COMMODITIES: Gold Finds Support at 50-dma
A bull cycle in Gold that started Jun 30, remains intact and the yellow metal is holding on to the bulk of its recent gains. Note that medium-term trend conditions are bullish - moving average studies are in a bull-mode position highlighting a dominant uptrend. WTI futures maintain a bearish tone. The sharp reversal from the Jun 23 high continues to highlight scope for an extension lower and this suggests that recent gains have been corrective.
- WTI Crude up $0.01 or +0.02% at $66.46
- Natural Gas up $0.01 or +0.37% at $3.537
- Gold spot up $16 or +0.48% at $3339.9
- Copper down $5.35 or -0.96% at $552.8
- Silver up $0.29 or +0.77% at $37.9798
- Platinum up $10.54 or +0.77% at $1381.05
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FOREX: FX OPTION EXPIRY
Of note:
EURUSD 4.3bn at 1.1540/1.1600.
USDJPY 4.85bn at 145.00 (a little far).
USDCAD 1.35bn at 1.3600 (wed).
EURUSD 1.88bn at 1.1600 (thu).
- EURUSD: 1.1500 (1.95bn), 1.1540 (407mln), 1.1550 (435mln), 1.1565 (856mln), 1.1580 (741mln), 1.1600 (1.79bn), 1.1650 (721mln), 1.1700 (4.57bn).
- USDJPY: 145.00 (4.85bn).
- AUDUSD: 0.6455 (476mln), 0.6505 (302mln).
BONDS: Off Lows On Cross-Market Cues, Curves Steeper
The weakness in core global FI markets stalls a little in recent trade, seemingly driven by cross-market inputs, with crude oil futures ticking to fresh session lows and Friday’s high in Euro Stoxx 50 futures holding.
- Core global FI curves still bear steepen on the day.
- No readthrough from comments from ECB’s Nagel & de Guindos.
- ECB pricing remains biased towards 1 further 25bp cut in the current cycle, while BoE pricing shows ~45bp of easing through year-end.
SWEDEN: New 3-year EUR SGB Benchmark
"The Kingdom of Sweden, rated Aaa/AAA/AAA (all Stable) by Moody's/S&P/Fitch, has mandated Danske Bank, Goldman Sachs Bank Europe SE, J.P. Morgan and SEB to lead manage its forthcoming 3-year (due 26 June 2028), fixed rate, EUR-denominated, RegS, syndicated benchmark transaction. The transaction will be launched in the near future, subject to market conditions."
From Market source
