12 Июл 2018

Daily Market View

                 

Daily Market View

Thursday, July 12, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
24683 2773.75 7252.00
-0.88% -0.71% -0.55%

U.S equities snapped a four-session winning streak yesterday after the President Trump administration announced new tariffs on Chinese goods, further escalating tensions between the two largest economies in the world, which some investors fear could morph into a full-on trade war. The Dow Jones Industrial Average slumped 219.21 points or 0.9%. The S&P 500 fell 19.82 points or 0.7%. Only 1 of the 11 primary S&P 500 sectors closed in the green, with materials and the industrial sectors, both of which are seen as sensitive to trade issues, among the biggest losers. The energy sector also weighed on the market, tumbling more than 2% alongside a steep drop in the price of crude-oil futures. The utility sector, up 0.9%, was the sole gainer. The NASDAQ shed 42.59 points or 0.6%. The White House late Tuesday said it would assess 10% tariffs on a further $200 billion in Chinese goods. The move is seen as deepening the rift with Beijing and sending a message to other trading partners that the U.S. is willing to escalate a trade fight.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

jun

German Consumer Price Index (YoY) 06:00 2.1% 2.1%

 

Bank of England Credit Conditions & Bank Liabilities Surveys 08:30    

may

Euro-Zone Industrial Production w.d.a. (YoY) 09:00 2.3% 1.7%

may

Canada New Housing Price Index (YoY) 12:30 1.0% 1.6%

jul

U.S Initial Jobless Claims 12:30 225k 231k

jun

U.S Consumer Price Index (YoY) 12:30 2.9% 2.8%

jun

U.S Real Avg Weekly Earnings (YoY) 12:30   0.3%

jun

U.S Real Avg Hourly Earnings (YoY) 12:30   0.0%

jun

U.S Monthly Budget Statement 18:00 -$80.0b -$146.8b
Dow Jones Industrial Average

The Dow Jones Industrial Average lost 0.88% yesterday. The best performers of the session on the Dow Jones Industrial Average were Walt Disney Company, which rose 1.90% or 2.01 points to trade at 108.04 at the close. Meanwhile, Visa Inc. added 1.07% or 1.46 points to end at 138.15 and American Express Company was up 0.39% or 0.39 points to 100.30 in late trade. The worst performers of the session were Chevron Corp, which fell 3.19% or 4.07 points to trade at 123.52 at the close. Caterpillar Inc. declined 3.18% or 4.49 points to end at 136.76 and Dow DuPont Inc. was down 2.23% or 1.51 points to 66.30.

 

 

NASDAQ 100

The tech heavy NASDAQ index lost 0.55% yesterday. The top performers on the NASDAQ Composite were Biocept Inc. which rose 115.22% to 7.920, Myos Rens Technology Inc. which was up 38.19% to settle at 1.990 and Pioneer Pow which gained 7.00% to close at 5.35. The worst performers were Simulations Plus Inc. which was down 21.71% to 17.85 in late trade, Staffing 360 Solutions Inc. which lost 20.61% to settle at 2.850 and Idera Pharmaceuticals Inc. which was down 20.44% to 1.090 at the close.

Oil

Oil prices went into free fall yesterday, plunging on a raft of bearish news and posting their worst performance in over a year. Crude futures briefly pared losses in morning trade after the U.S. government reported a huge 12.6 million-barrel drop in crude stockpiles, but the market quickly shrugged off the weekly data. Instead, traders were focused on supply concerns as Libya resolved a major disruption to its crude exports and Saudi Arabia reported a big jump in output for June. Meanwhile, renewed trade tensions weighed on market sentiment. U.S. light crude ended Wednesday’s session down $3.73, or 5 percent, at $70.38 a barrel. That marked its biggest daily drop since June 2017. Oil prices fell along with stock markets and other commodities after the Trump administration threatened to slap tariffs on another $200 billion in Chinese goods. The prospect of a worsening trade war has raised fears of slower global growth that could clip demand for oil.

 

Precious and Base Metals

Gold prices slipped yesterday as U.S threats of tariffs on an additional $200 billion of Chinese goods pushed safe-haven flows to the dollar and dashed hopes that Washington will eventually step back from the escalating row. U.S President Donald Trump detailed overnight a list of Chinese products that could face 10 percent tariffs. The clock now starts ticking on a two-month period of public comment before the levies are imposed. The news sent the U.S. dollar to an 11-month high versus the yuan and hit the Australian dollar, but left the euro largely unmoved. A strong greenback makes U.S. dollar-priced gold costlier for non-American investors. Gold options keep getting higher and higher, which means people are positioned for prices to rise. It tells us there is overhanging positive sentiment to gold but right now the money is sitting on the sidelines. Spot gold was 0.5 percent lower at $1,249.74 an ounce. In the previous session, bullion hit a one-week low at $1,246.81. U.S gold futures for August delivery were 0.5 percent lower at $1,249.80 an ounce. The news of more possible U.S. tariffs on China comes days after Washington imposed 25 percent duties on $34 billion of Chinese imports, and Beijing responded immediately with matching levies on the same amount of U.S exports to China. Spot gold may break support at $1,247 per ounce and fall more towards the next support at $1,237 as it has completed a bounce from the July 3 low of $1,237.32. Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Shares, fell 0.22 percent to 799.02 tonnes on Tuesday. Silver shed 0.9 percent to $15.91 an ounce and platinum was 0.8 percent lower at $835.25 per ounce. Earlier in the session, both metals fell to their lowest since July 3. In the wider markets, global stocks fell while metals slumped to their lowest in a year on fears of a trade war. Falling equities, seen as risky assets, usually help gold, a traditional safe haven.

 

 

 

 

Wheat, Corn, and Soybeans

Soybean futures fell yesterday, with corn setting fresh contract lows, as favorable U.S crop conditions and concern about a deepening trade dispute between the United States and China weighed on prices. The USDA lowered its crop condition ratings for corn and soybeans only slightly for the past week.

 

Futures Settlement Price Wednesday, July 11, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 24748 24802 24609 24683 -242
S & P 500 SPM18 2781 2787.5 2765.75 2773.75 -22.75
NASDAQ 100 NDM18 7261.5 7289.25 7204.25 7252 -49
Hang Seng HSH18 28073 28360 27887 28278 -369
Nikkei 225 NKH18 22050 22050 21725 21920 -265
FTSE 100 FTH18 7585 7587.5 7504 7530.5 -105
Gold GCJ18 1256.1 1257.1 1241.5 1241.5 -14.3
Silver SIK18 1608 1608.5 1579.5 1581 -27
Copper HGK18 282.95 283 271.7 275.05 -7.85
Crude Oil CLK18 74.16 74.23 69.99 70.57 -3.6
Wheat WK18 488.5 490 471 472 -19.75
Soybeans SK18 848 848.75 832.25 832.75 -22.5
Corn CK18 344.5 347 339.5 339.75 -8

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 24401 24505 24594 24698 24787 24891 24980
SPM18 2742.08 2753.92 2763.83 2775.67 2785.58 2797.42 2807.33
NDM18 7122.75 7163.50 7207.75 7248.50 7292.75 7333.50 7377.75
HSH18 27517 27702 27990 28175 28463 28648 28936
NKH18 21422 21573 21747 21898 22072 22223 22397
FTH18 7410.33 7457.17 7493.83 7540.67 7577.33 7624.17 7660.83
GCJ18 1220.70 1231.10 1236.30 1246.70 1251.90 1262.30 1267.50
SIK18 1541.83 1560.67 1570.83 1589.67 1599.83 1618.67 1628.83
HGK18 258.87 265.28 270.17 276.58 281.47 287.88 292.77
CLK18 64.72 67.36 68.96 71.60 73.20 75.84 77.44
WK18 446.33 458.67 465.33 477.67 484.33 496.67 503.33
SK18 810.58 821.42 827.08 837.92 843.58 854.42 860.08
CK18 329.67 334.58 337.17 342.08 344.67 349.58 352.17

 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.

 

 

 

 

 

 

12 Июл 2018

FOREX Newsletter

     

FOREX Newsletter

July 12, 2018

 

Pulse of the Market

·      The Labor Department said its producer price index for final demand increased 0.3% last month

·      The Euro fell which followed a report that ECB members were split over when to raise rates

·      Both safe-haven currencies yen and Swiss franc were under pressure against the greenback

·      Bank of Canada raised interest rates and said it expected GDP to come in at 2.8% for the year

The U.S Dollar rose yesterday as data showing U.S. wholesale prices increased at a faster pace than anticipated last month raised investor expectations for stronger inflation, increasing the prospect of further Fed rate hikes. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.36% to 94.19. The Labor Department said on Wednesday its producer price index for final demand increased 0.3% last month. In the 12 months through June, the PPI rose 3.4% after rising 3.1% in May. This was the biggest annual increase in 6-1/2 years, stoking expectations the Fed could adopt a more aggressive stance on monetary policy tightening to rein in inflation. Euro weakness also pushed the greenback higher, as the single currency pared gains which followed report ECB members were split over when to raise rates. Some policymakers said an increase was possible as early as July 2019, while others suggested a move was unlikely until autumn next year, Reuters reported Wednesday, citing sources. The return of U.S.-China trade war jitters, meanwhile, did little to lift safe-haven currencies as both the yen and Swiss franc were under pressure against the greenback. The White House issued a list late Tuesday of 10% tariffs on $200 billion worth of Chinese imports it will assess. USD/CAD rose 0.26% to C$1.3148 after Bank of Canada raised interest rates Wednesday, and said it expected GDP to come in at 2.8% for the year. But analysts said the 2.8% year-end GDP target was somewhat optimistic and suggested that the loonie would continue to weaken. As things stand today, the 2.8% predicted growth for 2018 Q2 looks a touch optimistic, we remain biased for USD/CAD to re-test its 2018 highs in the coming weeks and months. The Canadian dollar whipsawed after the Bank of Canada increased interest rates as expected. After its initial 0.8 percent rally, the loonie swooned more than 1.1 percent when policymakers said U.S. tariffs would have a bigger effect on the economy than originally anticipated.
 
