Wednesday 24th June: European Open Briefing

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Wednesday 24th June: European Open Briefing 1

Global Markets:

  • Asian stock markets: Nikkei up 0.50 %, Shanghai Composite gained 0.90 %, Hang Seng rose 0.15 %, ASX 0.25 % higher
  • Commodities: Gold at $1176 (-0.05 %), Silver at $15.78 (+0.30 %), WTI Oil at $61.00 (+0.05 %), Brent Oil at $64.45 (-0.25 %)
  • Rates: US 10 year yield at 2.40, UK 10 year yield at 2.12, German 10 year yield at 0.87


News & Data:

  • Japan Services PPI (YoY) May: 0.6% (exp 0.5%, prev 0.7%)
  • Bank of Japan Minutes: Likely to reach 2% inflation around 1H FY2016
  • BoJ: Will check risks, adjust policy as needed. Japan inflation trend to keep improving
  • BoJ: Easing has been exerting intended effects, to continue until 2% inflation
  • IMF: Australia Risks Lower Potential Growth Without Reform
  • IMF: RBA Should Stand Ready To Ease If Recovery Stalls
  • Kuwait Oil Min: Oil Price To Rise In Q4 As Supply Drops — KUNA
  • Japan shares clear 18-year peak, dollar firm – RTRS
  • Greek government confident despite backlash over debt deal – RTRS
  • U.S. manufacturing may be stabilizing; housing gains steam – RTRS


Markets Update:

A rather quiet session overnight, but the US Dollar remained very well bid overall. USD/JPY hit into solid bids around 123.70 and is now back above 124. Next major resistance seen in the 124.45/50 area. Meanwhile, EUR/USD is under pressure once again as the Greek crisis is keeping markets nervous. There will be another Euro group meeting tonight, so volatility in the EUR pairs will stay high. Otherwise, the focus will be on US GDP data, which will be released at 13:30 London time.

Upcoming Events:

  • 09:00 BST – German IFO Business Climate
  • 09:00 BST – Norwegian Unemployment Rate
  • 10:00 BST – Italian Trade Balance
  • 13:30 BST – US GDP
  • 19:00 BST – Euro group Meeting



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