Amplify Trading Market Wrap - 28th June 2019

EU Daily Market Wrap - 28th June 2019

Updated: Jul 2, 2019


Today's Highlights

  • US Chicago PMI into contractionary territory

  • G20 in Osaka kicks off

  • Russia maybe ready to commit to higher cuts

Macro Review

This last day of the trading week ends with a couple of interesting moves as all eyes are on Osaka where the 2019 G20 meeting kicks off today. No major updates on the trade war front, with China playing a slightly more tougher stance ahead of talks. On the data calendar, the US Chicago PMI was the main highlight for the afternoon with the headline coming into contraction at 49.7 vs the expected 53.5. The reaction looked mixed as traders focus on the G20 outcome


US Equities traded mixed after more hawkish comments from China and the release of the Chicago PMI. No big changes in the FED implied probability of a 50 bbp cut in July confirming that the main focus remains the outcome of the trade war between US and China.



The FX space was mainly led by weakness in the USD Dollar, sustained by the recent round of weaker US data. EUR remains around its weekly highs well above the 1.1400 handle. GBP paired back some of this week losses supported by losses in the USD. The rest of G10 currencies followed similar patterns



Crude Oil remained elevated helped by a weaker dollar and comments by Russia Oil Ministers on potential commitment to production cuts. Gold traded sideways amid profit taking and mixed sentiment

EU Close



If you missed the morning briefing from the desk click HERE

Hope you enjoyed the session and I wish you all a great weekend

0 views
NEWS & MARKET INSIGHTS
@AMPLIFYTRADING
  • White Instagram Icon
  • White Twitter Icon
  • White Facebook Icon
  • White LinkedIn Icon
  • White YouTube Icon
  • Wechat
SPEAK TO US

+44 (0) 203 372 8415

info@amplifytrading.com

18 St Swithin's Ln, London EC4N 8AD 

© 2009 - 2020 Amplify Trading. All rights reserved.

View our Privacy Policy >