Articles
USD: A quiet day before the storm? – ING
398321 June 26, 2024 18:29 FXStreet Market News
A short bullish run at the start of this week waned Tuesday and Wednesday overnight. ItÂ’s a symptom of the market’s caution on risk assets ahead of the French vote on Sunday, ING’s FX strategist Francesco Pesole notes.Â
Stillness is in the air before the weed ends
“Today is a quiet day in markets ahead of the busy latter part of the week, which also includes the first Biden-Trump debate tomorrow. Data releases this week have so far failed to convey any compelling story in US macro.
“Today’s data calendar is light in the US, and there are no scheduled Fed speakers. Yesterday, Michelle Bowman’s call for no cuts in 2024 confirmed her position as the most hawkish member of the Federal Reserve (Fed). Market pricing continues to hover around 45-50bp of easing by year-end.”
“We retain a moderately bullish bias on the US Dollar (USD) for today and tomorrow on the back of this, although the core PCE event on Friday may well prove to be a catalyst for Fed’s dovish repricing and some dollar weakness.”
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GBP/USD Forecast: Pound Sterling turns bearish as strong resistance holds
398319 June 26, 2024 18:05 FXStreet Market News
- GBP/USD edges lower after facing stiff resistance at 1.2700.
- The pair could face next support level at 1.2640.
- Technical picture highlights a bearish shift in the near-term outlook.
Following Monday’s rebound, GBP/USD tested 1.2700 on Tuesday but failed to clear this level. The pair stays under modest bearish pressure on Wednesday and an extended slide could be seen if 1.2640 support is broken.
British Pound PRICE This week
The table below shows the percentage change of British Pound (GBP) against listed major currencies this week. British Pound was the weakest against the Australian Dollar.
| Â | USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF |
|---|---|---|---|---|---|---|---|---|
| USD | Â | 0.05% | -0.19% | 0.16% | -0.13% | -0.45% | 0.23% | 0.42% |
| EUR | -0.05% | Â | -0.23% | 0.17% | -0.13% | -0.47% | 0.23% | 0.46% |
| GBP | 0.19% | 0.23% | Â | 0.34% | 0.09% | -0.26% | 0.44% | 0.67% |
| JPY | -0.16% | -0.17% | -0.34% | Â | -0.28% | -0.57% | 0.17% | 0.27% |
| CAD | 0.13% | 0.13% | -0.09% | 0.28% | Â | -0.31% | 0.36% | 0.58% |
| AUD | 0.45% | 0.47% | 0.26% | 0.57% | 0.31% | Â | 0.70% | 0.93% |
| NZD | -0.23% | -0.23% | -0.44% | -0.17% | -0.36% | -0.70% | Â | 0.22% |
| CHF | -0.42% | -0.46% | -0.67% | -0.27% | -0.58% | -0.93% | -0.22% | Â |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
In the absence of high-tier data the cautious market stance helped the US Dollar (USD) stay resilient against rivals. Additionally, hawkish comments from Federal Reserve (Fed) officials further supported the USD. Fed Governor Michelle Bowman said on Tuesday that they are not yet at the point where it is appropriate to cut interest rates and added she is willing to raise the target rate at a future meeting if inflation progress stalls or reverses.
In the European session on Wednesday, US stock index futures trade marginally higher. Although a bullish opening in Wall Street could limit the USD’s gains and help GBP/USD find a foot hold, the pair could have a hard time gathering bullish momentum, with investors awaiting next week’s UK election before taking large positions.
The only data featured in the US economic docket will be New Home Sales for May. Following the 4.7% decline seen in April, another significant drop in this data could highlight the negative impact of the Fed’s tight policy on the housing market and hurt the USD.
GBP/USD Technical Analysis
The Relative Strength Index (RSI) indicator on the 4-hour chart stays slightly below 50, reflecting the lack of buyer interest.
On the downside, the 100-day and the 50-day Simple Moving Averages (SMA) form strong support at 1.2640. This level is also reinforced by the Fibonacci 38.2% retracement of the latest uptrend. In case GBP/USD falls below this level and starts using it as resistance, 1.2600 (psychological level, static level) and 1.2580 (Fibonacci 50% retracement) could be seen as next bearish targets.
