Stephen Moore’s didn’t get a chance to join the Federal Reserve board, but the controversial conservative economic adviser will reportedly soon be playing a key role at a new “central bank” for cryptocurrencies.
Trump called the Fed as a “Stubborn Child”. Today, the Crude prices slipped around 1% over demand concerns boiled out of escalating US-Iran tensions. The April Japanese Leading Economic Index reported higher than market hopes.
To hear many analysts tell it, the top is in for the U.S. dollar, clearing the way for a sustained rally by emerging markets. But skeptics say they may be underestimating the threat to global growth from trade wars.
Investing.com - Stocks basically stood still on Monday after a weekend of worry about global economic concerns and relief, perhaps, the United States didn't attack Iran over the downing of a spy drone last week.
Gold markets continue to grind higher on Monday as we have gapped cleanly above the $1400 level. At this point, it looks very likely that we are going to continue to see buyers jump into this market as it has obviously turned very bullish.
The US dollar continues to look soft against the Japanese yen, as we have broken through a major support level and now are simply drifting in general.
The British pound initially tried to rally during the trading session on Monday but has found the 1.2750 level to be too much in the way of resistance yet again. That being the case, it looks as if we are trying to continue the downward momentum.
The British pound initially tried to rally during the trading session on Monday but gave back a bit of the gains in order to show signs of exhaustion yet again. Ultimately, this is a market that has been in a downtrend, so you should be looking for selling opportunities anyway.
The Euro initially shot higher during the day on Monday but has given back a bit of the gains early during the day. That being said though, we are above the 200 day EMA, something that hasn’t happened for quite some time.
The Australian dollar has rallied during the Monday session, but is starting to come close to a couple of technical levels that should be paid close attention to.
EURUSD continues rising. On Monday, June 24th, the instrument is mostly trading close to 1.1376. Market players aren’t as active as usual, but it may change in a moment.
Based on the early price action, the direction of the August Comex gold futures contract the rest of the session is likely to be determined by trader reaction to Friday’s high at $1415.40.
Based on the early price action and the intra-day upside momentum, buyers may take a run at the next downtrending Gann angle at 1.1406. This is the last potential resistance angle before the 1.1448 main top.
For the rest of the session, continue to monitor the direction of Treasury yields and the dollar index. If both start to rise then look for gold to weaken since this will likely give long investors an excuse to book profits at current price levels.
Investors’ attention is shifting from the world central banks towards the G20 leaders. That way, Trump and Xi Jinping’s meeting to discuss the China-US trade deal has the greatest potential to impact on the markets.
The S&P; 500 inched down 0.7 points by 9:53 AM ET (13:53 GMT). The Dow was up 60 points and tech-heavy Nasdaq composite fell 5 points.
EUR/USD rallied about one and a half percent last week and seems to be trying to break out. The pair was last seen heading toward the 1.1400 level and there doesn’t seem to be a lot of sellers.
After an impressive surge higher on Friday, GBP/USD has fallen back a bit from a horizontal level that has held it back for a month. With the momentum behind the recent rise, I suspect the pair will look to break higher sometime this week.
A tentative start to the week as the market feels uncertain about what narrative it should run with. A considerable volume of ink was spilt on Sunday regarding Iran, the dovish FOMC remains ingrained on the market’s mind, while the G-20 looms. And for oil traders, there’s that not so delicate oil balancing act coming out of the OPEC meeting that remains a concern.