200 day MA is being tested for the 2nd time today As the market trades up and down, traders need to look for technical clues that give bullish or bearish bias clues.For the USDJPY, the pair traded up and down, but the lows found support against a prior resistance level. That kept the bullish bias.
Crude oil futures fall -1.21% on the back of a surprise build of inventories The price of crude oil futures are settling at $64.73. That is down $0.79 or -1.21% on the day.
OPEC meet in June 22 in Vienna , supply restrictions (an easing of them) is likely to be topic #1 for a hookers and blow fest ANZ have published a useful report looking ahead. Their ‘in a nutshell’ summary:
Comments by German chancellor Angela Merkel Well, it’s not the worst of things as majority of the participants are in disagreement with the US over several issues already at the moment.
Comments by European Commission vice president, Jyrki Katainen The message so far on the trade rhetoric that the EU is sending is that they are the ones calling the shots now – following the retaliatory tariffs earlier .
EUR/USD touches a high of 1.1776 on the day The euro is continuing its momentum following the consistent comments on the inflation outlook by ECB speakers today, as it sets up for hawkish expectations ahead of the ECB meeting next week on 14 June.
Comments by the European Commission on trade The tit-for-tat rhetoric on trade continues to develop but the market is largely ignoring in for the moment. Equities remain unphased as well.
Comments by Japanese prime minister Shinzo Abe Abe says that he wants to send a message ahead of the G7 summit that nobody would benefit from a trade protectionism stance.
FT report The report says the dispute stems from the Irish border backstop plan. ” is the story. David Davis revolts over Irish border plan “”May had planned to send the plan to Brussels this week, possibly as soon as Wednesday, but she was forced to put it on hold after Mr Davis led a rebellion…
Data on US and Canadian trade balance US trade balance data for April is due up at the bottom of the hour. The consensus is a $49 billion deficit, the same is March. I’m skeptical. The trade deficit was deteriorating through February and hit $57 billion before rebounding in the most-recent report. Estimates range from…