EU Daily Market Wrap - 14th June 2019

EU Daily Market Wrap - 14th June 2019

Today's Highlights

US Retail Sales rises at solid pace

US Industrial and Manufacturing Production bounces from its Feb 2017 lows

Macro Review

The week concluded with some interesting activity in the market mainly dominated by disappointment over the FED Cut-Case. Today's round of US data depicts a mixed picture but enough resilient to exclude heavy cutting by the FED. After today, the implied probability for a July cut plunged to 67% from the previous 82%. Therefore, the reaction in  the market was hawkish today after the release of the US Core Retail Sales data (0.5% vs 0.5% exp), Retail Control (0.5% vs 0.7% exp) with the former revised higher. US Industrial and Manufacturing Production also bounced back to 0.4% and 0.2% respectively.

US Equities traded undecided closing the EU session in red amid hawkish US numbers. SP500 is probably concluding the choppiest week of the year failing to break above the 2900 and showing signs of weaker momentum after the recent push higher.

The G10 FX space was mainly led by gains in the US Dollar after probability drop in FED fund rate cut in July. EUR printed new weekly lows after a drop in EU inflation expectation and solid US data. Selling pressure also resumes in GBP mainly led by USD strength. JYP and AUD followed similar patterns.

Crude traded slightly positive amid US-Iran tensions in the Strait of Hormus after Trump accused Iran for tanker attacks. Gold retraced off its recent highs amid USD strength and profit taking activity around key resistance area

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

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