Daily Market Commentary
Markets closed out yet another dramatic week, flat, following the upheaval from the Israeli attacks on Iran. The longer this war continues, the more damaging for both nations and the Middle East as a whole. The US has joined the party and bombed three Iranian nuclear sites. This will escalate the crises and impact markets when they open. The week ahead will remain pre-occupied with the Middle East crises and the impact this will have on global markets. Oil prices have shot up and if the war continues, the US Dollar may become a temporary safety play. Markets will be looking towards the appearance by Federal Reserve Chairman Powell, before Congress, this coming Tuesday and Wednesday. The EUR regained 1.1500, while the GBP drifted to 1.3450, following the Bank of England inaction.
Commodity currencies remain under pressure, with the AUD falling to 0.6400, while the NZD has completely surrendered 0.6000. The lack of a trade agreement with the US, when tariffs dominate the global trade mood, are impacting the Australasian currencies. Geo-Political issues look set to dominate markets for yet another week.
Dates & Headline
23/6 Australia/Japan Services/Manufacturing/Composite PMI, UK/France/German/EU S/M/C PMI, US S/M/C PMI
24/6 NZ Credit Card Spending, German Ifo Business Climate. Canada CPI, Chicago Fed National Activity Index, US Current Account, S&P Case-Shiller Home Price Index, US Consumer Confidence, Powell Congress Testimony, Richmond Fed Manufacturing Index
25/6 NZ Trade Exports/Imports, Bank of Japan Minutes, France Consumer Confidence, US Weekly Mortgage Applications, Powell Congress Testimony, US New Home Sales
26/6 German Consumer Confidence, US Weekly Jobless Claims, US Durable Goods Orders, US GDP, US Pending Home Sales, Kansas City Fed Manufacturing Index
27/6 Tokyo CPI, Japan Unemployment, UK GDP, France CPI, Canada GDP, US PCE Inflation, EU Consumer Confidence, US Personal Income/Expenditure, University of Michigan Economic Sentiment
Paul Bettany I Collinson Forex Limited Collinson & Co.
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