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Dollar mildly softer as major currencies keep quieter so far on the day

Dollar mildly softer as major currencies keep quieter so far on the day

Information is not investment advice

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Fibonacci Levels

 XAU/USD: Gold facing a further consolidation above 23.6% retracement area. Bulls have returned recently.

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Ichimoku Kinko Hyo

USD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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US Market View

U.S. stock indexes were set to open slightly higher on Wednesday, although a lack of clear catalysts kept trading slow, with investors awaiting fresh cues from inflation data this week and an upcoming Federal Reserve meeting

U.S. President Biden departs for Britain on Wednesday on his first trip abroad since taking office, heading to St. Ives in Cornwall for a G-7 summit. The meeting is likely to be dominated by discussions over the availability of Western coronavirus vaccines, amid differences over how to make more shots available to low-income countries as well as the intellectual property rights for the drug makers. That said, before Thursday’s get together, officials from Britain and the European Union are set to meet to try and defuse a row over Northern Ireland that threatens to spill over into legal action.

Markets have been on tenterhooks for much of this week ahead of Thursday’s release of the U.S. consumer price index for May. This will be one of the last major pieces of economic data ahead of the upcoming Fed meeting next week and a big number could jolt the central bank into action.

If China’s inflationary backdrop is any guide, the market is holding its breath with just cause. China's factory gate prices rose at their fastest annual pace in over 12 years in May, driven by surging commodity prices, highlighting the mounting global inflation pressures. China's PPI increased 9.0% on the year, a sharp jump from the 6.8% increase in April, with the rise driven by significant price increases in crude oil, iron ore and non-ferrous metals.

Crude oil prices pushed higher Wednesday, helped by growing confidence about the outlook of fuel demand as the global economy recovers, particularly the U.S., the largest consumer in the world.

USA Key Point

  • US MBA mortgage applications w.e. 4 June -3.1% vs -4.0% prior
  • US 10-year yields fall to one-month low below 1.50%
  • ECB reportedly to hold 3-day retreat to discuss strategy review.
  • 10-year Treasury yields continue to track lower towards 1.50%.
  • Iran says that most oil output can be restored within a month of sanctions being eased.
  • EU, US to aspire to ending COVID-19 pandemic, vaccinate two-thirds of the world by end of next year.
  • BOE's Haldane: We may need to start turning off the stimulus tap.

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It’s Time to Look at New Zealand

Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.

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