Time(GMT)   Economic Release IMP Actual Forecast Prior
01:00 Australia Consumer Inflation Expectation (JUL) Medium     4.2%
06:00 German Consumer Price Index (YoY) (JUN) Medium   2.1% 2.1%
08:30 Bank of England Credit Conditions & Bank Liabilities Surveys High      
09:00 Euro-Zone Industrial Production w.d.a. (YoY) (MAY) Medium   2.3% 1.7%
12:30 Canada New Housing Price Index (YoY) (MAY) Medium   1.0% 1.6%
12:30 U.S Initial Jobless Claims (JUL 07) Medium   225k 231k
12:30 U.S Continuing Claims (JUN 30) Medium     1739k
12:30 U.S Consumer Price Index (YoY) (JUN) High   2.9% 2.8%
12:30 U.S Consumer Price Index Ex Food and Energy (YoY) (JUN) High   2.3% 2.2%
12:30 U.S Real Avg Weekly Earnings (YoY) (JUN) Medium     0.3%
12:30 U.S Real Avg Hourly Earnings (YoY) (JUN) Medium     0.0%
18:00 U.S Monthly Budget Statement (JUN) Medium   -$80.0b -$146.8b
22:30 New Zealand BusinessNZ Manufacturing PMI (JUN) Medium     54.5

 

Euro

 

The single currency fell as the U.S Dollar strengthened in yesterday’s trading session after the market put aside trade tension fears and focused on the Labor Department’s expectation-beating inflation report, which increased prospects that the Federal Reserve will raise interest rates another two times this year. Overall, the EUR/USD traded with a low of 1.1664 and a high of 1.1756 before closing the day around 1.1671 in the New York session.

 

Yen

The Japanese Yen pair broke through the psychologically significant barrier of 112 yen for the first time since Jan. 10, rising as much as 1.3 percent to a top of 112.17 yen. Wednesday’s strong flows into the dollar/yen trade continued a trend that began after the United States last week reported decent employment data and a pickup in wages. Overall, the USD/JPY traded with a low of 110.74 and a high of 112.15 before closing the day around 112.00 in the U.S session.

 

British Pound

The British Pound faced a tough after ministers from British Prime minister Theresa May’s cabinet suddenly quit their posts, which has raised speculation that a leadership challenge could come as early as this week. The political instability has also cast into doubt the bank of England’s ability to lift interest rates next month.  Overall, the GBP/USD traded with a low of 1.3197 and a high of 1.3283 before closing the day at 1.3202 in the New York session.

 

Canadian Dollar

The Canadian Dollar weakened to a more than one-week low against its U.S counterpart in yesterday’s trading session as broad-based gains for the greenback offset an interest rate hike and the prospect of further tightening by the Bank of Canada. The U.S dollar rose as the market put aside trade tension fears and focused on an expectation-beating inflation report. Overall, USD/CAD traded with a low of 1.3062 and a high of 1.3212 before closing the day at 1.3208 in the New York session.

 

Australian Dollar

The Australian Dollar was unable to capitalize on improving local consumer sentiment data, weighed down by a resumption in trade war headlines. In July, Westpac Consumer Confidence rose 3.9% m/m which was the fastest increase since May 2016. Meanwhile, the index clocked in at 106.1 from 102.1 in June. That was the highest outcome since November 2013. Overall, AUD/USD traded with a low of 0.7363 and a high of 0.7445 before closing the day at 0.7364 in the New York session.

 

 

Euro-Yen

EUR/JPY is trading above 14 and below 50, 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 63 and lies above the neutral zone. In general, the pair has gained 0.29%.

 

Sterling-Yen

Currently, GBP/JPY is trading above 14 and below 50, 100 days moving average. Fast stochastic is issuing a bullish tone and MACD is also indicating a bullish stance. The Relative Strength Index is above 61 reading and lies above the neutral zone. On the whole, the pair has gained 0.38%.

  

Aussie-Yen

Currently, the cross is trading above 14 and below 50, 100 days moving average. Fast stochastic is giving a bullish tone and MACD is also indicating a bullish stance. The Relative Strength Index is above 53 reading and lies above the neutral region. In general, the pair has lost 0.33%.

 

Euro-Sterling

This cross is currently trading above 14, 50 and 100 days moving average. Fast stochastic is indicating a bearish tone and MACD is issuing a bullish signal. The Relative Strength Index is above 54 and lies above the neutral region. On the whole, the pair has lost 0.07%.

 

Sterling-Swiss

This cross is trading above 14 and below 50, 100 days moving average. Fast stochastic is issuing a bullish stance and MACD is also indicating a bullish tone. The Relative Strength Index is above 47 and lies below the neutral region. In general, the pair has lost 0.13%.

 

Appendix

 

 

FOREX Closing Prices for July 11, 2018
Currency Open High Low Close Net Chg
EUR/USD 1.17436 1.17568 1.1664 1.16717 -0.0071
USD/JPY 110.92 112.15 110.748 112.001 1.0210
GBP/USD 1.32746 1.32835 1.31978 1.32023 -0.0071
USD/CHF 0.99179 0.9964 0.99033 0.99575 0.0041
USD/CAD 1.3113 1.32128 1.30622 1.32081 0.0097
EUR/JPY 130.296 130.937 129.889 130.719 0.3820
GBP/JPY 147.265 148.105 146.778 147.887 0.5660
CHF/JPY 111.809 112.548 111.572 112.443 0.5620
AUD/JPY 82.515 82.693 82.037 82.488 -0.2760
EUR/GBP 0.88419 0.88597 0.88277 0.88387 -0.0006
EUR/CHF 1.16468 1.16558 1.16168 1.16293 -0.0018
GBP/CHF 1.31673 1.31811 1.31376 1.31474 -0.0017

 

 

Daily Pivot Points
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
EUR/USD 1.1545 1.1605 1.1638 1.1698 1.1731 1.1790 1.1824
USD/JPY 109.71 110.23 111.11 111.63 112.52 113.04 113.93
GBP/USD 1.3087 1.3142 1.3172 1.3228 1.3258 1.3314 1.3344
USD/CHF 0.9859 0.9881 0.9919 0.9942 0.9980 1.0002 1.0041
USD/CAD 1.2959 1.3010 1.3109 1.3161 1.3260 1.3312 1.3410
EUR/JPY 129.05 129.47 130.09 130.52 131.14 131.56 132.19
GBP/JPY 145.75 146.26 147.08 147.59 148.40 148.92 149.73
CHF/JPY 110.85 111.21 111.83 112.19 112.80 113.16 113.78
AUD/JPY 81.46 81.75 82.12 82.41 82.78 83.06 83.43
EUR/GBP 0.8792 0.8810 0.8824 0.8842 0.8856 0.8874 0.8888
EUR/CHF 1.1573 1.1595 1.1612 1.1634 1.1651 1.1673 1.1690
GBP/CHF 1.3086 1.3112 1.3130 1.3155 1.3173 1.3199 1.3217

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.

 

 

11 Июл 2018

Daily Market View

    

 Daily Market View

Wednesday, July 11, 2018

          U.S Stock Market

 

DJIA S & P 500 NASDAQ
24925 2796.50 7301.00
+0.58% +0.35% +0.04%

U.S stocks shook off some midday doldrums and rose for the fourth day in a row Tuesday as strong results from Pepsi helped household goods companies. The market is at its highest level since early February. Shares of most kinds of large companies finished higher, with food and consumer products makers, energy companies and utilities making some of the biggest gains. Pepsi staged its biggest rally in almost nine years after a solid second-quarter report. The S&P 500 is the highest it’s been since Feb. 1 and has climbed seven times in the last eight days even though the U.S. and China are now in open conflict over trade. Wall Street has focused instead on last week’s strong jobs report for June as well as company earnings reports. The S&P 500 index added 9.67 points, or 0.3 per cent. The Dow Jones Industrial Average rose 143.07 points, or 0.6 per cent. The NASDAQ picked up 3 points. Major U.S. banks including JPMorgan Chase and Citigroup will announce their results Friday morning, and most of the companies in the S&P 500 will report their results in the weeks after that.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

jul

Australia Westpac Consumer Confidence 00:30   0.3%

may

Japan Tertiary Industry Index (MoM) 04:30 -0.3% 1.0%

 

ECB President Draghi Speaks in Frankfurt 07:00    

jul

U.S MBA Mortgage Applications 11:00   -0.5%

jun

U.S PPI Final Demand (YoY) 12:30 3.1% 3.1%

jul

Bank of Canada Rate Decision 14:00 1.50% 1.25%

jul

DOE U.S. Crude Oil Inventories 14:30   1245k

 

BOE Governor Mark Carney Speaks in Boston, Massachusetts 15:35    

jun

U.K RICS House Price Balance 23:01 -2.0% -3.0%
Dow Jones Industrial Average

The Dow Jones Industrial Average rose 0.58% yesterday. The best performers of the session on the Dow Jones Industrial Average were Procter & Gamble Company, which rose 2.52% or 1.96 points to trade at 79.82 at the close. Meanwhile, Dow DuPont Inc. added 1.59% or 1.06 points to end at 67.81 and General Electric Company was up 1.58% or 0.22 points to 14.17 in late trade. The worst performers of the session were JPMorgan Chase & Co, which fell 0.62% or 0.66 points to trade at 106.62 at the close. Goldman Sachs Group Inc. declined 0.50% or 1.14 points to end at 226.85 and Apple Inc. was down 0.12% or 0.23 points to 190.35.

 

NASDAQ 100

The tech heavy NASDAQ index gained 0.04% yesterday. The top performers on the NASDAQ Composite were MER Telemanagement Solutions Ltd which rose 145.95% to 2.7300, Bridgeline Digital Inc. which was up 75.57% to settle at 2.3000 and US Gold Corp which gained 23.02% to close at 1.6300. The worst performers were Tantech Holdings Ltd which was down 43.56% to 1.49 in late trade, Staffing 360 Solutions Inc. which lost 34.73% to settle at 3.590 and MabVax Therapeutics Holdings Inc. which was down 21.23% to 1.150 at the close.

Oil

Oil rose in yesterday’s session, supported by larger-than-expected U.S stock draw and supply concerns in Norway and Libya, though gains were tempered by the United States’ indication that it would consider requests for waivers from Iranian oil sanctions. U.S. crude futures rose 26 cents to settle at $74.11, after hitting a high of $74.70. U.S. crude inventories fell last week by 6.8 million barrels, according to data from industry group the American Petroleum Institute. That decline was larger than expected, causing crude futures to gain in post-settlement trading. Analysts polled by Reuters forecast that crude stocks fell on average by 4.5 million barrels, ahead of government data today. Both crude benchmarks retreated from near four-year highs after U.S. Secretary of State Mike Pompeo said the United States would consider requests from some countries to be exempted from sanctions on Iranian oil.

