s trading session, AUD / USD was down by 0.82%, but closely shadowed by other major pairs, as the Buck continues to outperform its peers. Also, weighing on the Australian Dollar is lower metal prices and soft Chinese stock markets.  Overall, AUD/USD traded with a low of 0.7308 and a high of 0.7403 before closing the day at 0.7319 in the New York session.

 

Euro-Yen

EUR/JPY is trading below 14, 50 and 100 days moving average. Fast stochastic is giving a bearish tone and MACD is also issuing a bearish stance. The Relative Strength Index is above 50 and lies above the neutral zone. In general, the pair has lost 0.21%.

 

 

Sterling-Yen

Currently, GBP/JPY is trading below 14, 50 and 100 days moving average. Fast stochastic is issuing a bearish tone and MACD is also indicating a bearish stance. The Relative Strength Index is above 44 reading and lies below the neutral zone. On the whole, the pair has lost 0.31%.

  

 

Aussie-Yen

Currently, the cross is trading below 14, 50 and 100 days moving average. Fast stochastic is giving a bearish tone and MACD is indicating a bullish stance. The Relative Strength Index is above 41 reading and lies below the neutral region. In general, the pair has lost 0.71%.

  

  

Euro-Sterling

This cross is currently trading above 14, 50 and 100 days moving average. Fast stochastic is indicating a bullish tone and MACD is also issuing a bullish signal. The Relative Strength Index is above 60 and lies above the neutral region. On the whole, the pair has gained 0.11%.

  

  

Sterling-Swiss

This cross is trading below 14, 50 and 100 days moving average. Fast stochastic is issuing a bearish stance and MACD is indicating a bullish tone. The Relative Strength Index is above 35 and lies below the neutral region. In general, the pair has lost 0.15%.

 
 

 

Appendix

  

FOREX Closing Prices for July 02, 2018
Currency Open High Low Close Net Chg
EUR/USD 1.16706 1.1681 1.1590 1.16407 -0.0046
USD/JPY 110.645 111.044 110.584 110.907 0.2130
GBP/USD 1.32007 1.32071 1.30934 1.31442 -0.0066
USD/CHF 0.99014 0.99637 0.99006 0.99369 0.0035
USD/CAD 1.31461 1.32227 1.31371 1.31872 0.0052
EUR/JPY 129.15 129.476 128.395 129.082 -0.2680
GBP/JPY 146.079 146.464 145.162 145.771 -0.4560
CHF/JPY 111.714 111.955 111.158 111.628 -0.1850
AUD/JPY 81.84 82.077 80.951 81.395 -0.5850
EUR/GBP 0.88386 0.8867 0.88332 0.88566 0.0010
EUR/CHF 1.15572 1.15675 1.15326 1.15663 -0.0005
GBP/CHF 1.30732 1.3082 1.30328 1.30611 -0.0019

 

 

 

Daily Pivot Points
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
EUR/USD 1.1502 1.1546 1.1593 1.1637 1.1684 1.1728 1.1775
USD/JPY 110.19 110.39 110.65 110.85 111.11 111.31 111.57
GBP/USD 1.2976 1.3035 1.3089 1.3148 1.3203 1.3262 1.3317
USD/CHF 0.9841 0.9871 0.9904 0.9934 0.9967 0.9997 1.0030
USD/CAD 1.3056 1.3097 1.3142 1.3182 1.3228 1.3268 1.3313
EUR/JPY 127.41 127.90 128.49 128.98 129.57 130.07 130.65
GBP/JPY 143.83 144.50 145.13 145.80 146.44 147.10 147.74
CHF/JPY 110.41 110.78 111.21 111.58 112.00 112.38 112.80
AUD/JPY 79.75 80.35 80.87 81.47 82.00 82.60 83.12
EUR/GBP 0.8804 0.8818 0.8838 0.8852 0.8871 0.8886 0.8905
EUR/CHF 1.1509 1.1521 1.1543 1.1555 1.1578 1.1590 1.1613
GBP/CHF 1.2986 1.3009 1.3035 1.3059 1.3084 1.3108 1.3134

Sources:  News, Charts & Quotes (Courtesy: Reuters, US Department Of Treasury)

 

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.