1.2700 (200-period SMA on the 4-hour chart) aligns as immediate resistance before 1.2730 (100-period SMA, Fibonacci 23.6% retracement) and 1.2800 (psychological level, static level).
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, aka ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).
The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.
Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.
Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
Mexican Peso comes off its highs ahead of Banxico meeting
398317 June 26, 2024 18:05 FXStreet Market News
- The Mexican Peso drifts lower on the eve of the Bank of Mexico policy meeting.Â
- The overwhelming majority of economists donÂ’t expect the Banxico to cut interest rates.Â
- USD/MXN forms a bullish two-bar reversal pattern and could correct higher.Â
The Mexican Peso (MXN) edges lower in its most traded pairs on Wednesday as traders brace for the key event on the radar for the Peso: the Bank of Mexico (Banxico) monetary policy meeting on Thursday.Â
At the time of writing, one US Dollar (USD) buys 18.16 Mexican Pesos, EUR/MXN is trading at 19.41, and GBP/MXN at 23.01.
Mexican Peso eases ahead of Banxico meeting
The Mexican Peso eases ahead of the Banxico policy meeting on Thursday, although the overwhelming majority of economists expect the central bank to maintain its policy interest rate at its current 11.00% level.
The high interest-rate differential between Mexico and most major economies is advantageous for the Mexican Peso as it attracts greater capital inflows. Deciding not to cut interest rates, therefore, would be considered bullish for the Peso.Â
According to a Bloomberg survey of economists, 23 of the 25 expect Banxico to hold tight. A recent survey by Mexican lender Citibanamex showed most respondents also expected Banxico to leave rates unchanged at 11.00% at the June meeting – although they did expect a cut in August.
“Banco de Mexico meets Thursday and is expected to keep rates steady at 11.0%,” Dr. Win Thin, Global Head of Markets Strategy at Brown Brothers Harriman (BBH), said in a note on Tuesday. “Recent weakness in MXN is an upside risk to inflation and will keep the bank cautious. The swaps curve has adjusted higher since the May meeting and is pricing in only 75 bp of easing over the next 12 months vs. 125 bp at the start of May,” he added.Â
RabobankÂ’s Senior Strategist Christian Lawrence had expected Banxico to cut interest rates by 0.25% at the June meeting. However, he changed his opinion in light of the sharp devaluation of the Mexican Peso since the election, which “has acted as a de facto cut,” says Lawrence.Â
Economists at Standard Chartered see imported inflation from the post-election depreciation in the Mexican Peso as preventing Banxico from pressing the trigger on rate cuts, supporting the Peso in the process.Â
“We now expect Banco de México (Banxico) to stay on hold instead of cutting by 25bps at its 27 June meeting, amid sharp currency depreciation driven by elevated political noise and fiscal uncertainty,” says the bank.Â
Technical Analysis: Two-bar reversal could signal recovery for USD/MXNÂ
USD/MXN forms a two-bar reversal pattern (shaded rectangle in the chart below) which is a fairly reliable indicator of a short-term reversal in the trend.Â
If Wednesday ends as a green day, it will enhance the signal from the two-bar reversal and suggest a continuation higher, although the distance such a corrective move might go is indeterminate.
USD/MXN Daily ChartÂ
One possible level USD/MXN could rally up to is the June 18 low at 18.30.Â
At the same time, the short-term trend remains bearish, leaving the pair at risk of a recapitulation lower.Â
A break below 17.87 (June 24 low) would invalidate the two-bar pattern and probably result in a continuation of the short-term downtrend to a target at 17.71 (a low made in the 4-hour chart on June 4), followed by 17.54 if stronger, the June 4 swing low.Â
The direction of the long and intermediate-term trends remains in doubt.Â
Mexican Peso FAQs
The Mexican Peso (MXN) is the most traded currency among its Latin American peers. Its value is broadly determined by the performance of the Mexican economy, the country’s central bank’s policy, the amount of foreign investment in the country and even the levels of remittances sent by Mexicans who live abroad, particularly in the United States. Geopolitical trends can also move MXN: for example, the process of nearshoring – or the decision by some firms to relocate manufacturing capacity and supply chains closer to their home countries – is also seen as a catalyst for the Mexican currency as the country is considered a key manufacturing hub in the American continent. Another catalyst for MXN is Oil prices as Mexico is a key exporter of the commodity.