Precious and Base Metals

Gold prices gave up early gains to trade slightly lower yesterday as the U.S dollar recovered, while lingering U.S.-China trade worries and political uncertainty over Brexit limited losses. Spot gold was down 0.1 percent at $1,256.79 an ounce, after touching its highest since June 26 at $1,265.87 in the previous session. U.S. gold futures for August delivery were 0.2 percent lower at $1,257.40 an ounce. The main driver was the dollar. The dollar’s index against a basket of six major currencies was up 0.04 percent at 94.114 after dropping to its lowest since mid-June on Monday. Investors were also on the sidelines awaiting developments on the trade war between China and the United States. Last week, the world’s top two economies slapped tit-for-tat duties on $34 billion worth of each other’s imports. Geopolitical issues such as Britain’s confused exit from the European Union and U.S. President Trump’s assertion that China was impeding North Korean progress on denuclearization have provided some support for gold. Britain’s ramshackle exit from the European Union could damage economic growth in the eurozone, European Central Bank policymaker Ewald Nowotny said. Prime Minister Theresa May’s foreign minister and Brexit negotiator quit on Monday in protest at her plans to keep close trade ties with the European Union after Britain leaves the bloc. The departure of two key Eurosceptic ministers raised worries about a “hard Brexit”. Hedge funds and money managers raised their net long position in COMEX gold by 105 contracts to 4,291 contracts in the week to July 3, U.S. Commodity Futures Trading Commission (CFTC) data showed on Monday. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped 0.18 percent to 800.77 tonnes on Monday, its lowest since August 2017. In other precious metals, silver was up 0.1 percent to $16.08 an ounce.

 

 

Wheat, Corn, and Soybeans

Corn futures fell to contract lows on forecasts for crop-boosting rain and milder temperatures in the heart of the U.S Corn Belt, with three-quarters of the nation’s crop already in good-to-excellent shape. Wheat futures tumbled more than three per cent on dull export demand and improving spring wheat crop conditions.

 

 

Futures Settlement Price Tuesday, July 10, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 24777 24934 24765 24925 154
S & P 500 SPM18 2787.5 2797.5 2786 2796.5 9
NASDAQ 100 NDM18 7300.5 7334.75 7275.75 7301 0.5
Hang Seng HSH18 28936 29007 28556 28647 -75
Nikkei 225 NKH18 22205 22290 22160 22185 125
FTSE 100 FTH18 7637 7653.5 7613.5 7635.5 2
Gold GCJ18 1258.5 1260.7 1247.5 1255.8 -2.4
Silver SIK18 1614 1618.5 1591.5 1608 -5.5
Copper HGK18 287.1 287.9 281.35 282.9 -4.25
Crude Oil CLK18 74.01 74.66 73.62 74.17 0.19
Wheat WK18 506 507 487.75 491.75 -15.75
Soybeans SK18 855 864.5 846.25 855.25 0
Corn CK18 353 353.5 344 347.75 -6

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 24646 24706 24815 24875 24984 25044 25153
SPM18 2777.67 2781.83 2789.17 2793.33 2800.67 2804.83 2812.17
NDM18 7213.92 7244.83 7272.92 7303.83 7331.92 7362.83 7390.92
HSH18 28015 28286 28466 28737 28917 29188 29368
NKH18 22003 22082 22133 22212 22263 22342 22393
FTH18 7574.83 7594.17 7614.83 7634.17 7654.83 7674.17 7694.83
GCJ18 1235.43 1241.47 1248.63 1254.67 1261.83 1267.87 1275.03
SIK18 1566.50 1579.00 1593.50 1606.00 1620.50 1633.00 1647.50
HGK18 273.65 277.50 280.20 284.05 286.75 290.60 293.30
CLK18 72.60 73.11 73.64 74.15 74.68 75.19 75.72
WK18 464.75 476.25 484.00 495.50 503.25 514.75 522.50
SK18 827.92 837.08 846.17 855.33 864.42 873.58 882.67
CK18 333.83 338.92 343.33 348.42 352.83 357.92 362.33

 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.

 

 

11 Июл 2018

FOREX Newsletter

         

FOREX Newsletter

July 11, 2018

  Pulse of the Market

·      The Dollar extended early gains against a currency basket in yesterday’s trading session

·      German investor confidence fell to the lowest level in six years in July

·      UK economic growth picked up to 0.3% in May according to monthly GDP figures

·      Canadian Dollar was supported amid expectations the BOC will increase interest rates today

The U.S Dollar rose against its rivals yesterday, supported by upbeat labor market data and a weaker yen, as easing trade-war fears continued to keep a lid on demand for safe-haven currencies. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.16% to 93.95. The U.S. Labor Department’s latest Job Openings and Labor Turnover Survey (JOLTs) report, a measure of labor demand, showed job openings in May came in at about 6.64 million, beating expectations for 6.58 million. The uptick in job openings follows a bullish nonfarm payrolls report Friday, showing the U.S. economy had created more jobs than forecast in June, strengthening calls for further increases in U.S. interest rates. The odds of a fourth rate hike at the Federal Reserve’s December meeting has increased to 54%, up from about 44% last week, according to Fed Rate Monitor Tool. The dollar also added to gains against safe-haven currencies like the yen and the Swiss Franc as the flight-to-safety trade has been halted somewhat by easing trade-war fears. GBP/USD fell 0.07% to $1.3250 as manufacturing activity unexpectedly fell, and concerns over UK government turmoil weighed. But losses in sterling were limited, by an in-line GDP print, raising expectations for a Bank of England (BoE) August rate hike. A (BoE) rate increase in August is now more likely following data showing UK GDP grew 0.3% in May. The euro was weaker against the firmer dollar, with EUR/USD down 0.27%. In the euro zone, data on Tuesday showed that German investor confidence fell to the lowest level in six years in July as fears over an escalation in trade tensions with the U.S. dampened the economic outlook. The ZEW index of German investor sentiment dropped to -24.7 this month from -16.1 in June, the weakest reading since August 2012.

 

  
Time(GMT)   Economic Release IMP Actual Forecast Prior
00:30 Australia Westpac Consumer Confidence (JUL) Medium     0.3%
01:30 Australia Home Loans (MoM) (MAY) Medium   -2.0% -1.4%
04:30 Japan Tertiary Industry Index (MoM) (MAY) Medium   -0.3% 1.0%
07:00 ECB President Draghi Speaks in Frankfurt High      
07:30 ECB’s Praet Chairs Conference Session in Frankfurt Low      
11:00 U.S MBA Mortgage Applications (JUL 06) Medium     -0.5%
12:30 U.S PPI Final Demand (YoY) (JUN) Low   3.1% 3.1%
12:30 U.S Producer Price Index Ex Food and Energy (YoY) (JUN) Low   2.6% 2.4%
14:00 Bank of Canada Rate Decision (JUL 11) High   1.50% 1.25%
14:00 U.S Wholesale Trade Sales (MoM) (MAY) Low     0.8%
14:30 DOE U.S. Crude Oil Inventories (JUL 06) Medium     1245k
15:35 BOE Governor Mark Carney Speaks in Boston, Massachusetts High      
23:01 U.K RICS House Price Balance (JUN) Medium   -2.0% -3.0%
23:50 Japan Buying Foreign Bonds (Yen) (JUL 06) Low     -¥293.4b
23:50 Japan Buying Foreign Stocks (Yen) (JUL 06) Low     ¥984.9b

 

Euro

The single currency fell in yesterday’s trading session following post data weakness. The Euro was pressured lower by weaker than expected German ZEW economic sentiment. It seems that for now, investors have left global trade war behind. The Euro also fell as the U.S Dollar strengthens broadly yesterday. Overall, the EUR/USD traded with a low of 1.1688 and a high of 1.1761 before closing the day around 1.1743 in the New York session.

 

Yen

The Japanese Yen weakened yesterday. The yen was the weakest against the British pound. Yesterday, the yen also weakened against most major currencies thanks to supportive risk sentiment and rising bond yields. Given the lack of recent first-tier economic data or significant central bank events, the yen is trading as a function of international developments. Overall, the USD/JPY traded with a low of 110.78 and a high of 111.33 before closing the day around 110.98 in the U.S session.

 

British Pound

The British Pound staged a minor recovery yesterday after taking a bruising on the back of two ministerial resignations a day earlier which threw Theresa May’s premiership into doubt. Yesterday’s upward move is likely to be driven by short covering, and it is worth noting the political situation in the UK is still fragile.  Overall, the GBP/USD traded with a low of 1.3221 and a high of 1.3299 before closing the day at 1.3273 in the New York session.

 

Canadian Dollar

The Canadian Dollar fell as investors are waiting for guidance on the economic outlook that could accompany a potential interest rate hike from the Bank of Canada today. Money markets see a greater than 90 percent chance that the central bank will lift its policy rate by 25 basis points, to 1.50 percent, which would be the fourth hike since last summer. Overall, USD/CAD traded with a low of 1.3098 and a high of 1.3143 before closing the day at 1.3110 in the New York session.

 

Australian Dollar

The Australian Dollar strengthened against all major currencies except the British pound yesterday. The Australian dollar is currently the strongest against the Japanese yen. On Monday, the Aussie rebounded against the US dollar after making its most recent bottom at 0.7310. Thanks to improving risk sentiment, the Australian dollar rebound continues. Overall, AUD/USD traded with a low of 0.7428 and a high of 0.7481 before closing the day at 0.7458 in the New York session.

 

Euro-Yen

EUR/JPY is trading above 14 and below 50, 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 61 and lies above the neutral zone. In general, the pair has gained 0.08%.

 

 Sterling-Yen

Currently, GBP/JPY is trading above 14 and below 50, 100 days moving average. Fast stochastic is issuing a bullish tone and MACD is also indicating a bullish stance. The Relative Strength Index is above 56 reading and lies above the neutral zone. On the whole, the pair has gained 0.27%.

 

 Aussie-Yen

Currently, the cross is trading above 14 and below 50, 100 days moving average. Fast stochastic is giving a bullish tone and MACD is also indicating a bullish stance. The Relative Strength Index is above 58 reading and lies above the neutral region. In general, the pair has gained 0.05%.

