Author: Specialist

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. read more

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

U.S. indices closed lower on Friday, pressured by shares in the Semiconductors & Semiconductor Equipment (-2.43%), Technology Hardware & Equipment (-1.21%) and Automobiles & Components (-0.88%) sectors. On the economic data front, retail sales increased 0.5% MoM in May (estimated +0.6%, +0.3% in April). Industrial Production rose 0.4% MoM in May (estimated +0.2%, -0.4% in April). Lastly, the University of Michigan Sentiment Index fell to 97.9 in June (estimated 98.0) from 100.0 in May. The S&P 500 (2,886.98) stays above its 20d moving average (2,835.83 – flat slope) and its 50d moving average (2,873.94 – flat slope).

European markets are expected to open on a positive note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 62.40 Our preference: short positions below 62.40 with targets at 60.80 & 60.20 in extension. Alternative scenario: above 62.40 look for further upside with 63.10 & 63.65 as targets. Comment: as long as the resistance at 62.40 is not surpassed, the risk of the break below 60.80 remains high

Today’s Economic Events

07:00 GE MAY Wholesale Price Index (MoM) exp: NA prev: 0.6%
07:45 FR MAY F Consumer Price Index (MoM) exp: 0.2% prev: 0.2%
07:45 FR MAY F CPI – EU Harmonised (MoM) exp: 0.2% prev: 0.2%
13:30 US MAY Retail Sales exp: 0.7% prev: -0.2%
13:30 US MAY Retail Sales less Autos exp: 0.4% prev: 0.1%
14:15 US MAY Industrial Capacity Utilization exp: 78% prev: 77.93%
14:15 US MAY Industrial Production (MoM) exp: 0.2% prev: -0.5%
15:00 US APR Business Inventories exp: 0.4% prev: 0%
15:00 US JUN P U. of Michigan Confidence exp: 97.8 prev: 100 read more

US indices closed higher on Thursday, boosted by shares in the Consumer Durables & Apparel (+1.51%), Automobiles & Components (+1.48%) and Media (+1.31%) sectors. On the economic data front, the Import Price Index decreased by 0.3% MoM in May (estimated 0.2%) compared with a 0.1% rise in the previous month. Initial Jobless Claims came to 222K in week ending June 8 (estimated 215K) compared with 219K in the previous week. Continuing Claims came to 1.695M for week ending June 1 (forecasted 1.66M) vs. 1.693M in the previous week. Lastly, the Bloomberg Consumer Comfort index reached 61.6 for week ending June 9 down from 61.7 for the previous week. The S&P 500 (2,891.64) stays above its 20d moving average (2,835.30 – positive slope) and its 50d moving average (2,873.67 – flat slope).

European markets are expected to start on a flat note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 60.25 Our preference: long positions above 60.25 with targets at 61.80 & 62.70 in extension. Alternative scenario: below 60.25 look for further downside with 59.60 & 58.80 as targets. Comment: the RSI calls for a rebound.