14 Jun: Oil, Gold firm due to Middle East tensions. China/US Retail Sales ahead.

 

FX Markets traded mostly sideways on Thursday although in the commodities space, the metals and oil both caught a bid tone because of the spike in Middle East tensions with the bombing of oil tankers in the Gulf of Oman, which underpinned safe haven demand. Otherwise it was a quiet day as traders stand aside ahead of today’s US retail sales and the FOMC next week

Friday will begin with the NZ Business PMI and Food Price Index, ahead of the China Retail Sales (exp +8.1%yy), Industrial Production (exp 6.5%yy) and Fixed Asset Investment (exp 6.1%yy), which will be followed by the NBS Press Conference. Europe will be fairly thin but the US will see a busy session, featuring the  May Retail Sales (exp 0.6%mm), Capacity Utilisation (exp 78.0%mm),  Industrial Production (exp 0.1%mm),  Business Inventories (exp 0.5%mm) and the  Michigan Consumer Sentiment Index (exp 109.2). Have a good weekend.

 Economic data highlights will include:

Fri: NZ Business PMI, Food Price Index, China Retail Sales, Fixed Asset Investment, NBS Press Conference, Japan Industrial Production, Capacity Utilisation, German Wage Price Index, US Retail Sales, Capacity Utilisation, Industrial Production, Business Inventories, Michigan Consumer Sentiment Index

Market moves, in brief:

FX: DXY 97.04 (+0.08%)

Bonds: US10Y; 2.102% (-1.16%), German 10Y; -0.242% (-2.5%), UK 10Y; 0.836% (-3.93%), Australian 10Y; 1.414% (-1.67%), NZ 10Y; 1.690% (-1.46 %), China 10Y; 3.293% (+0.97%)

Stock Indices: DJI; +0.39%, S+P; +0.41%, NASDAQ; +0.57%, EUStoxx50; +0.11%, FTSE100; +0.01%, Shanghai Composite; +0.05%,

Metals: Gold $1341 oz (+0.64%), Silver $14.90 oz (+0.84%), Copper $2.6565 lb (+0.09%), Iron Ore $106.29 per tonne (NYMEX) (+3.2%),

Oil: WTI $ 52.18 pb (+2.20%)

CURRENCIES
EURUSD: 1.1273
Res  1.1300  1.1320  1.1345
Sup  1.1250  1.1225  1.1200
USDJPY: 108.38
Res  108.55  108.80  109.00
Sup  108.20  108.00  107.80
GBPUSD: 1.2675
Res  1.2705  1.2735  1.2760
Sup  1.2655  1.2630  1.2610
USDCHF: 0.9941
Res  0.9960  0.9980  1.0000
Sup  0.9925  0.9900  0.9875
AUDUSD: 0.6913
Res  0.6935  0.6955  0.6975
Sup  0.6900  0.6880  0.6865
NZDUSD: 0.6565
Res  0.6575  0.6585  0.6595
Sup  0.6555  0.6545  0.6535
INDICES / COMMODITIES
S&P.fs: 2894.28
Res  2900.00  2910.00  2920.00
Sup  2885.00  2875.00  2865.00
DJ30.fs: 26133.50
Res  26160.00  26215.00  26270.00
Sup  26075.00  26005.00  25935.00
SPI200.fs: 6558
Res  6570  6590  6620
Sup  6535  6520  6500
XAUUSD: 1342.06
Res  1345.00  1350.00  1355.00
Sup  1340.00  1335.00  1330.00
XAGUSD: 14.90
Res  15.00  15.10  15.20
Sup  14.80  14.70  14.60
WTI.fs: 52.21
Res  53.00  54.00  54.85
Sup  51.50  50.60  49.65

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