 

 Euro-Sterling

This cross is currently trading above 14, 50 and 100 days moving average. Fast stochastic is indicating a bearish tone and MACD is issuing a bullish signal. The Relative Strength Index is above 56 and lies above the neutral region. On the whole, the pair has lost 0.19%.

 

 Sterling-Swiss

This cross is trading above 14 and below 50, 100 days moving average. Fast stochastic is issuing a bullish stance and MACD is also indicating a bullish tone. The Relative Strength Index is above 48 and lies below the neutral region. In general, the pair has gained 0.17%.

 

Appendix

  

FOREX Closing Prices for July 10, 2018
Currency Open High Low Close Net Chg
EUR/USD 1.17521 1.17613 1.16889 1.17431 -0.0006
USD/JPY 110.8 111.335 110.783 110.98 0.1520
GBP/USD 1.32577 1.32995 1.32214 1.32732 0.0017
USD/CHF 0.99131 0.99598 0.9908 0.99167 0.0003
USD/CAD 1.31096 1.31438 1.30986 1.31109 0.0006
EUR/JPY 130.224 130.719 130.074 130.337 0.1080
GBP/JPY 146.918 147.767 146.802 147.321 0.3920
CHF/JPY 111.74 112.145 111.677 111.881 0.1160
AUD/JPY 82.715 83.128 82.616 82.764 0.0400
EUR/GBP 0.88621 0.88731 0.88183 0.8845 -0.0017
EUR/CHF 1.165 1.16567 1.16298 1.1647 -0.0002
GBP/CHF 1.31445 1.32029 1.31222 1.31644 0.0022

  

Daily Pivot Points
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
EUR/USD 1.1629 1.1659 1.1701 1.1731 1.1773 1.1804 1.1846
USD/JPY 110.18 110.48 110.73 111.03 111.28 111.58 111.83
GBP/USD 1.3152 1.3187 1.3230 1.3265 1.3308 1.3343 1.3386
USD/CHF 0.9845 0.9876 0.9897 0.9928 0.9948 0.9980 1.0000
USD/CAD 1.3047 1.3073 1.3092 1.3118 1.3137 1.3163 1.3182
EUR/JPY 129.39 129.73 130.03 130.38 130.68 131.02 131.32
GBP/JPY 145.86 146.33 146.83 147.30 147.79 148.26 148.76
CHF/JPY 111.19 111.43 111.66 111.90 112.13 112.37 112.59
AUD/JPY 82.03 82.32 82.54 82.84 83.06 83.35 83.57
EUR/GBP 0.8763 0.8791 0.8818 0.8845 0.8873 0.8900 0.8927
EUR/CHF 1.1605 1.1618 1.1632 1.1645 1.1659 1.1671 1.1686
GBP/CHF 1.3043 1.3082 1.3123 1.3163 1.3204 1.3244 1.3285

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.

 

 

10 Июл 2018

 FOREX Newsletter

         

FOREX Newsletter

July 10, 2018

 

 

Pulse of the Market

·      The U.S Dollar traded lower after the latest U.S jobs report pointed to sluggish wage growth

·      Sterling was higher climbing 0.53% to 1.3356, having recovered from a low of 1.3284

·      The single currency gained after data showed that German exports rose by more than imports

·      The trade sensitive Australian dollar Strengthened, with its highest level since mid-June

 

The US Dollar traded lower against all of the major currencies in the first few days of the third quarter. While it may be tempting to call this a peak, it is too early for all the bulls to retreat. However, all of the major currencies traded higher against the greenback with EUR/USD ending the week above 1.17. AUD/USD also saw gains, its rally stopped at the top of its 3-week range. Most importantly, USD/JPY ended the week above 110 because even though Friday’s labor market report fell short of expectations, the data is strong enough for the Federal Reserve to proceed with raising interest rates. Sterling should be trading much higher but unfortunately, Prime Minister May’s unpopular Brexit plan is hampering the currency’s rally. May is having a very difficult time gathering internal and external support for her complicated customs setup. The start of week’s trade was dominated by the drama from UK as Theresa May’s Brexit minister Davis resigned from her government in protest over her negotiating stance. Mr. Davis stated that he would not be able to deliver on her position as it would involve the UK giving up too much independence on the rulemaking front in order to stay in the customs union. Last week’s economic reports showed widespread improvements in the UK economy. The manufacturing, service and construction sectors all saw improvements in the month of June that took the composite PMI index to its highest level in 8 months. Thanks to a strong of positive developments, euro rose to a 3-week high against the US dollar. After reaching a deal with the EU on migration, Angela Merkel averted a collapse of Germany’s government by securing an agreement with her coalition partner the Christian Social Union.
Time(GMT)   Economic Release IMP Actual Forecast Prior
01:30 Australia NAB Business Confidence (JUN) Medium     6
01:30 China Producer Price Index (YoY) (JUN) Medium   4.5% 4.1%
01:30 China Consumer Price Index (YoY) (JUN) High   1.9% 1.8%
06:00 Japan Machine Tool Orders (YoY) (JUN) Medium     14.9%
08:30 U.K Visible Trade Balance (Pounds) (MAY) Medium   -£12,000 -£14,035
08:30 U.K Industrial Production (YoY) (MAY) Medium   1.9% 1.8%
08:30 U.K Manufacturing Production (YoY) (MAY) Medium   1.9% 1.4%
08:30 U.K Statistics Office Publishes First Monthly Estimate of GDP High      
09:00 German ZEW Survey Current Situation (JUL) Medium   78.2 80.6
09:00 German ZEW Survey Expectations (JUL) High   -18.5 -16.1
09:00 Euro-Zone ZEW Survey (Economic Sentiment) (JUL) High     -12.6
11:00 U.K NIESR Gross Domestic Product Estimate (JUN) Medium     0.2%
12:15 Canada Housing Starts (JUN) Medium   210.0k 195.6k
12:30 Canada Building Permits (MoM) (MAY) Medium   -0.5% -4.6%
14:00 U.S JOLTS Job Openings (MAY) Low   6660 6698
23:50 Japan Machine Orders (YoY) (MAY) Medium   10.2% 9.6%

 

Euro

The single currency rose to its highest since June 14 yesterday as investors bought riskier assets following favorable U.S jobs data last week. Investors appear to be ignoring the worsening trade conflict between the United States and China, preferring to focus on decent economic numbers. Data showing a healthy rise in German exports have also helped. Overall, the EUR/USD traded with a low of 1.1731 and a high of 1.1789 before closing the day around 1.1749 in the New York session.

 

Yen

The Japanese Yen ticked lower yesterday. In North American trade, USD/JPY traded up 0.09% on the day. On the release front, Japan’s current account surplus narrowed to JPY 1.85 billion, crushing the estimate of JPY 1.18 billion. Today, Japan releases machine tool reports and PPI, while the U.S publishes JOLT Jobs Openings. Overall, the USD/JPY traded with a low of 110.33 and a high of 110.88 before closing the day around 110.82 in the U.S session.

 

British Pound

The British Pound skidded lower yesterday after British foreign minister Boris Johnson resigned, with the pound falling against both the dollar and the euro. Johnson followed former Brexit minister David Davis in resigning. Davis had resigned last night in opposition to Prime Minister Theresa May’s plan for life after leaving the European Union.  Overall, the GBP/USD traded with a low of 1.3187 and a high of 1.3360 before closing the day at 1.3255 in the New York session.

 

Canadian Dollar

The Canadian Dollar weakened pulling back from a nearly four-week high, as investors weighed whether cautious language might accompany an expected BOC interest rate hike. The BOC likely hike interest rates as strong job growth and rising inflation pressures override concerns about a deepening trade rift with the United States, a Reuters poll found. Overall, USD/CAD traded with a low of 1.3063 and a high of 1.3120 before closing the day at 1.3104 in the New York session.

 

Australian Dollar

The Australian Dollar has suffered against its US counterpart since the start of the year and the signs aren’t looking favorable for a sustained recovery in the currency any time soon. The Australian dollar traded at US74.33¢ on Monday, with the currency lifted by Friday’s well-received US payrolls data, which weighed down the greenback. Overall, AUD/USD traded with a low of 0.7460 and a high of 0.7466 before closing the day at 0.7460 in the New York session.

 

Euro-Yen

EUR/JPY is trading above 14 and below 50, 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 59 and lies above the neutral zone. In general, the pair has gained 0.43%.

 

Sterling-Yen

Currently, GBP/JPY is trading above 14 and below 50, 100 days moving average. Fast stochastic is issuing a bullish tone and MACD is also indicating a bullish stance. The Relative Strength Index is above 54 reading and lies above the neutral zone. On the whole, the pair has gained 0.17%.

 

Aussie-Yen

Currently, the cross is trading above 14 and below 50, 100 days moving average. Fast stochastic is giving a bullish tone and MACD is also indicating a bullish stance. The Relative Strength Index is above 55 reading and lies above the neutral region. In general, the pair has gained 0.81%.

 

 Euro-Sterling

This cross is currently trading above 14, 50 and 100 days moving average. Fast stochastic is indicating a bearish tone and MACD is issuing a bullish signal. The Relative Strength Index is above 59 and lies above the neutral region. On the whole, the pair has gained 0.22%.

   

Sterling-Swiss

This cross is trading above 14 and below 50, 100 days moving average. Fast stochastic is issuing a bullish stance and MACD is also indicating a bullish tone. The Relative Strength Index is above 46 and lies below the neutral region. In general, the pair has lost 0.12%.

