The active SGX iron ore contract continues to climb. We were last $113.55/ton, which is above all the key EMAs, while versus late June lows we sit nearly 12% higher. Late May highs for the metal topped out around $122/ton
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The trend condition in GBPUSD remains bullish. Monday’s rally and print above 1.2801, the May 29 high, confirms a resumption of the uptrend and an extension of the rising price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position, reinforcing current trend conditions. The focus is on a climb towards 1.2859, a Fibonacci projection. Initial support to watch is 1.2685, the 20-day EMA.
ACGBs (YM +4.0 & XM +6.0) are richer but off the session’s best levels. This retreat aligns with the 1-2bps cheapening observed in US tsys during today's Asia-Pacific session.
EURUSD traded higher Monday, starting the week on a bullish note. The move higher has resulted in a break of 1.0895, the May 16 high and bull trigger. This confirms a resumption of the bull trend and confirms a flag formation on the daily chart. Moving average studies also highlight an uptrend. The break higher opens 1.0933 next, a Fibonacci retracement. Support to watch lies at 1.0788, the May 30 low.