Looks more toward at 600,000 increase The Ecuador oil ministers on were saying that OPEC is unlikely to agree to a supply increase of 1 million barrels per day. He expects a number more toward 600,000 BPD.
BOE send the pair higher The GBPUSD is moving higher and higher. The pair just broke above its 38.2% at 1.3242 level and looks toward the old June 1 swing low at 1.3252 and the underside of a broken line at 1.3259.
10 year yields are mixed. The European stocks are closing with steep declines. IN the 10 year note sector, yields are mixed. German yields are lower, but the Italian yields are higher by 19.5 bps as concerns about EU skepticism resurfaced again today.
Lower than expected The Philadelphia Fed business outlook for June came in at 19.9 versus 29.0 expectations. That was much lower than the 34.4 from May. A disappointing number after the spike higher in May. The number is the lowest since November 2016.
Above a swing area The EURUSD has moved higher with the general dollar selling, on the back of the Supreme Court decision that states can collect sales taxes for online purchases without a physical presence in that state.
Supreme Court decision on tax on internet retailers helps to send stocks lower The Supreme Court has decided states can force online retailers to collect sales tax. Some online retailers already do that. Amazon apparently has collected taxes on many products it sells, but smaller retailers have not. As a result, their price will likely…
Impact for internet companies. Amazon is trading down -1.3% Ebay is down -1.8% Etsy is down -2.53% The broader indices are getting hit too.: The USDJPY is also moving lower and trading below the 110.00 level.
Watching the 1.1564 level for support buyers lean. The EURUSD has moved back below the 100 hour MA at 1.1585 level. Recall, yesterday the price stalled near that level . Today the price moved above on the back of weaker Philly Business index.
Speaking in Minneapolis
April showed a 0.4% gain The May US leading index came in at +0.2% versus 0.4% expected. The prior month showed a 0.4% gain.