The main objective of MexicoÂ’s central bank, also known as Banxico, is to maintain inflation at low and stable levels (at or close to its target of 3%, the midpoint in a tolerance band of between 2% and 4%). To this end, the bank sets an appropriate level of interest rates. When inflation is too high, Banxico will attempt to tame it by raising interest rates, making it more expensive for households and businesses to borrow money, thus cooling demand and the overall economy. Higher interest rates are generally positive for the Mexican Peso (MXN) as they lead to higher yields, making the country a more attractive place for investors. On the contrary, lower interest rates tend to weaken MXN.
Macroeconomic data releases are key to assess the state of the economy and can have an impact on the Mexican Peso (MXN) valuation. A strong Mexican economy, based on high economic growth, low unemployment and high confidence is good for MXN. Not only does it attract more foreign investment but it may encourage the Bank of Mexico (Banxico) to increase interest rates, particularly if this strength comes together with elevated inflation. However, if economic data is weak, MXN is likely to depreciate.
As an emerging-market currency, the Mexican Peso (MXN) tends to strive during risk-on periods, or when investors perceive that broader market risks are low and thus are eager to engage with investments that carry a higher risk. Conversely, MXN tends to weaken at times of market turbulence or economic uncertainty as investors tend to sell higher-risk assets and flee to the more-stable safe havens.
USD/JPY clips the 160.00 level in European trading
398315 June 26, 2024 17:50 Forexlive Latest News Market News
USD/JPY daily chart
The difference this time around is that the pace of the run higher is one that is less surging and speculative, one might argue. But dip buyers are certainly telling Japanese officials that they are still not deterred. There’s going to be plenty of watchful eyes here to see if Tokyo will want to step in, especially if traders see a chance to pull for a stronger break above 160.00 next.
As we are testing the waters here, traders are still cautious. The high of the day is 160.05 with price action now sitting around 159.95-00 in the last few minutes.
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The US Dollar holds on to Tuesday gains – BBH
398314 June 26, 2024 17:50 FXStreet Market News
The US Dollar (USD) is holding on to Tuesday gains triggered in part by hawkish comments from Federal Reserve (Fed) Governor Michelle Bowman, BBH Global Currency Strategy analysts note.
Fed comments give USD a liftÂ
“Bowman warned ‘we are still not yet at the point where it is appropriate to lower the policy rate’, adding ‘I remain willing to raise the target range for the federal funds rate at a future meeting should progress on inflation stall or even reverse.’”
“Meanwhile, Fed Governor Lisa Cook reminded market participants that ‘with significant progress on inflation and the labor market cooling gradually, at some point it will be appropriate to reduce the level of policy restriction. The timing of any such adjustment will depend on economic data and what they imply.’”
“The cyclical USD uptrend is intact. First, Fed policy continues to diverge with that of most other major central banks. Second, the favourable US macro backdrop justifies an upward reassessment in Fed funds rate expectations. Third, the June composite PMI prints show growth momentum favours the US economy.”
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Bitcoin holds above $61,000 as ETF inflows resume
398310 June 26, 2024 17:49 FXStreet Market News
- The Bitcoin spot ETFs received $31 million in inflows on Tuesday, snapping seven consecutive days of outflows.
- US Congressman Matt Gaetz announces a bill proposing Federal Income Tax payments using Bitcoin.
- The German government’s transfer of 400 BTC worth $24.34 million to exchanges on Tuesday, following the transfer of 1700 BTC in the last week, may negatively impact Bitcoin’s price.