 

 

02 Jul 2018

Daily Market View

               

Daily Market View

Monday, July 02, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
24286 2722.75 7073.25
+0.23% +0.08% +0.09%

U.S stocks closed higher Friday even as the earlier rally in financial shares flamed out, but for the week, all major benchmarks finished lower due to ongoing trade war-related jitters. Market observers blamed some of the late selling pressure on investors’ window-dressing their books for the end of the quarter. Friday marks the end of the month, the second quarter and the first half of the year, with major U.S. stock indexes putting in mixed performances over these periods. The S&P 500 index rose 2.06 points. The NASDAQ Index climbed 6.62 points. The Dow Jones Industrial Average added 55.36 points, or 0.2%. The blue-chip index was up more than 200 points during the session but surrendered most of its gains in the afternoon. Stocks extended gains after Thursday’s upbeat session was led by energy and materials sectors. Financials were also popping higher earlier after several banks announced plans to return capital to shareholders late Thursday after the Federal Reserve released results of its annual stress test. However, financials finished in the red as investors pocketed profits toward the closing.

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

jun

Caixin China PMI Mfg 01:45 51.0 51.1

may

Switzerland Retail Sales Real (YoY) 07:15   2.2%

jun

Switzerland PMI Manufacturing 07:30   62.4

jun

Markit Eurozone Manufacturing PMI 08:00    

jun

Markit UK PMI Manufacturing s.a. 08:30   54.4

may

Euro-Zone Unemployment Rate 09:00   8.5%

may

U.S Construction Spending (MoM) 14:00   1.8%

jun

U.S ISM Manufacturing 14:00 57.9 58.7

jun

U.S ISM Employment 14:00   56.3
Dow Jones Industrial Average

The Dow Jones Industrial Average rose 0.23% on Friday. The best performers of the session on the Dow Jones Industrial Average were Nike Inc., which rose 11.13% or 7.98 points to trade at 79.68 at the close. Meanwhile, American Express Company added 1.06% or 1.03 points to end at 98.00 and Exxon Mobil Corp was up 0.93% or 0.76 points to 82.73 in late trade. The worst performers of the session were General Electric Company, which fell 1.59% or 0.22 points to trade at 13.61 at the close. Goldman Sachs Group Inc. declined 1.28% or 2.85 points to end at 220.57 and Verizon Communications Inc. was down 1.08% or 0.55 points to 50.31.

 

NASDAQ 100

The tech heavy NASDAQ index climbed 0.09% on Friday. The top performers on the NASDAQ Composite were Echelon Corporation which rose 96.66% to 8.24, Gemphire Therapeutics Inc. which was up 94.47% to settle at 10.19 and Tintri Inc. which gained 73.73% to close at 0.25. The worst performers were Gevo Inc. which was down 40.72% to 3.8000 in late trade, China Customer Relations Centers Inc. which lost 33.11% to settle at 22.59 and ZK International Group Co Ltd which was down 31.83% to 3.17 at the close.

 

Oil

Oil prices rose on Friday, rallying on concerns that U.S. sanctions against Iran would remove a substantial volume of crude oil from world markets at a time of rising global demand. U.S. crude was up more than 8 percent on the week, while Brent crude gained more than 5 percent. Now everyone is focused on the issue of spare capacity and the future. U.S. crude rose 70 cents a barrel to settle at $74.15, on track for a weekly rise of 8.2 percent. The session high of $74.43 was the highest since Nov. 26, 2014. All the potential shortfalls could outstrip the production increase agreed to by OPEC and Russia. Iran pumps about 4.7 million barrels per day (bpd), or almost 5 percent of total output, much of it to China and other energy-hungry nations such as India. The U.S. government hopes other big producers in the Organization of the Petroleum Exporting Countries and Russia will boost production to compensate for lost Iranian crude.

