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General Market Analysis 24/06/2024

US Markets Steady Ahead of Another Big Week

US markets experienced a relatively calm day on Friday ahead of another big week. The major indices all closed close to flat, with the tech-heavy S&P and Nasdaq dropping to close the day in the red. The Nasdaq lost 0.18%, the S&P 0.16%, with the Dow nudging just 0.04% higher. US treasury yields closed flat on the day despite stronger results for PMI data; however, the greenback did push higher, closing up 0.2% on the index and, more crucially, near the 160 level against the Yen. Oil prices dropped, with Brent losing 0.6% to trade back to $85.24 a barrel, and WTI falling 0.7% to $80.73 a barrel. Gold also took a sizeable hit, dropping 1.7% on the day to close around the $2,319 level.

Yen Traders on Intervention Watch Again 

Yen traders are once again on intervention watch as the currency hit fresh lows on crosses on Friday and is within touching distance of its April low against the dollar. Japanese officials have already been hitting the news wires early in the Asian trading day today, with Masato Kanda advising, again, that they are ready to act if they consider moves to be excessive. Although they have advised that they have no specific levels in mind, all traders out there will be aware of the USD/JPY April high at 160.17 that prompted previous action, and the market is expecting volatility if we see the pair trade near there in the coming sessions.

Quiet Calendar Day to Kick off the Trading Week

It is set to be a quiet day for traders from a macroeconomic calendar perspective today as the market opens after a relatively benign session on Wall Street on Friday. However, intervention threats will keep FX traders on their toes for the sessions ahead today, with the Yen sitting at precarious levels on the crosses and against the dollar. There is nothing of note scheduled for the Asian session, but German Ifo updates and a speech from the FOMC’s Waller could move markets in Europe. We are scheduled to hear from the Bank of Canada’s Governor Tiff Macklem later in the day when he speaks in Winnipeg during the North American session.

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