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America’s Roundup: Dollar pulls back as markets reconsider Fed rate bets, Wall Street ends higher, Gold edges lower, Oil surges after G7 pledge fresh Russian sanctions-June 28th,2022

Market Roundup

• US May Core Durable Goods Orders (MoM)  0.7%,0.3%  forecast ,0.4% previous

• US May Durables Excluding Defense (MoM)  0.6%,0.3% previous

• US May  Durable Goods Orders (MoM)  0.7%,0.1% forecast , 0.5% previous

• US May  Goods Orders Non Defense Ex Air (MoM)  0.5%0.4% previous

• EU French 12-Month BTF Auction  0.609%,0.708% previous

• EU  French 3-Month BTF Auction -0.392%,-0.465% previous,

• EU  French 6-Month BTF Auction -0.163% , -0.096% previous

• US May Pending Home Sales (MoM)  0.7%,-4.0% forecast, -3.9% previous

• US  May Pending Home Sales Index  99.9, 99.3 previous

• US Jun Dallas Fed Mfg Business Index -17.7,  -7.3 previous

• US 3-Month Bill Auction  1.750%,1.670% previous

• US  6-Month Bill Auction 2.500%,2.390% previous

Looking Ahead - Economic Data (GMT)

•  03:30 Japan 2-Year JGB Auction  -0.058% previous

• 05:00 Japan BoJ Core CPI (YoY) 1.4% previous

Looking Ahead - Events, Other Releases (GMT)

• No significant events

Currency Summaries

EUR/USD: The euro edged higher on Monday as investors awaited start of the European Central Bank's annual summit in Portugal. The euro led gainers versus the dollar as the European Central Bank's annual forum in Sintra got underway with ECB President Christine Lagarde and Federal Reserve Chair Jerome Powell both attending the meeting.Several European Central Bank policymakers, including President Christine Lagarde, will speak at the ECB Forum on Central Banking in Sintra, Portugal, starting late on Monday. Markets will be keenly watching for any signs of future policy moves. Immediate resistance can be seen at 1.0606(38.2%fib),an upside break can trigger rise towards 1.0693(50%fib).On the downside, immediate support is seen at 1.0546(5DMA), a break below could take the pair towards 1.0476(23.6%fib).

GBP/USD: Sterling was little changed against dollar on Monday  amid more post-Brexit tensions and persistent economic growth worries in Britain.British Prime Minister Boris Johnson said on Monday parliament could pass legislation this year to scrap some of the rules on post-Brexit trade with Northern Ireland that his government agreed in 2020 with the European Union. Risk-sensitive sterling had risen in London morning to a two-week high versus the dollar, lifted by an equity market rally. But by 1110 GMT, it was flat at $1.2273. Immediate resistance can be seen at 1.2368(21DMA),an upside break can trigger rise towards 1.2444 (38.2%fib).On the downside, immediate support is seen at 1.2232(23.6%fib), a break below could take the pair towards 1.2163(June 22nd low).

 USD/CAD: The Canadian dollar rose against its US counterpart to an 11-day high on Monday, recouping part of this month's decline as oil prices rose and the greenback  lost ground across the board. Oil prices, one of Canada's top exports, rose for a second day as investors waited for action on Russian oil and gas exports, which could come from a meeting of  Group of Seven (G7) leaders in Germany. The Canadian dollar was trading 0.1% higher at 1.2875 per greenback, or 77.67 U.S. cents, after touching its strongest level since June 16 at 1.2865 .Immediate resistance can be seen at 1.2912 (5DMA), an upside break can trigger rise towards 1.2949 (38.2% fib).On the downside, immediate support is seen at 1.2848(50%fib), a break below could take the pair towards 1.2748 (61.8%fib).

 USD/JPY: The dollar struggled against the Japanese yen on Monday as softening inflation expectations prompted a reassessment of the prospects for aggressive interest rate hikes. Softening US economic data in a survey released on Friday showed consumer confidence at a record low, giving investors further impetus to scale back their bets on US interest rate hikes. But the specter of a global slowdown and favoritism of dollar-denominated assets has prevented further declines. Against its rivals, the dollar edged 0.12% lower to 103.9.  Strong resistance can be seen at 135.80 (23.6%fib), an upside break can trigger rise towards 136.24(June 23rd high).On the downside, immediate support is seen at 134.68(14DMA), a break below could take the pair towards 133.00(38.2%fib).

Equities Recap

European stocks closed at a two-week high on Monday, buoyed by miners as China's easing of COVID-19 restrictions  lifted global sentiment, while Prosus shares rallieed on the Dutch company plan to reduce its stake in Tencent.

 UK's benchmark FTSE 100 closed up by 0.69 percent, Germany's Dax ended up  by 0.52 percent, France’s CAC finished the day down by 0.43percent.

US stocks closed lower on Monday with few catalysts that could affect investor sentiment as they near the halfway point of a year in which stock markets have been hit by mounting worries about inflation  and tightening Fed policy..

Dow Jones closed down  by  0.20% percent, S&P 500 closed down by 0.30% percent, Nasdaq settled down by 0.72%  percent.

Treasuries Recap

Treasury yields rose on Monday as data on orders for durable goods and pending home sales amazed to the upside, however the sale of two- and five-year notes changed into susceptible because the marketplace gauges the economic system and Federal Reserve efforts to tame inflation.

• The 10-year note rose 7 basis points to 3.194% and the two-year's yield, which can herald rate expectations, gained 6.9 basis points to 3.126%.

Commodities Recap

Gold prices fell on Monday as higher interest rates weighed on the precious metal as investors watched for signs of policy moves at the European Central Bank forum in Portugal.

Spot gold fell 0.1% to $1,823.89 per ounce by 2:47 p.m. ET (1847 GMT). U.S. gold futures settled down 0.3% at $1,824.8.

Oil rose $2 a barrel on Monday as the prospect of even tighter supply loomed over the market as the Group of Seven nations pledged to further tighten  Russian President Vladimir Putin's war chest while  lowering energy prices

Brent crude futures settled $1.97, or 1.7% higher, at $115.09 a barrel, whereas West Texas Intermediate  crude closed up $1.95, or 1.8%, at $109.57 a barrel.


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