Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
Today’s Economic Events
09:30 UK MAY Retail Sales (MoM) exp: -0.5% prev: -0.2%
12:00 UK BoE: Rates decision exp: 0.75% prev: 0.75%
13:30 US JUN Philadelphia Fed. exp: 10.1 prev: 16.6
13:30 US W23 Initial Jobless Claims (k) exp: 220 prev: 222
15:00 EC JUN A Euro-Zone: Consumer Confidence exp: -6.5 prev: -6.5
15:00 US MAY Leading Indicators exp: 0.1% prev: 0.2%
U.S. indices closed higher lifted by shares in the Health Care Equipment & Services (+1.07%), Pharmaceuticals, Biotechnology & Life Sciences (+0.86%) and Software & Services (+0.82%) sectors. The U.S. Federal Reserve held interest rates at 2.25% – 2.50% unchanged (as expected), though stating that uncertainties on the outlook have increased and “will act as appropriate”. Also, the central bank’s economic projection showed that there were 8 out of 17 members forecasting lower rates by the end of 2019. The S&P 500 (2,929.46) stays above its 20d moving average (2,844.32 – positive slope) and its 50d moving average (2,875.26 – positive slope).
European markets are expected to start on a positive note.
BRENT Crude Technical Snap (Daily)
| Pivot: 61.80 Our preference: long positions above 61.80 with targets at 62.50 & 62.85 in extension. Alternative scenario: below 61.80 look for further downside with 61.35 & 61.00 as targets. Comment: the RSI is mixed to bullish. |
Today’s Economic Events
07:00 GE MAY Producer Price Index (MoM) exp: 0.1% prev: 0.5%
09:30 UK MAY CPI – EU Harmonised (MoM) exp: 0.3% prev: 0.6%
09:30 UK MAY PPI – Input (MoM) exp: 0.2% prev: 1.1%
09:30 UK MAY PPI – Output (MoM) exp: 0.2% prev: 0.3%
15:30 US W23 Crude Oil Inventories (WoW chg) exp: NA prev: 2206
19:00 US Fed: Rates decision exp: 2.5% prev: 2.5%
U.S. indices rallied on Tuesday lifted by shares in the Semiconductors & Semiconductor Equipment (+4.17%), Capital Goods (+2.42%) and Technology Hardware & Equipment (+2.13%) sectors. President Donald Trump said he will meet with Chinese president Xi Jinping, at the upcoming G-20 summit. Sentiment was also boosted with anticipation that the Fed will ease monetary policy later this year. On the economic data front, housing starts dropped 0.9% MoM to 1.269M in May (vs 1.239M estimated) while building permits rose 0.3% MoM to 1.294M (vs 1.292M expected). The S&P 500 (2,917.75) stays above its 20d moving average (2,841.21 – positive slope) and its 50d moving average (2,843.65 – positive slope).
European markets are expected to start on a flat note.
BRENT Crude Technical Snap (Daily)
| Pivot: 61.65 Our preference: short positions below 61.65 with targets at 60.25 & 59.70 in extension. Alternative scenario: above 61.65 look for further upside with 62.30 & 62.75 as targets. Comment: the RSI advocates for further decline. |
Today’s Economic Events
10:00 EC APR Euro-Zone External Trade Balance (M EUR) exp: NA prev: 22533
10:00 EC MAY Euro-Zone: CPI (MoM) exp: 0.3% prev: 0.2%
10:00 GE JUN Zew Survey (Current Situation) exp: 6.1 prev: 8.2
10:00 GE JUN Zew Survey (Econ. Sentiment) exp: -7.4 prev: -2.1
13:30 US MAY Bulding Permits (k) exp: 1293 prev: 1290
13:30 US MAY Housing Starts (k) exp: 1234 prev: 1235
U.S. indices closed slightly positive ahead of the Fed meeting lifted by shares in the Media (+1.48%), Real Estate (+1.12%) and Energy (+0.91%) sectors. On the economic data front, the Empire Manufacturing Index dropped to -8.6 in June (estimated 11.0) from 17.8 in May. The S&P 500 (2,889.67) stays above its 20d moving average (2,837.34 – flat slope) and its 50d moving average (2,873.34 – flat slope).
European markets are expected to open on a flat note.
Foreign Exchange
The US dollar was bullish against all of its major pairs on Monday except the EUR. On the economic data front, the Empire Manufacturing survey reported -8.6 for June (estimated 11), down from 17.8 for May.
The Euro was bullish against all of its major pairs. In Europe, according to Rightmove, the UK house prices increased 0.3% in June after being up 0.9% in May.
The Australian dollar was under pressure against all of its major pairs with the exception of the GBP.
BRENT Crude Technical Snap (Daily)
| Pivot: 61.60 Our preference: long positions above 61.60 with targets at 62.60 & 63.30 in extension. Alternative scenario: below 61.60 look for further downside with 60.80 & 60.20 as targets. Comment: the RSI lacks downward momentum. |
Today’s Economic Events
13:30 US JUN Empire Manufacturing exp: 11.1 prev: 17.8
15:00 US JUN NAHB Housing Market exp: 67 prev: 66