 

Precious and Base Metals

Gold prices rose on Friday from six-month lows as a weaker U.S. dollar prompted bargain hunting, but bullion was on track for weekly and monthly declines and analysts said many speculators maintained short positions, leaving prices vulnerable to further losses. Spot gold added 0.4 percent at $1,252.81 an ounce. On Thursday, it touched $1,245.32, its lowest since Dec. 13, 2017. U.S gold futures for August delivery settled up $3.50, or 0.3 percent, at $1,254.50 per ounce. Gold is finding support from the weak U.S. dollar and firm euro and is at least recouping the losses it incurred yesterday. Despite Friday’s gains, gold was down 1.2 percent so far this week, headed for a third straight weekly decline. For the month, spot gold was down about 3.4 percent, on track for its biggest monthly drop since November 2016. At the end of the month and end of the quarter, people try to buy gold to boost it. Both spot gold and platinum prices were headed for their weakest quarters since year-end 2016. The shorts are still in control and the momentum is negative. The dollar and U.S. Treasuries have taken over the role of safe haven this month and as long as the trade war is creating uncertainty then that will probably prevail. Hansen said the downtrend would likely accelerate unless gold held above multiple support layers slightly below $1,240. The euro increased after European Union leaders reached an agreement on migration. A stronger euro potentially boosts gold demand by making dollar-priced bullion cheaper for European investors. The dollar index slipped against a basket of currencies. Meanwhile, spot silver gained 1.1 percent at $16.13 an ounce. It was heading for a 1.9 percent weekly drop and 1.4 percent monthly decline. Palladium rose 0.7 percent at $951.45 an ounce. It was down 3.4 percent for the month, its weakest month since March. Platinum added 0.2 percent at $849.24 per ounce. During the session, it hit its lowest since January 2016 at $837.30. It was down 8 percent for the quarter and 5.8 percent for the month.

 

 

 

Wheat, Corn, and Soybeans

Grain and soybean futures rose on Friday as investors adjusted positions before the release of closely watched crop reports that are projected to show lower wheat inventories and plantings.

 

Futures Settlement Price Friday, June 29, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 24247 24494 24205 24286 61
S & P 500 SPM18 2720 2745.25 2716.75 2722.75 3.25
NASDAQ 100 NDM18 7056.25 7123 7045 7073.25 12.75
Hang Seng HSH18 28260 28760 28245 28732 467
Nikkei 225 NKH18 22300 22310 22120 22245 0
FTSE 100 FTH18 7603.5 7645 7552 7565.5 -20
Gold GCJ18 1249.2 1256.8 1246.9 1254.9 5.1
Silver SIK18 1604 1621 1598.5 1621 15
Copper HGK18 296.95 299.7 295.75 297.1 -0.3
Crude Oil CLK18 73.3 74.43 72.9 74.19 0.84
Wheat WK18 484.5 508.5 483 500 16
Soybeans SK18 868.25 881.25 862 863.5 -3.75
Corn CK18 355.5 364.5 354.5 360 5

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 23874 24039 24163 24328 24452 24617 24741
SPM18 2682.75 2699.75 2711.25 2728.25 2739.75 2756.75 2768.25
NDM18 6959.83 7002.42 7037.83 7080.42 7115.83 7158.42 7193.83
HSH18 27883 28064 28398 28579 28913 29094 29428
NKH18 21950 22035 22140 22225 22330 22415 22520
FTH18 7437.00 7494.50 7530.00 7587.50 7623.00 7680.50 7716.00
GCJ18 1239.03 1242.97 1248.93 1252.87 1258.83 1262.77 1268.73
SIK18 1583.50 1591.00 1606.00 1613.50 1628.50 1636.00 1651.00
HGK18 291.38 293.57 295.33 297.52 299.28 301.47 303.23
CLK18 71.72 72.31 73.25 73.84 74.78 75.37 76.31
WK18 460.33 471.67 485.83 497.17 511.33 522.67 536.83
SK18 837.33 849.67 856.58 868.92 875.83 888.17 895.08
CK18 344.83 349.67 354.83 359.67 364.83 369.67 374.83

 

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.

 

 

02 Jul 2018

FOREX Newsletter

       

FOREX Newsletter

July 02, 2018

 

Pulse of the Market

·      The Greenback had a strong quarter, appreciating against all the major currencies

·      The Euro retested the lower end of June’s range, which is mostly $1.15-$1.18

·      There were only two weeks during the quarter that the Dollar registered a loss against the Yen

·      The Australian Dollar lost 2.2% in the month of June and 3.6% for the quarter

