Collinson Forex Daily Market Commentary and Market Calendar

Daily Market Commentary

Markets tumbled again overnight, with the Israeli war on Iran, totally pre-occupying markets. The war rages on, with devastating air attacks launched and received, from both sides. US equities tumbled, once again, while the safety of the US Dollar was sought. The EUR crashed back below 1.1500, while the GBP fell to 1.3430. US Retail Sales sharply contracted in May, servicing as a perfect excuse to the Fed, to cut rates. Markets are expected the Fed to hold rates, but the recent visit to the White House by Fed Chairman Powell and extreme public pressure, may surprise many.
 
The Bank of Japan surprised no one, leaving rates unchanged, but indicating bond purchases will be tapered. This was in line with expectations and did little to move markets. The surge in the reserve smashed the commodity currencies, with the AUD plunging back below 0.6500, while the NZD looks to lose 0.6000. All eyes remain on the Middle East, although the Fed looms large.
  

   

Dates & Headline

16/6 NZ Business PSI, UK House Prices, China House Price Index, China Industrial Production, China Retail Sales, Empire State Manufacturing Index
 
17/6 NZ Food Price Index, Bank of Japan IRD, German/EU ZEW Economic Sentiment, US Retail Sales, US Industrial Production, NAHB House Market Index
 
18/6 NZ Current Account, Japan Trade Exports/Imports, UK CPI, EU Current Account, EU CPI, US Building Permits/Housing Starts, US Weekly Jobless Claims, Fed's IRD
 
19/6 NZ GDP, Australia Unemployment, Bank of England IRD, UK Consumer Confidence
 
20/6 Japan CPI, PBoC IRD, German PPI, UK Retail Sales, Philly Fed Manufacturing Survey, EU Consumer Confidence

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