Bitcoin (BTC) price trades above $61,000 on Wednesday after rebounding 2.6% on Tuesday as the broad crypto market recovers slightly. Bitcoin spot ETFs registered inflows of $31 million on Tuesday, snapping a streak of seven consecutive days of outflows. In the US, Congressman Matt Gaetz proposed legislation enabling federal income tax payments with Bitcoin, while in Europe the German Government’s transfer of 400 BTC, valued at $24.34 million, added to the recent selling pressure.
Daily digest market movers: Bitcoin spot ETF received $31 million in inflows on Tuesday
- According to data from Coinglass, Bitcoin spot ETFs saw an inflow of $31 million on Tuesday, ending a seven-day streak of outflows totaling $1.13 billion. This uptick in ETF inflows indicates growing institutional and retail interest in the cryptocurrency, which could influence its price dynamics and market behavior. Collectively, the 11 spot BTC ETFs hold reserves amounting to $51.73 billion in Bitcoin.
Bitcoin Spot ETF Net Inflow (USD) chart
- In the last hours, the German Government transferred 400 BTC valued at $24.34 million from its wallet to Coinbase and Kraken exchanges, data from Arkham Intelligence shows. Over the past week, German authorities have moved 1,700 BTC worth $110.88 million to Coinbase, Bitstamp, and Kraken. This significant transfer activity may have fueled FUD (Fear, Uncertainty, Doubt) among traders, potentially contributing to Bitcoin’s 4.6% price decline on Monday.
UPDATE: German Government selling additional $24M BTC
In the past 2 hours the German Government has moved 400 BTC to exchange deposits at Kraken and Coinbase.
They have also moved 500 BTC to address 139Po. We have yet to see where these funds are moved. pic.twitter.com/D6QCUv9Jgx
— Arkham (@ArkhamIntel) June 25, 2024
- US Congressman. Matt Gaetz, an American politician, announced on his official Twitter account that he is introducing a bill that would allow the federal income tax to be paid with Bitcoin. If passed, the bill would revise the Internal Revenue Code of 1986 to direct the Treasury secretary to formulate a strategy for accepting the widely used decentralized digital currency.“This is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring that the U.S. remains at the forefront of technological advancement,” Gaetz said
BREAKING: Today, I introduced groundbreaking legislation to modernize our tax system by requiring @USTreasury to implement a program to allow federal income tax to be paid with Bitcoin.
By enabling taxpayers to use #Bitcoin for federal tax payments, we can promote innovation,Â… pic.twitter.com/TO2iPuvrQs
— Rep. Matt Gaetz (@RepMattGaetz) June 25, 2024
- According to data from SantimentÂ’s Defi liquidations on Aave and Compound Finance, BTCÂ’s recent price decline from $63,210 to $60,293 on Monday has seen liquidations worth more than $1 million in Defi platforms. Historically, these spikes are followed by market recoveries due to the immediate forced selling and opportunistic buying from key stakeholders.
Santiment Defi Liquiation chart
Technical analysis: BTC bounces off key support
Bitcoin’s price broke below the descending wedge on Monday, declining approximately 7.5% from its daily high of $63,369 to a low of $58,402. After retesting its crucial weekly support near $58,375, BTC rebounded by 5.8%, closing at $61,806 on Tuesday. BTC trades at around $61,654 at the time of writing, edging down approximately 0.2% on Wednesday.
If the weekly support at $58,375 holds, Bitcoin could encounter resistance at several key levels.
- The lower boundary of the descending wedge sits around $62,000.
- The descending wedge’s upper boundary and daily resistance hovers near $63,956.
- The 61.8% Fibonacci retracement level and the weekly resistance are at $66,631 and $67,147, respectively.
A breakthrough above these resistance barriers could propel BTC’s price towards retesting the next weekly resistance at $71,280.
The Relative Strength Index (RSI) is currently well below 50 on the daily chart, close to oversold levels, while the Awesome Oscillator (AO) is below its zero level. For bulls to stage a convincing comeback, both momentum indicators would need to sustain positions above their respective thresholds of 50 for RSI and zero for AO.
