June 16, 2017 – Market Update (BoJ no change, Greece getting money, Fed OK)

Mr Price Action/ June 16, 2017/ Market Update, Market Update Posts/ 0 comments

 

Short recap

 

Asia flat

Europe opening higher

BoJ no change, upgrading consumption, domestic and global growth

To keep support as inflation is far from 2%

Greece getting EUR 8.5 bln loan

What about central banks raising the inflation targets to 3-4% range instead of 2% one?

Would it create the psychological pressure on households and corporates to spend/invest more?

Fed ok with hikes despite lower inflation pressures and job market is still strengthening

As financial markets conditions constantly improving since Mar 2016

 

Equities

 

US retailers suffer with almost 300 bankruptcies this year

US techs fall out stopped again around 5650 area for NASDAQ

Seems like correction without any panic is welcome

Nike to cut jobs and streamline offering

Apple suffering the most from techs selloff

Facebook fighting terrorism via removing content

Uber looking at trucks

BHP with new Chairman

Nestle likely to sell US business (Butterfinger and BabyRuth)

BP and Reliance Industries to take on gas production in India (USD 6 bln)

 

Bonds

 

10-yr Trys yield at 2.17%

10-yr Bund yield at 0.28%

 

EURUSD

 

Support at 1.1120 (38.2% Fibo)

Resistance at 1.1187 (23.6% Fibo)

 

USDJPY

 

Digesting FOMC

While BoJ seems off the interest of markets

Resistance at 111.24 (50.0% Fibo), then 111.37 and 112.00 Ichimoku

100 DMA at 111.88

Support at 110.50 (61.8% Fibo) and 110.58 (200 DMA)

Descending trendline around 111.00

Closing today above 110.80 level would be a bullish outside week signal

With potential to look at 114.36 after breaking 111.24 level

 

DXY

 

Close to resistance at 97.62, then 97.85 (50.0% Fibo)

And descending trendline around 97.98

 

Gold

 

Under pressure post-FOMC

Expecting a wait-and-see game, as there is still decent physical demand due to geopolitical risks

While investors need to assess upcoming US data to get more comfortable with Fed’s hawkish tilt

Support at 100 DMA at 1247, 1245 (61.8% Fibo), 200 DMA at 1237 and 1234 (76.4% Fibo)

Resistance at 1255 (50.0%)

 

Upcoming Data/Events

 

Fed’s Kaplan (1645 GMT)

 

Sunday – French Legislative (Parliamentary) elections

Monday – Brexit talks starting ?

Thursday – EU Summit

 

Should you have any questions feel free to contact me anytime.

 

Good luck Champs!

 

Mr Hawk

 

 

 

DISCLAIMER: This material was created for informational purposes only and represents the Land of Trading team’s view of the past and current economic and capital market environment. It is not an investment advice and should not be viewed that way at all, and the creators of this material cannot be held liable for any potential losses resulting from trading, where despite this disclaimer someone would consider this material as an investment advice. All rights reserved ©2016. Contact: landoftradingATgmailDOTcom

 

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