The U.S Dollar held firm versus the yen on Friday after U.S President Donald Trump indicated a softer approach on Chinese investment in U.S. technology companies. The White House announced on Wednesday that it would not be looking to impose the new 25% new limits on Chinese ownership in U.S. tech-related companies, as reports had suggested earlier in the week. Instead, the government would rely on the newly strengthened Committee on Foreign Investment in the United States, or CFIUS, to deal with concerns.   The U.S. Dollar Index, which tracks the greenback against a basket of six major currencies, stood at 95.02, up 0.01%. The index rose to as high as 95.534 on Thursday, the highest level since almost a year ago.  The prospects of rising U.S. interest rates were also cited as supporting the dollar. The yen fell on Friday, with the USD/JPY pair climbed 0.18% to 110.69 as trade tensions between the U.S. and its major trading partners eased somewhat. The greenback had a strong quarter, appreciating against all the major currencies. The Canadian dollar’s 2.25% decline made it the strongest of the other majors and is consistent with the Loonie’s tendency to outperform in a strong US dollar environment. The US dollar trended gently higher against the yen through the second quarter. There were only two weeks during the quarter that the greenback registered a loss. It rose a little more than 4% between the end of March and the end of June, after falling 5.6% in the previous three-month period. Sterling’s nearly 1% bounce ahead of the weekend was not sufficient to avoid the third consecutive weekly loss (-0.4%). The Australian dollar’s nearly 0.7% gain before the weekend cut the weekly loss (~0.5%), but it fell for a third consecutive week. The Aussie lost 2.2% in June and 3.6% for the quarter. It found a base in the second half of last week in the $0.7330 area.

 

 

Time(GMT)   Economic Release IMP Actual Forecast Prior
01:00 Australia TD Securities Inflation (YoY) (JUN) Medium     2.1%
07:15 Switzerland Retail Sales Real (YoY) (MAY) Medium     2.2%
07:30 Switzerland PMI Manufacturing (JUN) Medium     62.4
07:50 Markit France Manufacturing PMI (JUN) Low      
07:55 Markit/BME Germany Manufacturing PMI (JUN) Low      
08:00 Markit Eurozone Manufacturing PMI (JUN) Low      
08:30 Markit UK PMI Manufacturing s.a. (JUN) Medium     54.4
09:00 Euro-Zone Unemployment Rate (MAY) Medium     8.5%
14:00 U.S Construction Spending (MoM) (MAY) Medium     1.8%
14:00 U.S ISM Manufacturing (JUN) High   57.9 58.7
14:00 U.S ISM Employment (JUN) High     56.3
14:00 U.S ISM Prices Paid (JUN) Medium     79.5
23:50 Japan Monetary Base End of period (JUN) Medium     ¥492.6t
23:50 Japan Monetary Base (YoY) (JUN) Medium     8.1%

 

Euro

The single currency gained in Friday’s trading session after European Union leaders reached an agreement on migration that eased pressure on German Chancellor Angela Merkel, but the currency was set to log its best quarterly performance in six quarters. EU accord is helping to boost sentiment in the euro area. Overall, the EUR/USD traded with a low of 1.1556 and a high of 1.1689 before closing the day around 1.1686 in the New York session.

 

Yen

The Japanese Yen pair held firm supported by quarter-end buying as well as an absence of any fresh escalation in trade-related tensions between the United States and its major trading partners. Still, trade worries look set to dominate the market with traders increasingly worried about the impact of Sino-U.S. trade disputes on China’s economy. Overall, the USD/JPY traded with a low of 110.35 and a high of 110.92 before closing the day around 110.69 in the U.S session.

 

British Pound

The British Pound has suffered its worst quarter since the vote to leave the European Union in June 2016 triggered one of the biggest selloffs in the currency’s history. Worries that Britain will run out of time to agree on a deal with the EU for life after Brexit, a resurgent U.S dollar and weakness in the economy have combined to hammer the pound.  Overall, the GBP/USD traded with a low of 1.3067 and a high of 1.3212 before closing the day at 1.3210 in the New York session.

 

Canadian Dollar

The Canadian Dollar hit a two-week high as oil prices rose and after a surprise expansion of the domestic economy in April raised expectations for a BOC interest rate hike next month. Canada’s economy shrugged off the effects of bad weather to post growth of 0.1 per cent in April, and business optimism rose to near record levels in the second quarter. Overall, USD/CAD traded with a low of 1.3128 and a high of 1.3267 before closing the day at 1.3135 in the New York session.