BTC/USDT daily chart
However, if BTC closes below the $58,375 level and forms a lower low on the daily time frame, it could indicate that bearish sentiment persists. Such a development may trigger a 3% decline in BitcoinÂ’s price, revisiting its previous low of $56,552 from May 1.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the assetÂ’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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WTI steadies above $80 ahead of inventories report, US Inflation data
398309 June 26, 2024 17:46 FXStreet Market News
- The Oil price exhibits a sideways move ahead of US oil inventory data.
- US EIA is expected to show a drawdown in oil inventories for the second straight week.
- Investors await the US core PCE inflation for fresh guidance on interest rates.
West Texas Intermediate (WTI) futures on NYMEX trade close to an eight-week high near $82.00 in Wednesday’s European session. The Oil price has remained bullish for almost three weeks on hopes of strong demand due to severe heatwaves in the Northern Hemisphere amid the summer vacation season. The summer season prompts energy demand, which is favorable for the Oil price.
Apart from the improved demand, oil supply disruptions due to Middle East tensions and the Russia-Ukraine war have also kept the Oil price buoyant. Reuters reported, “The Houthis have so far sunk two vessels and seized another, and said on Tuesday they used a missile to hit a vessel in the Arabian Sea.”
In WednesdayÂ’s session, investors will focus on the United States (US) Energy Information Administration (EIA) crude Oil inventories data for the week ending June 21. The report is expected to show that there was a drawdown in Oil stockpiles by three million barrels.
For the broader demand outlook, investors await the US core Personal Consumption Expenditure price index (PCE) data for May, which will be published on Friday. Annually, the underlying inflation data is estimated to have softened to 2.6% from the prior release of 2.8%, with monthly figures growing at a slower pace of 0.1% from 0.2% in April.
Soft inflation numbers would boost expectations of early rate cuts by the Federal Reserve (Fed). This would eventually improve the Oil priceÂ’s appeal as lower interest rates prompt liquidity into the economy.
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Crypto token is considered a security for first time ever in multi-million fraud trial
398307 June 26, 2024 17:45 FXStreet Market News
- Jury finds two men guilty of manipulating security prices using trading bots in a multimillion-dollar fraud trial.Â
- Shane Hampton and Michael Kane were sentenced for manipulating the price of HYDRO token, a security in this case.Â
- The US SEC had previously declared several cryptocurrencies as securities in its lawsuit against Coinbase.Â
The US Securities and Exchange Commission (SEC) listed several cryptocurrencies as securities in its lawsuit against Coinbase in 2023. However, for the first time ever, a crypto token – Hydrogen TechnologyÂ’s HYDRO – was labeled as a security in a multi-million dollar fraud trial.Â
A notice from the US Department of Justice (DoJ) on Tuesday shows that two men were sentenced to prison for manipulating the price of the security in question (HYDRO). The charges were the manipulation of the price of HYDRO and scheming to defraud investors in connection with the securities purchase.Â
Two men tried for securities fraud in connection with HYDROÂ
Shane Hampton and Michael Kane of Hydrogen Technology were tried and sentenced to prison in a multi-million dollar securities fraud case. For the first time, a crypto token, HYDRO, was found to be a security by a jury in a federal criminal trial.Â
Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division, said: “The sentences imposed today should serve as a warning. The Criminal Division will not hesitate to use all tools at its disposal—including the federal securities laws—to protect the integrity of cryptocurrency markets.”
