EU Daily Market Wrap - 25th June 2019

EU Daily Market Wrap - 25th June 2019

Today's Highlights

  • Iran shuts the door to diplomatic solution after Trump's sanctions

  • US Consumer Confidence at 2 years low

  • EU has rejected 2 of the 3 options  offered by Boris Johnson

Macro Review

Choppy and undecided price action today as USD lacks direction and Global the market awaits for development on the US-Iran and updated on ongoing trade wars at G20. The morning started off light on the calendar with some profit taking activity in the equity complex. Risk-off tone that extended through the afternoon session along with a mixed and choppy FX space.

Global equities traded softer as traders reassess tensions between US and Iran and discount the chances of inconclusive talks between US and China at the next G20 meeting. SP500 retested the 2936 level to the downside entering the first week of losses after three consecutive positive streaks.

The FX complex traded mixed due to an undecided US dollar. The greenback traded a touch softer in the afternoon after the release of a weaker than expected US Consumer Confidence 121.3 against the expected 131.1. GBP traded choppy after another failure to break above the 1.2800 level, as the chances of no-Brexit increases after EU rejections of Bojo "new withdrawal agreement". AUD and JPY extended gains amid a milder dollar and risk-off tone.

Crude WTI traded rangebound holding above the 57.50 supported by escalations between US and Iran as the regime called for a total closure of diplomatic solutions after Trump announced sanction on Iran's leader and ministers.

Gold  stayed above the 1420 level after printing a 6 years high overnight supported by a weaker Dollar and Risk-off sentiment.

EU Close

If you missed the morning briefing from the desk click HERE

Hope you enjoyed the session

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