Friday 17th June: European Open Briefing

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Global Markets:

  • Asian stock markets: Nikkei up 1.30 %, Shanghai Composite gained 0.70 %, Hang Seng rose 0.80 %, ASX 200 rallied 0.25 %
  • Commodities: Gold at $1288 (-0.90 %), Silver at $17.37 (-1.40 %), WTI Oil at $46.55 (+0.70 %), Brent Oil at $47.70 (+1.10 %)
  • Rates: US 10 year yield at 1.60, UK 10 year yield at 1.14, German 10 year yield at -0.01

News & Data:

  • New Zealand ANZ Consumer Confidence Index Jun: 118.9 (prev. 116.2)
  • New Zealand ANZ Consumer Confidence (MoM) Jun: 2.3% (prev. -3.20%)
  • New Zealand ANZ Job Advertisements (MoM) May: 0.20% (prev. 1.80%)
  • New Zealand Business Manufacturing PMI May: 57.1 (prev. 56.5)
  • Japan Finance Minister Aso: Watching FX markets closely, concerned by rapid speculative moves, will intervene if necessary
  • Asian shares face weekly losses, sterling steadies as Brexit risk seen ebbing – RTRS
  • Crude oil rises for first time in seven days – RTRS
  • Japan keeps economy assessment unchanged, warns of slower consumer price rises – RTRS

Markets Update:

The British Pound recovered after Brexit fears easened slightly. GBP/USD traded as high as 1.4293 overnight, after almost touching 1.40 in yesterday's early NY session. The rally in the Pound lifted the Euro as well, and EUR/USD rose from 1.1140 to a high of 1.1270 in Asia.

The improvement in risk appetite supported the Australian and Kiwi Dollar as well. AUD/USD bounced off 0.7280 support yesterday and started the Asian session around 0.7360. It later extended gains to 0.7405. NZD/USD traded in 0.7030-70 range overnight.

USD/JPY remains weak and a rally to 104.80 attracted plenty of selling interest, leading to a decline back into the lower 104s.

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