 

Appendix

  

FOREX Closing Prices for July 09, 2018
Currency Open High Low Close Net Chg
EUR/USD 1.17503 1.17892 1.17313 1.17494 0.0005
USD/JPY 110.451 110.883 110.333 110.828 0.4040
GBP/USD 1.33103 1.33608 1.31879 1.32558 -0.0027
USD/CHF 0.98896 0.99283 0.9856 0.99133 0.0008
USD/CAD 1.3092 1.31205 1.30638 1.31048 0.0004
EUR/JPY 129.798 130.235 129.659 130.229 0.5620
GBP/JPY 147.034 147.589 146.088 146.929 0.2540
CHF/JPY 111.652 112.009 111.546 111.765 0.2640
AUD/JPY 82.093 82.77 81.986 82.724 0.6620
EUR/GBP 0.88257 0.88999 0.88116 0.88619 0.0020
EUR/CHF 1.16223 1.16542 1.16036 1.16491 0.0017
GBP/CHF 1.31656 1.31991 1.30847 1.3142 -0.0015

 

 

Daily Pivot Points
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
EUR/USD 1.1666 1.1699 1.1724 1.1757 1.1782 1.1815 1.1840
USD/JPY 109.93 110.13 110.48 110.68 111.03 111.23 111.58
GBP/USD 1.3003 1.3095 1.3176 1.3268 1.3348 1.3441 1.3521
USD/CHF 0.9798 0.9827 0.9870 0.9899 0.9942 0.9972 1.0015
USD/CAD 1.3016 1.3040 1.3072 1.3096 1.3129 1.3153 1.3186
EUR/JPY 129.27 129.47 129.85 130.04 130.42 130.62 131.00
GBP/JPY 144.65 145.37 146.15 146.87 147.65 148.37 149.15
CHF/JPY 111.07 111.31 111.54 111.77 112.00 112.24 112.46
AUD/JPY 81.43 81.71 82.22 82.49 83.00 83.28 83.78
EUR/GBP 0.8727 0.8770 0.8816 0.8858 0.8904 0.8946 0.8992
EUR/CHF 1.1566 1.1585 1.1617 1.1636 1.1668 1.1686 1.1718
GBP/CHF 1.2970 1.3028 1.3085 1.3142 1.3199 1.3256 1.3314

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.

 

 

10 Июл 2018

Daily  Market View

            

Daily  Market View

Tuesday, July 10, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
24771 2787.50 7300.50
+1.31% +0.88% +0.88%

U.S equities rose to the highest in almost a month as investors set aside concern about escalating trade tensions and rising political tension abroad to focus on the coming earnings season. The dollar gained versus major peers and Treasuries retreated. The S&P 500 Index climbed for a third day and the Dow Jones Industrial Average popped through key technical levels. The start of earnings season this week may divert some attention away from the trade war that’s kept global stocks under pressure, while data out Friday supported sentiment. The U.S jobs report showed another month of gains in excess of 200,000, while German industrial production beat all estimates for May. Those signs of strength contrasted with protectionist tensions after China retaliated against U.S tariff increases. The markets, especially after the report on unemployment last week, seem to be pretty comfortable looking ahead and getting all the jitters about the trade war away.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

jun

China Consumer Price Index (YoY) 01:30 1.9% 1.8%

jun

Japan Machine Tool Orders (YoY) 06:00   14.9%

may

U.K Trade Balance 08:30 -£3,378 -£5,280

may

U.K Industrial Production (YoY) 08:30 1.9% 1.8%

 

U.K Statistics Office Publishes First Monthly Estimate of GDP 08:30    

jul

German ZEW Survey Expectations 09:00 -18.5 -16.1

jul

Euro-Zone ZEW Survey (Economic Sentiment) 09:00   -12.6

jun

U.K NIESR Gross Domestic Product Estimate 11:00   0.2%

may

U.S JOLTS Job Openings 14:00 6660 6698
Dow Jones Industrial Average

The Dow Jones Industrial Average rose 1.31% yesterday. The best performers of the session on the Dow Jones Industrial Average were Caterpillar Inc., which rose 4.11% or 5.56 points to trade at 140.97 at the close. Meanwhile, JPMorgan Chase & Co added 3.09% or 3.22 points to end at 107.28 and Goldman Sachs Group Inc. was up 2.80% or 6.20 points to 227.99 in late trade. The worst performers of the session were Procter & Gamble Company, which fell 1.83% or 1.45 points to trade at 77.86 at the close. Coca-Cola Company declined 0.54% or 0.24 points to end at 44.40 and Merck & Company Inc. was down 0.29% or 0.18 points to 62.02.

 

NASDAQ 100

The tech heavy NASDAQ index gained 0.88% yesterday. The top performers on the NASDAQ Composite were Staffing 360 Solutions Inc. which rose 301.46% to 5.500, MabVax Therapeutics Holdings Inc. which was up 147.46% to settle at 1.460 and Benitec Biopharma Ltd ADR which gained 49.55% to close at 3.3500. The worst performers were Adesto Technologies Corp which was down 24.71% to 6.40 in late trade, Real Goods Solar Inc. which lost 17.76% to settle at 0.3310 and Biocept Inc. which was down 15.64% to 0.151 at the close.

 

Oil

Oil prices gained in yesterday’s trading session, with U.S crude ending a choppy session higher on expectations for a Canadian production outage lasting until September, while global benchmark Brent gained on looming sanctions on Iran and falling output in Libya. U.S. light crude futures gained 5 cents to settle at $73.85 a barrel. Brent jumped 96 cents at $78.07. We continue to see the oil market supported, with growing concern on sanctions on Iran now that the European and Korean refiners reduced their purchases to virtually zero. The United States says it wants to reduce oil exports from Iran, the world’s fifth-biggest producer, to zero by November, which would oblige other big producers to pump more. In Canada, an outage at the 360,000-bpd Syncrude oil sands facility has reduced flows into Cushing, Oklahoma, the delivery point for U.S. futures.

 

 
Precious and Base Metals

Gold prices hit a near two-week high yesterday as investors covered their short positions and the dollar slipped to its weakest since mid-June, while lingering U.S.-Sino trade tensions also supported the bullion. Spot gold was up 0.5 percent at $1,260.41 an ounce, after touching its highest since June 26 at $1,262.06. U.S. gold futures for August delivery were 0.5 percent higher at $1,261.70 an ounce. The dollar index, which measures the greenback against a basket of six major currencies, slipped to an over three week low after U.S. jobs data showed slower-than-expected wage growth. The U.S. economy created more jobs than expected in June, but steady wage gains pointed to moderate inflation pressures that should keep the Federal Reserve on a path of gradual interest rate increases this year. A weak U.S. dollar makes greenback-denominated gold cheaper for holders of other currencies. Some short covering has likely ensued given certainties over the U.S.-Sino trade tensions on Friday. Still, the uptick in risk appetite into the week may be short-lived if more trade tariff threats are seen into the week ahead. The United States and China exchanged the first salvos in what could become a protracted trade war on Friday, slapping tariffs on $34 billion worth of each other’s’ goods and giving no sign of willingness to start talks aimed at a reaching a truce. President Donald Trump said on Thursday the United States may ultimately impose tariffs on more than a half-trillion dollars’ worth of Chinese goods. With the ongoing U.S.-Sino trade tensions, the resignation of David Davis will likely be a side-show, though it may raise some concerns amongst market-watchers depending on how the overall Brexit issue progresses. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.15 percent to 802.24 tonnes on Friday. Among other precious metals, silver rose 0.7 percent at $16.11 an ounce and palladium was 0.6 percent higher at $958.22 an ounce.

 

 

 

Wheat, Corn and Soybeans

Soybean futures retreated yesterday; giving up more than half of their gains from a bargain-buying rally before the weekend as investors weighed the impact of reduced Chinese demand following Beijing’s tariffs on U.S supplies.

 

 

Futures Settlement Price Monday, July 09, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 24453 24786 24452 24771 315
S & P 500 SPM18 2761.75 2787.5 2761.75 2787.5 24.75
NASDAQ 100 NDM18 7232.25 7300.75 7232.25 7300.5 67.5
Hang Seng HSH18 28659 28843 28529 28722 500
Nikkei 225 NKH18 21830 22075 21830 22060 270
FTSE 100 FTH18 7588.5 7650.5 7562 7633.5 70
Gold GCJ18 1256.9 1266.7 1256.8 1258.2 2.3
Silver SIK18 1608 1624.5 1608 1613.5 4.5
Copper HGK18 284.55 287.7 284.1 287.15 4.3
Crude Oil CLK18 73.89 74.21 72.95 73.98 0.11
Wheat WK18 508.25 511 503 507.5 -8
Soybeans SK18 874.25 874.5 850.25 855.25 -22.5
Corn CK18 357.25 357.25 350.25 353.75 -7

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 24219 24336 24553 24670 24887 25004 25221
SPM18 2744.58 2753.17 2770.33 2778.92 2796.08 2804.67 2821.83
NDM18 7186.42 7209.33 7254.92 7277.83 7323.42 7346.33 7391.92
HSH18 28239 28384 28553 28698 28867 29012 29181
NKH18 21657 21743 21902 21988 22147 22233 22392
FTH18 7491.67 7526.83 7580.17 7615.33 7668.67 7703.83 7757.17
GCJ18 1244.53 1250.67 1254.43 1260.57 1264.33 1270.47 1274.23
SIK18 1589.67 1598.83 1606.17 1615.33 1622.67 1631.83 1639.17
HGK18 281.33 282.72 284.93 286.32 288.53 289.92 292.13
CLK18 71.96 72.45 73.22 73.71 74.48 74.97 75.74
WK18 495.33 499.17 503.33 507.17 511.33 515.17 519.33
SK18 821.25 835.75 845.50 860.00 869.75 884.25 894.00
CK18 343.25 346.75 350.25 353.75 357.25 360.75 364.25

 

  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.

 

 

 

09 Июл 2018

Daily Market View

       

 Daily Market View

 Monday, July 09, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
24456 2762.75 7233.00
+0.41% +0.85% +1.34%

Stocks rose on Friday on the back of stronger-than-expected employment data. Investors also shrugged off concerns over an escalating trade war between the U.S and China. The Dow Jones Industrial Average jumped 99.74 points, with Apple and Microsoft outperforming. The S&P 500 closed 0.8 percent higher, with health care rising 1.5 percent. The NASDAQ climbed 1.3. Facebook rose to an all-time high, also boosting the NASDAQ. The U.S. economy added 213,000 jobs in June, while economists polled by Reuters expected a gain of 195,000. Unemployment, however, rose slightly to 4 percent from 3.8 percent. Wage growth also missed expectations, climbing 2.7 percent on a year-over-year basis. Economists expected growth of 2.8 percent. The jobs report comes a day after the Federal Reserve released a summary from its most-recent meeting. The minutes showed some officials were concerned that a prolonged period in which the economy operated beyond potential could give rise to heightened inflationary pressures.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

jun

Japan Bankruptcies (YoY) 04:30   -4.36%

jun

Switzerland Unemployment Rate 05:45   2.4%

may

German Trade Balance 06:00   20.4b

may

German Current Account (euros) 06:00   22.7b

jul

Switzerland Total Sight Deposits CHF 08:00    

jul

Euro-Zone Sentix Investor Confidence 08:30   9.3

may

U.S Consumer Credit 19:00   $9.262b

jun

New Zealand Card Spending Retail (MoM) 22:45   0.4%

jun

U.K BRC Sales Like-For-Like (YoY) 23:01   2.8%
Dow Jones Industrial Average

The Dow Jones Industrial Average rose 0.41% on Friday. The best performers of the session on the Dow Jones Industrial Average were General Electric Company, which rose 3.13% or 0.42 points to trade at 13.85 at the close. Meanwhile, Microsoft Corporation added 1.40% or 1.40 points to end at 101.16 and Apple Inc. was up 1.39% or 2.57 points to 187.97 in late trade. The worst performers of the session were Caterpillar Inc., which fell 0.29% or 0.40 points to trade at 135.41 at the close. DowDuPont Inc. declined 0.21% or 0.14 points to end at 65.93 and Nike Inc. was down 0.09% or 0.07 points to 76.48.