 

Australian Dollar

The Australian Dollar has bounced back and is higher against the greenback, after trading at its lowest level in around 18 months. Economists have lowered their estimates of where the Australian dollar will trade by the end of this year, crystallizing a more bearish turn over the past couple of months in light of a stronger greenback. Overall, AUD/USD traded with a low of 0.7333 and a high of 0.7407 before closing the day at 0.7407 in the New York session.

 

Euro-Yen

 

EUR/JPY is trading below 14, 50 and 100 days moving average. Fast stochastic is giving a bearish tone and MACD is also issuing a bearish stance. The Relative Strength Index is above 43 and lies below the neutral zone. In general, the pair has gained 1.18%.

 

  

Sterling-Yen

Currently, GBP/JPY is trading below 14, 50 and 100 days moving average. Fast stochastic is issuing a bearish tone and MACD is also indicating a bearish stance. The Relative Strength Index is above 35 reading and lies below the neutral zone. On the whole, the pair has gained 1.18%.

 

  

Aussie-Yen

 

 

Currently, the cross is trading below 14, 50 and 100 days moving average. Fast stochastic is giving a bearish tone and MACD is indicating a bullish stance. The Relative Strength Index is above 40 reading and lies below the neutral region. In general, the pair has gained 0.88%.

 

  

Euro-Sterling

This cross is currently trading above 14, 50 and 100 days moving average. Fast stochastic is indicating a bullish tone and MACD is also issuing a bullish signal. The Relative Strength Index is above 58 and lies above the neutral region. On the whole, the pair has gained 0.01%.

 

  

Sterling-Swiss

This cross is trading below 14, 50 and 100 days moving average. Fast stochastic is issuing a bearish stance and MACD is indicating a bullish tone. The Relative Strength Index is above 32 and lies below the neutral region. In general, the pair has gained 0.25%.

 

Appendix

  

FOREX Closing Prices for June 29, 2018
Currency Open High Low Close Net Chg
EUR/USD 1.15666 1.1689 1.15569 1.16867 0.0117
USD/JPY 110.478 110.924 110.355 110.694 0.1870
GBP/USD 1.30759 1.32122 1.3067 1.32106 0.0132
USD/CHF 0.99734 0.99794 0.98921 0.99019 -0.0074
USD/CAD 1.32495 1.32671 1.3128 1.3135 -0.0116
EUR/JPY 127.802 129.446 127.648 129.35 1.5130
GBP/JPY 144.477 146.304 144.319 146.227 1.7020
CHF/JPY 110.741 111.882 110.626 111.813 1.0220
AUD/JPY 81.225 82.011 81.014 81.98 0.7120
EUR/GBP 0.88431 0.8889 0.88343 0.88469 0.0001
EUR/CHF 1.15371 1.15982 1.153 1.1571 0.0030
GBP/CHF 1.30426 1.31159 1.30207 1.30805 0.0032

 

 

 

Daily Pivot Points
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
EUR/USD 1.1467 1.1512 1.1599 1.1644 1.1732 1.1776 1.1864
USD/JPY 109.82 110.09 110.39 110.66 110.96 111.23 111.53
GBP/USD 1.2969 1.3018 1.3114 1.3163 1.3260 1.3308 1.3405
USD/CHF 0.9782 0.9837 0.9870 0.9924 0.9957 1.0012 1.0044
USD/CAD 1.2947 1.3038 1.3086 1.3177 1.3225 1.3316 1.3365
EUR/JPY 126.39 127.02 128.18 128.81 129.98 130.61 131.78
GBP/JPY 142.94 143.63 144.93 145.62 146.91 147.60 148.90
CHF/JPY 109.74 110.18 111.00 111.44 112.25 112.70 113.51
AUD/JPY 80.33 80.67 81.33 81.67 82.32 82.67 83.32
EUR/GBP 0.8770 0.8802 0.8824 0.8857 0.8879 0.8911 0.8934
EUR/CHF 1.1466 1.1498 1.1535 1.1566 1.1603 1.1635 1.1671
GBP/CHF 1.2934 1.2977 1.3029 1.3072 1.3124 1.3168 1.3219

 

Sources:  News, Charts & Quotes (Courtesy: Reuters, US Department Of Treasury)

 

 

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.