![](http://www.ftalliance.com.au/data/uploaded_images/Collinsons FX.jpg#&39; border="0")
Daily Market Commentary
President Trump announced a ceasefire, between Israel and Iran overnight, setting markets alight. Equities across the globe surged higher, while oil prices and the US Dollar, tumbled. Reports of a break in the ceasefire have been flying, but it appears a ceasefire has been reached, with a view to peace negotiations. Market sentiment sharply improved, despite the dampener, that has become known as 'too slow Powell'. Federal Reserve Chairman Powell appeared before Congress, maintaining the line that he will keep his powder dry, until Trumps tariff strategy plays out. Inflation is benign and Powell is looking like a political animal, that may be, on the endangered list. The safety of the US Dollar was no longer sought, with the EUR breaking back above 1.1600, while the GBP powered through 1.3600.
The unwanted reserve allowed the commodity currencies to recover some lost ground, with the AUD looking to regain 0.6500, while the NZD broke back above 0.6000. Markets will focus on the Fed Chairs Congressional appearance (over two days), unless war breaks out, once again in the Middle East.
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.
Private Banking I Mobile +64 0406-744-923
Countries: NZ 0800 338 838 I AU 1800 143 415 I UK 0800 028 5834 I US 1888 625 7833