- PPI matched the pace of deceleration of CPI in June. The inflation came out at 0.1% YoY which was significantly lower than 0.4% expected. Earlier it was 0.9% YoY. Producers' inflation indicates that CPI may continue a decrease in further months despite the fact that the June print had the highest “base”
- Lower inflation may change the Fed's view on further hikes although the July hike is rather a done deal
- EURUSD reached the vicinity of 1.12 after Daly presented a less hawkish stance. She said that 2 hikes are not guaranteed and previous remarks were the way to keep optionality open.
- Minutes from the June ECB meeting did not surprise the market. ECB members agreed that a June hike was needed and expect another hike in July. Moreover, the bankers indicated that due to persistent inflation, there is a chance to extend the hiking cycle beyond July.
- The start of the earnings season is encouraging as Delta Airlines showed record quarterly revenue and profits. Furthermore, Pepsico increased its full-year guidance.
- US100 gains more than 1% and it is only about 8% short of an all-time high. The earnings season started but the market will close watch banks' reports tomorrow
- TNOTE has continued its rebound which supports further gains in commodities, especially in precious metals. Gold was close to 1960 USD per ounce
- NATGAS falls nearly 3% as inventories are still rising and stay significantly above the 5-year average
- GBPUSD has broken the 1.30 resistance as the UK GDP print came out better than expected. The monthly GDP change in May was -0.1% versus -0.3% that was expected. Stronger GDP data may encourage BoE to raise interest rates further
- IEA said in a recent report that demand is set to rise by 2.2 mbd in 2023 and reach a record 102.1 mbd. IEA pointed out that the oil exports from Russia declined to the lowest since March 2021 and Saudi Arabia's output is set to hit a 2-year low close to 9mbd in July and August will put positive pressure on prices. WTI tested a vicinity of 77 USD/b today
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USDJPY continues to decline. The pair broke support at 140.80 on Monday without much trouble, and today broke below the average EMA100. The next target for sellers may be the level of 136.80, resulting from the lower limit of the wide 1:1 structure. Source: xStation5
USDJPY continues to decline. The pair broke support at 140.80 on Monday without much trouble, and today broke below the average EMA100. The next target for sellers may be the level of 136.80, resulting from the lower limit of the wide 1:1 structure. Source: xStation5
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