 

NASDAQ 100

The tech heavy NASDAQ index added 1.34% on Friday. The top performers on the NASDAQ Composite were Black Box Corporation which rose 113.68% to 2.03, AC Immune Ltd which was up 38.28% to settle at 12.86 and Xenetic Biosciences Inc. which gained 22.45% to close at 5.290. The worst performers were Regulus Therapeutics Inc. which was down 52.13% to 0.350 in late trade, Real Goods Solar Inc. which lost 24.06% to settle at 0.4025 and China Lending Corp which was down 23.93% to 2.48 at the close.

Oil

Oil was mixed in Friday’s trading session, with short-covering pushing up U.S. crude futures while Brent slipped on global trade tensions and increased Saudi production. West Texas Intermediate crude futures CLc1 gained 61 cents to $73.55. For the week, WTI was on track for a loss of about 0.4 percent. U.S. crude futures slipped on Thursday after data showed an unexpected 1.3 million-barrel build in crude inventories. Increased Saudi crude availability that is being enhanced by reduced OSPs (official selling prices) into Europe and other regions is providing a strong counter against curtailed Libyan export activities. In addition to reducing the price of its August barrels, Saudi Arabia also told the Organization of the Petroleum Exporting Countries (OPEC) that it increased production by almost 500,000 barrels per day last month. Output cuts by OPEC and allies since January 2017 have reduced a crude glut. An imminent shift in global oil trade flows was also affecting prices.

 

Precious and Base Metals

Gold fell on Friday but bounced off session lows as the dollar weakened and equities rose, yet bullion was on track for a small weekly gain amid escalating U.S.-Sino trade tensions. The dollar fell after data showed the U.S. unemployment rate increased and wages grew less than forecast in June even as the economy created more jobs than expected. Wage growth is a closely watched signal of potential inflation that could prompt more interest rate hikes by the Federal Reserve. A weak dollar tends to lift gold, making the greenback-priced metal cheaper for non-U.S investors. U.S. tariffs on $34 billion worth of Chinese goods took effect on Friday, while China’s commerce ministry retaliated with 25 percent tariffs on $34 billion worth of U.S. imports. The markets absorbed imposition of the tariffs calmly, with stocks edging higher. Rising stock markets pressure gold prices by reducing safe-haven demand for the precious metal. Gold needs more than a trade war to push it higher. It needs volatility in equities, weaker economic data, a dovish Fed. Spot gold was down 0.2 percent at $1,254.45 oz off the session low of $1,252.15 and headed for its first weekly gain in four weeks.  U.S. gold futures for August delivery settled down $3, or 0.2 percent, at $1,255.80 per ounce. Gold needs to see closes above $1,275-$1,280 before it finds any support. On Thursday, minutes of the Federal Reserve’s June 12-13 policy meeting showed that U.S. central bankers expressed concerns global trade tensions could hit an economy perceived as strong. Traders are extremely cautious when it comes to gold. The intraday price-action has a bullish set-up and shows that the price has the potential to test the level of $1,280 in the coming days if the dollar weakness continues. India’s gold imports fell for a sixth month in June to 44 tonnes, provisional industry data showed. Gold-backed exchange-traded funds (ETFs) saw outflows in North America and Asia, but saw inflows in Europe during June, the World Gold Council said. Silver gained 0.2 percent at $16.01 an ounce.

 

 

Wheat, Corn and Soybeans

Soybean prices ticked higher on Friday after dropping to a contract-low earlier in the session as the trade war between the United States and top importer China escalated.

 

 

 

Futures Settlement Price Friday, July 06, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 24316 24504 24238 24456 110
S & P 500 SPM18 2736.75 2766.25 2731 2762.75 23.75
NASDAQ 100 NDM18 7117.5 7237.25 7101 7233 106.75
Hang Seng HSH18 28196 28487 27816 28222 25
Nikkei 225 NKH18 21665 21845 21610 21790 290
FTSE 100 FTH18 7585 7587.5 7506.5 7563.5 0.5
Gold GCJ18 1258.1 1259.7 1253.5 1255.9 -3.2
Silver SIK18 1607 1610.5 1597.5 1609 -1.5
Copper HGK18 283.2 283.9 278.25 282.85 -1.2
Crude Oil CLK18 73.13 73.89 72.11 73.87 0.67
Wheat WK18 503.5 516 498 515.5 9.5
Soybeans SK18 837.75 880.25 836.5 877.75 37
Corn CK18 349.5 360.75 349.25 360.75 8

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 24029 24133 24295 24399 24561 24665 24827
SPM18 2705.17 2718.08 2740.42 2753.33 2775.67 2788.58 2810.92
NDM18 7007.33 7054.17 7143.58 7190.42 7279.83 7326.67 7416.08
HSH18 27192 27504 27863 28175 28534 28846 29205
NKH18 21417 21513 21652 21748 21887 21983 22122
FTH18 7436.50 7471.50 7517.50 7552.50 7598.50 7633.50 7679.50
GCJ18 1246.83 1250.17 1253.03 1256.37 1259.23 1262.57 1265.43
SIK18 1587.83 1592.67 1600.83 1605.67 1613.83 1618.67 1626.83
HGK18 273.78 276.02 279.43 281.67 285.08 287.32 290.73
CLK18 70.91 71.51 72.69 73.29 74.47 75.07 76.25
WK18 485.67 491.83 503.67 509.83 521.67 527.83 539.67
SK18 805.67 821.08 849.42 864.83 893.17 908.58 936.92
CK18 341.58 345.42 353.08 356.92 364.58 368.42 376.08

 

 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.

 

 

 

09 Июл 2018

FOREX Newsletter

      

FOREX Newsletter

July 09, 2018
 

 

  Pulse of the Market

·      The U.S economy added 213,000 jobs in June, above forecasts for 200,000 new jobs

·      U.S unemployment rate unexpectedly rose to 4%, the Labor Department said on Friday

·      Sterling gained almost 0.5% last week to snap a three-week 1.5% decline

·      U.S and China trade tariffs kicked in Friday, raising the prospect of a trade war

 

 

The U.S Dollar slumped against its rivals Friday, on mixed U.S. economic data showing the economy created more jobs than expected but wage growth undershot estimates. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.34% to 93.81. The U.S. economy added 213,000 jobs in June, above forecasts for 200,000 new jobs while the unemployment rate unexpectedly rose to 4%, the Labor Department said on Friday. The Federal Reserve’s view that a tighter labor market would lead to wage growth, increasing inflationary pressures, continues to be challenged as average hourly earnings grew slower-than-expected for the month. Average hourly earnings grew 0.2%, undershooting economists’ forecast for a 0.3% increase. The weaker average hourly earnings print scaled back some bullish investor expectations for two Fed rate hikes this year. The softer average earnings indicator is likely to catch more attention as it highlights a still tame wage inflation environment. That could lead some market participants to start questioning whether we will see two Fed rate rises in second after all. The dollar was also weighed down by an uptick in the Canadian dollar as upbeat employment data, reaffirmed investor expectations that the Bank of Canadian would hike interest rates by 25 basis points next week. U.S, and China trade tariffs kicked in Friday, raising the prospect of a trade war between the world’s largest economic superpowers, but the reaction in safe-haven currencies was muted, as some said markets had priced in the impact. The Canadian Dollar will climb over the coming year, a Reuters poll showed, but forecasters are less bullish than they were a month ago as escalating trade uncertainty competes with expected Bank of Canada interest rate hikes. The poll of more than 40 foreign exchange strategists predicted the Canadian dollar will rise to C$1.30 to the greenback, or 76.92 U.S. cents, in three months, from around C$1.3140 on Thursday. Hawkish comments last week by Bank of Canada Governor Stephen Poloz have left money markets largely expecting the central bank to lift its benchmark interest rate, which sits at 1.25 percent, by 25 basis points next week.

 

  

 

Time(GMT)   Economic Release IMP Actual Forecast Prior
04:30 Japan Bankruptcies (YoY) (JUN) Medium     -4.36%
05:45 Switzerland Unemployment Rate (JUN) Medium     2.4%
06:00 German Trade Balance (MAY) Medium     20.4b
06:00 German Current Account (euros) (MAY) Low     22.7b
08:00 Switzerland Total Sight Deposits CHF (6 JUL) Low      
08:30 Euro-Zone Sentix Investor Confidence (JUL) Low     9.3
19:00 U.S Consumer Credit (MAY) Medium     $9.262b
22:45 New Zealand Card Spending Retail (MoM) (JUN) Low     0.4%
22:45 New Zealand Card Spending (MoM) (JUN) Low     0.5%
23:01 U.K BRC Sales Like-For-Like (YoY) (JUN) Low     2.8%
23:30 ANZ Roy Morgan Weekly Consumer Confidence Index (8 JUL) Low      

 

Euro

The single currency jumped in Friday’s trading session. The Euro was supported by the strong industrial production data from the Eurozone’s biggest economy and a Bloomberg report mentioning that some ECB members believe that postponing the first hike in the Euro Area until late-2019 could prove to be too late. Overall, the EUR/USD traded with a low of 1.1678 and a high of 1.1765 before closing the day around 1.1744 in the New York session.

 

Yen

The Japanese Yen pair closed lower last week in reaction to concerns over a fourth rate hike by the U.S. Federal Reserve and safe-haven buying due to the escalation of the trade dispute between the United States and China. Both factors contributed to lower Treasury yields which made the U.S Dollar a less-attractive asset.  Overall, the USD/JPY traded with a low of 110.36 and a high of 110.76 before closing the day around 110.42 in the U.S session.