The trial and its outcome are important to crypto traders since the Securities and Exchange Commission (SEC) is embroiled in a legal battle with Ripple, where the regulator is likely to appeal to the Second Circuit on the partial victory. Judge Analisa Torres ruled in 2023 that XRP is not a security since its secondary market sales do not meet the Howey Test requirement. However, this ruling has not been accepted as a precedent in other crypto-related cases in the past year.Â
Further, the US SEC filed a lawsuit against Coinbase in 2023, listing several crypto tokens, including Binance Coin (BNB), Solana (SOL), Toncoin (TON), Cardano (ADA) and Tron (TRX) among others.Â
SEC Charges against CoinbaseÂ
The SEC is yet to comment on whether Ethereum (ETH) is a security. The altcoin has been identified as a commodity by the US Commodity and Futures Trading Commission. While the SEC dropped its investigation into Ether, the Gary Gensler-led regulatory agency did not clarify its stance on whether Ether is a security. Â
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Ex-Dividend 27/06/2024
398306 June 26, 2024 17:33 ICMarkets Market News
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1
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Ex-Dividends | ||
|---|---|---|---|
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2
|
27/6/2024 | ||
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3
|
Indices | Name |
Index Adjustment Points
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4
|
Australia 200 CFD
|
AUS200 | 11.22 |
|
5
|
IBEX-35 Index | ES35 | 11.8 |
|
6
|
France 40 CFD | F40 | |
|
7
|
Hong Kong 50 CFD
|
HK50 | 22.98 |
|
8
|
Italy 40 CFD | IT40 | |
|
9
|
Japan 225 CFD
|
JP225 | 37.86 |
|
10
|
EU Stocks 50 CFD
|
STOXX50 | |
|
11
|
UK 100 CFD | UK100 | 5.93 |
|
12
|
US SP 500 CFD
|
US500 | 0.07 |
|
13
|
Wall Street CFD
|
US30 | |
|
14
|
US Tech 100 CFD
|
USTEC | |
|
15
|
FTSE CHINA 50
|
CHINA50 | 9.39 |
|
16
|
Canada 60 CFD
|
CA60 | |
|
17
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Germany Tech 40 CFD
|
TecDE30 | |
|
18
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Germany Mid 50 CFD
|
MidDE50 | |
|
19
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Netherlands 25 CFD
|
NETH25 | |
|
20
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Switzerland 20 CFD
|
SWI20 | |
|
21
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Hong Kong China H-shares CFD
|
CHINAH | 9.25 |
|
22
|
Norway 25 CFD
|
NOR25 | |
|
23
|
South Africa 40 CFD
|
SA40 | |
|
24
|
Sweden 30 CFD
|
SE30 | |
|
25
|
US 2000 CFD | US2000 | 0.06 |
The post Ex-Dividend 27/06/2024 first appeared on IC Markets | Official Blog.
ECB: Lagarde is not on the list of today’s speakers – UBS
398305 June 26, 2024 17:33 FXStreet Market News
There are several ECB speakers on the agenda today. One speaker, Rehn, has already suggested that two further rate cuts are a reasonable estimate for ECB action this year, Chief Economist at UBS Global Wealth management Paul Donoban notes.
The data calendar is quiet
“The UK’s CBI distributive trades data is a retail sector survey which only three economists can be bothered to forecast. US May new home sales data is more noteworthy, reporting on a sector that is vulnerable to the ever tighter real interest rates of the Federal Reserve (Fed).”
“The French parliamentary debate saw the three political leaders conforming to stereotype on the major issues—markets are unlikely to be moved by this piece of political theater. The increase in the retirement age from 62 to 64 was a contested point (many OECD economies have a retirement age several years higher than 64).”
“The UK leader of the opposition, Starmer, suggested a Labor government would try to reach 2.5% GDP growth. The frequency with which UK data is revised may mean it is years before a true growth rate is uncovered, and efficiency gains from structural change will raise living standards but potentially reduce reported GDP growth.”
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China: The Third Plenum to bring reaffirmation of basic principles – Standard Chartered
398304 June 26, 2024 17:18 FXStreet Market News
The July Plenum gives the government a rare opportunity to tackle the lack of confidence by rekindling hopes of growth-friendly reforms, Standard Chartered analysts Shuang Ding and Hunter Chan note.
What to expect from the Third Plenum
“We expect the Plenum to reiterate the PartyÂ’s support of private-sector expansion as well as a stronger state sector, and the decisive role of the market in resource allocation.”
“In addition, we think theyÂ’ll take steps to remove cross-region barriers, encourage innovation and green transition, and improve income distribution.”
“We also expect them to attach greater importance to security, addressing risks in the housing and financial sectors and increasing the resilience of the supply chain. The market will likely pay close attention to potential fiscal/tax reforms that are essential for long-term sustainability.”
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