 

British Pound

The British Pound continues to be very noisy in general, as we have around the 1.32 level. It looks as of the 1.30 level underneath is trying to for some type of significant support and at this point I think it’s very difficult to imagine that this market will break down below. The only thing keeping this market down is the uncertainty between the UK and the EU. Overall, the GBP/USD traded with a low of 1.3201 and a high of 1.3288 before closing the day at 1.3283 in the New York session.

 

Canadian Dollar

The Canadian Dollar is expected to climb over the coming year, a Reuter’s poll showed, but forecasters are less bullish than they were a month ago as escalating trade uncertainty competes with expected Bank of Canada interest-rate hikes. The poll of more than 40 foreign-exchange strategists predicted the Canadian dollar will rise. Overall, USD/CAD traded with a low of 1.3074 and a high of 1.3148 before closing the day at 1.3100 in the New York session.

 

Australian Dollar

The Australian Dollar enjoyed a reprieve last week from the recent relentless selling pressure that had pushed the currencies to multi-year lows. Nothing happened domestically to trigger the technical reversals on the weekly charts. However, due to a shift in investor sentiment on the U.S Dollar, Aussie sellers were forced to make aggressive position-adjustments, sending prices higher. Overall, AUD/USD traded with a low of 0.7374 and a high of 0.7442 before closing the day at 0.7432 in the New York session.

 

 

Euro-Yen

EUR/JPY is trading above 14 and below 50, 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 56 and lies above the neutral zone. In general, the pair has gained 0.24%.

 

 

Sterling-Yen

Currently, GBP/JPY is trading above 14 and below 50, 100 days moving average. Fast stochastic is issuing a bullish tone and MACD is also indicating a bullish stance. The Relative Strength Index is above 52 reading and lies above the neutral zone. On the whole, the pair has gained 0.22%.

 

 

Aussie-Yen

Currently, the cross is trading above 14 and below 50, 100 days moving average. Fast stochastic is giving a bullish tone and MACD is also indicating a bullish stance. The Relative Strength Index is above 50 reading and lies above the neutral region. In general, the pair has gained 0.33%.

 

 

Euro-Sterling

This cross is currently trading above 14, 50 and 100 days moving average. Fast stochastic is indicating a bearish tone and MACD is issuing a bullish signal. The Relative Strength Index is above 56 and lies above the neutral region. On the whole, the pair has lost 0.02%.

 

  

Sterling-Swiss

This cross is trading above 14 and below 50, 100 days moving average. Fast stochastic is issuing a bullish stance and MACD is also indicating a bullish tone. The Relative Strength Index is above 48 and lies below the neutral region. In general, the pair has gained 0.17%.

 

 

 Appendix

  

FOREX Closing Prices for July 06, 2018
Currency Open High Low Close Net Chg
EUR/USD 1.16894 1.17659 1.16786 1.17441 0.0052
USD/JPY 110.55 110.767 110.361 110.424 -0.2210
GBP/USD 1.32176 1.32884 1.32016 1.32832 0.0058
USD/CHF 0.993 0.99421 0.98824 0.99053 -0.0030
USD/CAD 1.31318 1.31484 1.30744 1.31009 -0.0031
EUR/JPY 129.248 129.944 129.219 129.667 0.3090
GBP/JPY 146.276 146.734 146.098 146.675 0.3250
CHF/JPY 111.333 111.726 111.237 111.501 0.1070
AUD/JPY 81.643 82.226 81.558 82.062 0.3100
EUR/GBP 0.88437 0.88659 0.88343 0.88423 -0.0002
EUR/CHF 1.16125 1.16376 1.16032 1.16316 0.0017
GBP/CHF 1.31316 1.31607 1.31114 1.31574 0.0022

 

 

 

Daily Pivot Points
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
EUR/USD 1.1606 1.1642 1.1693 1.1730 1.1780 1.1817 1.1868
USD/JPY 109.86 110.11 110.27 110.52 110.67 110.92 111.08
GBP/USD 1.3140 1.3171 1.3227 1.3258 1.3314 1.3345 1.3401
USD/CHF 0.9818 0.9850 0.9878 0.9910 0.9937 0.9970 0.9997
USD/CAD 1.2993 1.3034 1.3067 1.3108 1.3141 1.3182 1.3215
EUR/JPY 128.55 128.89 129.28 129.61 130.00 130.34 130.73
GBP/JPY 145.63 145.87 146.27 146.50 146.91 147.14 147.54
CHF/JPY 110.76 111.00 111.25 111.49 111.74 111.98 112.23
AUD/JPY 81.00 81.28 81.67 81.95 82.34 82.62 83.01
EUR/GBP 0.8798 0.8816 0.8829 0.8848 0.8861 0.8879 0.8892
EUR/CHF 1.1576 1.1590 1.1611 1.1624 1.1645 1.1659 1.1679
GBP/CHF 1.3076 1.3094 1.3126 1.3143 1.3175 1.3192 1.3224

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.

 

 

06 Июл 2018

FOREX Newsletter

           

FOREX Newsletter

July 06, 2018

 

Pulse of the Market

·      U.S jobs rose less than expected in June reined in the greenback’s recent rally

·      The euro climbed after German industrial orders had a higher-than-expected jump in May

·      Another key Brexit meeting will take place in today’s trading session

·      The British Pound continues to find support and traded higher against the US Dollar

The U.S Dollar moved off its lows against its rivals but remained under pressure amid mixed U.S economic data and a stronger euro ahead of the release of the Federal Reserve’s minutes. The U.S dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.11% to 94.09. ISM nonmanufacturing data for June showed an uptick to 59.1, beating expectations of 58.3. The services sector is a critical component of the US economy, accounting for roughly 80% of U.S. private-sector gross domestic product (GDP). A duo of reports, meanwhile, showed a mixed backdrop for the U.S. labor market as private payrolls fell short of forecasts, while initial jobless claims were in-line. Private payrolls grew by 177,000 for June, a decline from 189,000 in May, according to a report released Wednesday by ADP and Moody’s Analytics. That missed a economists’ forecast for an increase of 190,000. The U.S. Department of Labor reported yesterday that initial jobless claims for the week ended June 30 came in at a seasonally adjusted 231,000. The subdued post-holiday start for the greenback comes ahead of the minutes of Federal Reserve’s June meeting expected to reveal clues on the central bank’s monetary policy outlook. A rising euro also added pressure on the greenback amid better-than-expected German factory orders and signs that the U.S. was easing its tough stance on tariffs towards European Union carmakers. The U.S. ambassador to Germany reportedly said that President Donald Trump would suspend threats to impose tariffs on cars imported from the EU if the bloc axed duties on U.S cars. The safe-haven yen and Swiss franc were out of favor, however, despite looming U.S. and China trade tariffs expected to take effect today.
Time(GMT)   Economic Release IMP Actual Forecast Prior
00:00 Japan Labor Cash Earnings (YoY) (MAY) Medium   0.9% 0.8%
05:00 Japan Coincident Index (MAY) Medium   116.1 117.5
06:00 German Industrial Production n.s.a. and w.d.a. (YoY) (MAY) Medium   1.5% 2.0%
07:30 U.K Halifax House Prices (MoM) (JUN) Low   0.2% 1.5%
08:30 U.K Unit Labor Costs (YoY) (1Q) Medium     2.1%
12:30 Canada Net Change in Employment (JUN) High   20.0k -7.5k
12:30 Canada Unemployment Rate (JUN) High   5.8% 5.8%
12:30 Canada Hourly Earnings Permanent Employees (YoY) (JUN) Medium   3.7% 3.9%
12:30 U.S Change in Non-farm Payrolls (JUN) High   195k 223k
12:30 U.S Change in Private Payrolls (JUN) Medium   190k 218k
12:30 U.S Unemployment Rate (JUN) High   3.8% 3.8%
12:30 U.S Average Hourly Earnings (YoY) (JUN) Medium   2.8% 2.7%
12:30 U.S Average Weekly Hours All Employees (JUN) Medium   34.5 34.5
12:30 U.S Trade Balance (MAY) Medium   -$43.6b -$46.2b
14:00 Canada Ivey Purchasing Managers Index s.a. (JUN) Low     62.5
17:00 Baker Hughes U.S Rig Count (JUL 06) Medium     1047
Euro

 

The single currency climbed half a per cent to near three-week highs following strong German data, though gains were capped before the release of Fed minutes later in the day. German industrial orders bounced back in May with a stronger-than-expected jump after four consecutive monthly drops, as demand from domestic customers picked up. Overall, the EUR/USD traded with a low of 1.1648 and a high of 1.1718 before closing the day around 1.1692 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 trade disputes. Overall, the USD/JPY traded with a low of 110.26 and a high of 110.70 before closing the day around 110.64 in the U.S session.

 

British Pound

The British Pound erased an earlier advance to slip as Chancellor Merkel’s government is said to see the U.K’s Brexit customs plan as unworkable. Sterling fell on the news, which may undermine May’s proposal on how customs will operate ahead of a meeting with her own cabinet. The pound had earlier climbed as BOE Governor said the U.K economy is supporting the case for higher rates. Overall, the GBP/USD traded with a low of 1.3202 and a high of 1.3272 before closing the day at 1.3225 in the New York session.

 

Canadian Dollar

The Canadian Dollar edged higher against its U.S counterpart yesterday, holding near its strongest in nearly three weeks, as the greenback broadly fell and investors’ hopes rose that European car makers could be spared from U.S. tariffs. Canada runs a current account deficit so its economy could be hurt if the flow of trade or capital slows. Overall, USD/CAD traded with a low of 1.3113 and a high of 1.3158 before closing the day at 1.3132 in the New York session.

 

Australian Dollar

The Australian Dollar ambled its way through yesterday’s trading session, lifting modestly in Asia before giving back those gains in Europe. As has been the case throughout the week, it continues to be highly influenced by the gyrations in the Chinese Yuan. Conflicting reports about China’s intentions with regard to the currency have circulated in the last 36 hours, Overall, AUD/USD traded with a low of 0.7359 and a high of 0.7406 before closing the day at 0.7374 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 53 and lies above the neutral zone. In general, the pair has gained 0.43%.

 

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 48 reading and lies below the neutral zone. On the whole, the pair has gained 0.09%.

  

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 44 reading and lies below the neutral region. In general, the pair has gained 0.20%.

 

 

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 56 and lies above the neutral region. On the whole, the pair has gained 0.36%.

  

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 48 and lies below the neutral region. In general, the pair has lost 0.03%.

 

Appendix

  

FOREX Closing Prices for July 05, 2018
Currency Open High Low Close Net Chg
EUR/USD 1.16557 1.17188 1.16484 1.16924 0.0034
USD/JPY 110.487 110.706 110.269 110.645 0.1370
GBP/USD 1.32313 1.32728 1.32022 1.32254 -0.0007
USD/CHF 0.99234 0.99443 0.99082 0.99353 0.0005
USD/CAD 1.31403 1.31581 1.3113 1.31321 -0.0013
EUR/JPY 128.767 129.608 128.552 129.358 0.5540
GBP/JPY 146.241 146.844 145.813 146.35 0.1330
CHF/JPY 111.266 111.641 110.981 111.394 0.0780
AUD/JPY 81.541 81.9 81.242 81.752 0.1600
EUR/GBP 0.88098 0.88558 0.88051 0.88441 0.0032
EUR/CHF 1.15662 1.16173 1.15654 1.16148 0.0040
GBP/CHF 1.31359 1.31671 1.31072 1.31353 -0.0003

 

 

 

Daily Pivot Points
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
EUR/USD 1.1584 1.1616 1.1654 1.1687 1.1725 1.1757 1.1795
USD/JPY 109.94 110.10 110.37 110.54 110.81 110.98 111.25
GBP/USD 1.3124 1.3163 1.3194 1.3233 1.3265 1.3304 1.3335
USD/CHF 0.9878 0.9893 0.9914 0.9929 0.9950 0.9965 0.9986
USD/CAD 1.3066 1.3089 1.3111 1.3134 1.3156 1.3180 1.3201
EUR/JPY 127.68 128.12 128.74 129.17 129.79 130.23 130.85
GBP/JPY 144.80 145.30 145.83 146.34 146.86 147.37 147.89
CHF/JPY 110.38 110.68 111.04 111.34 111.70 112.00 112.36
AUD/JPY 80.70 80.97 81.36 81.63 82.02 82.29 82.68
EUR/GBP 0.8764 0.8784 0.8814 0.8835 0.8865 0.8886 0.8916
EUR/CHF 1.1529 1.1547 1.1581 1.1599 1.1633 1.1651 1.1685
GBP/CHF 1.3046 1.3077 1.3106 1.3137 1.3166 1.3196 1.3226

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.

 

 

06 Июл 2018

Daily Market View

       

Daily Market View

Friday, July 06, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
24346 2739.00 7126.25
+0.66% +0.82% +1.06%

Stocks traded higher yesterday as tech shares rose, but investors remained on edge as the U.S. prepared to slap tariffs on goods imported from China. The Dow Jones Industrial Average rose 157 points, with Intel outperforming. The gained 0.7 percent as tech climbed 1.4 percent. The NASDAQ advanced 1 percent as Facebook, Amazon, Netflix and Google-parent Alphabet all rose. The U.S. is expected to activate levies on $34 billion in Chinese-made goods on Friday, with Beijing expected to respond with its own levies on U.S goods. Trade tensions have kept a lid on equity gains recently as investors fret over the tariffs’ impact on corporate profits and the broader global economy. Sentiment around trade was lifted slightly after Reuters reported that the U.S ambassador to Germany told industry executives that President Donald Trump could hold off on implementing tariffs on European cars in exchange for concessions. General Motors shares rose as much as 2.6 percent before trading 1.2 percent higher. Fiat Chrysler also rose 6 percent.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

may

Japan Leading Index 05:00 106.5 106.2

may

German Industrial Production n.s.a. and w.d.a. (YoY) 06:00 1.5% 2.0%

1Q

U.K Unit Labor Costs (YoY) 08:30   2.1%

jun

Canada Net Change in Employment 12:30 20.0k -7.5k

jun

Canada Unemployment Rate 12:30 5.8% 5.8%

jun

U.S Change in Non-farm Payrolls 12:30 195k 223k

jun

U.S Unemployment Rate 12:30 3.8% 3.8%

jun

U.S Average Hourly Earnings (YoY) 12:30 2.8% 2.7%

may

U.S Trade Balance 12:30 -$43.6b -$46.2b
Dow Jones Industrial Average

The Dow Jones Industrial Average gained 0.75%. The best performers of the session were Intel Corporation, which rose 2.59% or 1.28 points to trade at 50.75 at the close. Meanwhile, Johnson & Johnson added 1.87% or 2.29 points to end at 125.00 and Procter & Gamble Company was up 1.68% or 1.31 points to 79.21 in late trade. The worst performers of the session were Chevron Corp, which fell 0.60% or 0.75 points to trade at 123.98 at the close. The Travelers Companies Inc. declined 0.14% or 0.17 points to end at 122.60 and United Technologies Corporation was up 0.02% or 0.03 points to 124.95.

 

NASDAQ 100

The NASDAQ index climbed 1.12%. The top performers were Differential Brands Group Inc. which rose 57.28% to 4.860, Xplore Technologies Corp which was up 44.90% to settle at 5.970 and Real Goods Solar Inc which gained 32.50% to close at 0.5300. The worst performers were Amedica Corp which was down 15.89% to 0.740 in late trade, American Superconductor Corporation which lost 15.72% to settle at 5.95 and Biocept Inc. which was down 16.27% to 0.175 at the close.

 

 

Oil

Oil fell on yesterday after U.S government data showed an unexpected build in crude oil stockpiles. U.S crude futures fell $1.20 to settle at $72.94 a barrel, retreating from Tuesday’s 3-1/2-year high of over $75. U.S. crude stockpiles rose 1.3 million barrels last week, according to U.S EIA data. Analysts had expected a 3.5 million-barrel decline. An unexpected build in the U.S commercial crude inventory has prompted profit-taking. Inventories at Cushing, Oklahoma, the delivery point for U.S crude futures, fell to their lowest since December 2014. The most concerning aspect for inventories is the continued decline in Cushing. On Wednesday, U.S President Donald Trump accused the Organization of the Petroleum Exporting Countries of driving up fuel prices. The OPEC Monopoly must remember that gas prices are up & they are doing little to help. OPEC together with a group of non-OPEC producers led by Russia started withholding output in 2017 to prop up the market.

 

 

Precious and Base Metals

Gold was flat yesterday, as the U.S dollar weakened and investors awaited the minutes of the most recent U.S Federal Reserve policy meeting for clues on the pace of further interest rate hikes this year. Spot gold was unchanged at $1,256.15 ounce. U.S gold futures for August delivery settled up $5.30, or 0.4 percent, at $1,258.80 per ounce. The dollar index fell to its lowest level in more than a week while the euro climbed half a percent to near three-week highs following strong German data. The dollar’s down, giving some support to precious metals. Gold is sensitive to rising interest rates, as higher rates increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which the metal is priced. The minutes may point to concerns about inflation or that members want monetary policy to keep pace with fairly strong economic growth. Investors are also awaiting the release of non-farm payrolls and unemployment data today. One would not like to have any bullish bets on gold when the labor market trend is strong. Physical gold demand has been lackluster in India, the second-biggest gold consumer after China, Commerzbank said, lending no price support. Meanwhile, silver was flat at $16.05 an ounce. Palladium dropped 0.1 percent to $945.50 an ounce, while platinum declined 0.5 percent to $836 after touching its lowest since 2008 at $793 on Tuesday. It’s a speculative-driven selloff in platinum; it’s not a fundamentally driven selloff. And when we think about the fundamentals, at $800, most South African mines are losing money. So if we maintain these prices sub-$900, there will eventually be a supply-led response. Copper prices fell to their lowest level in a year Thursday, weighed down by intensifying trade tensions between the U.S. and China.

 

 

 

Wheat, Corn, and Soybeans

Soybean futures were little changed as the oilseed market consolidated after losses fuelled by an ongoing U.S-China trade dispute pushed prices to a two-year closing low on Monday. The International Grains Council on Monday cut its forecasts for 2018/19 global wheat and corn production as adverse weather dented prospects in Russia and the European Union. Traders are worried about Chinese tariffs that could be implemented from the end of the week on U.S exports.

 

Futures Settlement Price Thursday, July 05, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 24196 24360 24113 24346 135
S & P 500 SPM18 2721.75 2739.25 2712.5 2739 16.5
NASDAQ 100 NDM18 7042.75 7126.5 7016.75 7126.25 83
Hang Seng HSH18 28037 28254 27716 28197 147
Nikkei 225 NKH18 21670 21715 21435 21500 -175
FTSE 100 FTH18 7518 7563 7509 7563 42
Gold GCJ18 1257.3 1260.7 1252 1259.1 0.7
Silver SIK18 1611 1613 1595.5 1610.5 -3
Copper HGK18 286.2 287.75 282.05 284.05 -2.6
Crude Oil CLK18 74.31 74.77 72.5 73.2 -1.2
Wheat WK18 496.75 508 496 506 15.5
Soybeans SK18 846.75 850.25 838 840.75 -7.25
Corn CK18 354 357.5 349.75 352.75 0.5

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2
DJM18 23939 24026 24186 24273 24433 24520 24680
SPM18 2694.50 2703.50 2721.25 2730.25 2748.00 2757.00 2774.75
NDM18 6943.42 6980.08 7053.17 7089.83 7162.92 7199.58 7272.67
HSH18 27319 27518 27857 28056 28395 28594 28933
NKH18 21105 21270 21385 21550 21665 21830 21945
FTH18 7473.00 7491.00 7527.00 7545.00 7581.00 7599.00 7635.00
GCJ18 1245.13 1248.57 1253.83 1257.27 1262.53 1265.97 1271.23
SIK18 1582.17 1588.83 1599.67 1606.33 1617.17 1623.83 1634.67
HGK18 275.78 278.92 281.48 284.62 287.18 290.32 292.88
CLK18 69.94 71.22 72.21 73.49 74.48 75.76 76.75
WK18 486.67 491.33 498.67 503.33 510.67 515.33 522.67
SK18 823.50 830.75 835.75 843.00 848.00 855.25 860.25
CK18 341.42 345.58 349.17 353.33 356.92 361.08 364.67

         Source: – News & Quotes (Courtesy:  Reuters)         

 

 

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