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Ex-Dividend 17/06/2024
Ex-Dividend 17/06/2024

Ex-Dividend 17/06/2024

396162   June 15, 2024 22:02   ICMarkets   Market News  

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Ex-Dividends
2
17/06/2024
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Indices Name
Index Adjustment Points
4
Australia 200 CFD
AUS200
5
IBEX-35 Index ES35
6
France 40 CFD F40
7
Hong Kong 50 CFD
HK50 2.62
8
Italy 40 CFD IT40
9
Japan 225 CFD
JP225
10
EU Stocks 50 CFD
STOXX50
11
UK 100 CFD UK100
12
US SP 500 CFD
US500 0.67
13
Wall Street CFD
US30 18.86
14
US Tech 100 CFD
USTEC
15
FTSE CHINA 50
CHINA50
16
Canada 60 CFD
CA60 0.81
17
Germany Tech 40 CFD
TecDE30
18
Germany Mid 50 CFD
MidDE50
19
Netherlands 25 CFD
NETH25
20
Switzerland 20 CFD
SWI20
21
Hong Kong China H-shares CFD
CHINAH
22
Norway 25 CFD
NOR25
23
South Africa 40 CFD
SA40
24
Sweden 30 CFD
SE30
25
US 2000 CFD US2000 0.07

The post Ex-Dividend 17/06/2024 first appeared on IC Markets | Official Blog.

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Friday 14th June 2024: Asian Markets Mixed as BOJ Signals Potential Bond Purchase Reduction
Friday 14th June 2024: Asian Markets Mixed as BOJ Signals Potential Bond Purchase Reduction

Friday 14th June 2024: Asian Markets Mixed as BOJ Signals Potential Bond Purchase Reduction

395921   June 14, 2024 14:12   ICMarkets   Market News  

Global Markets:

  •  Asian Stock Markets : Nikkei up 0.36%, Shanghai Composite up 0.04%, Hang Seng down 0.59% ASX down 0.27%
  • Commodities : Gold at $2323.5 (0.27%), Silver at $29.48 (0.11%), Brent Oil at $82.53 (-0.39%), WTI Oil at $78.11 (-0.39%)
  • Rates : US 10-year yield at 4.25, UK 10-year yield at 4.16, Germany 10-year yield at 2.46

News & Data:

  • (USD) Core PPI m/m 0.0% vs 0.3% expected
  • (USD) PPI m/m -0.2% vs 0.1% expected
  • (USD) Unemployment Claims 242K vs 225K expected

Markets Update:

Asia-Pacific markets were mixed after the Bank of Japan (BOJ) kept its benchmark interest rate unchanged on Friday but indicated it might reduce its purchase of Japanese government bonds. The BOJ maintained short-term rates at between 0% to 0.1% as expected, and signaled a possible reduction in bond purchases following the next monetary policy meeting on July 30 and 31. Currently, the BOJ aims to buy about 6 trillion yen ($38.5 billion) in bonds each month, with plans to purchase between 4.8 trillion yen and 7 trillion yen per month.

In response to the BOJ’s decision, Japan’s Nikkei 225 reversed losses to gain 0.3%, while the Topix increased by 0.78%. South Korea’s Kospi rose by 0.32%, although the smaller cap Kosdaq fell by 1.14%. Australia’s S&P/ASX 200 declined by 0.27%, while Hong Kong’s Hang Seng index decreased by 0.6%, and the CSI 300 in mainland China slipped by 0.4%.

In the U.S., the S&P 500 rose to a fourth consecutive record close as investors considered new data indicating that inflation pressures might be easing. The broad market index gained 0.23% to finish at 5,433.74, while the Nasdaq Composite advanced 0.34% to close at 17,667.56, marking the fourth straight record closing for both indexes. However, the Dow Jones Industrial Average underperformed, dropping by 0.17%.

The record highs for the S&P 500 and Nasdaq this week were bolstered by fresh data showing signs of cooling inflation pressures.

Upcoming Events: 

  • 12:30 PM GMT – CAD Manufacturing Sales m/m
  • 12:30 PM GMT – CAD Wholesale Sales m/m
  • 12:30 PM GMT – USD Import Prices m/m
  • 2:00 PM GMT – USD Prelim UoM Consumer Sentiment
  • 2:00 PM GMT – USD Prelim UoM Inflation Expectations

The post Friday 14th June 2024: Asian Markets Mixed as BOJ Signals Potential Bond Purchase Reduction first appeared on IC Markets | Official Blog.

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IC Markets Europe Fundamental Forecast | 14 June 2024
IC Markets Europe Fundamental Forecast | 14 June 2024

IC Markets Europe Fundamental Forecast | 14 June 2024

395914   June 14, 2024 13:40   ICMarkets   Market News  

IC Markets Europe Fundamental Forecast | 14 June 2024

What happened in the Asia session?

Today in the Asia session, there were no major economic data releases specifically targeting Asian markets. However, the market was influenced by global economic events and sentiment. The general performance of currencies like the Euro and Japanese Yen was closely watched, with minor fluctuations noted in the trading session. The lack of significant data left the market somewhat stable, with traders potentially positioning for upcoming events or releases in other global markets

What does it mean for the Europe & US sessions?

Today’s European and U.S. trading sessions could see cautious market activity, influenced by the latest U.S. economic reports. While the stable CPI suggests lower inflation pressures, possibly curbing fears of aggressive rate hikes by the Federal Reserve, the unexpected rise in jobless claims raises concerns about the U.S. labor market’s strength. This could lead to mixed feelings in the market, with potential shifts towards safe-haven assets despite a slight rise in the Dollar Index, indicating other factors are at play supporting the dollar. The overall trading environment may be cautious as market participants look for further economic cues and central bank guidance.

The Dollar Index (DXY)

Key news events today

Prelim UoM Consumer Sentiment (2:00pm GMT)

What can we expect from DXY today?

The U.S. Dollar Index (DXY) could be influenced today by the release of the Preliminary University of Michigan Consumer Sentiment Index. If the sentiment data indicates that consumers are more confident than expected, the DXY may strengthen as this suggests robust consumer spending and potential economic growth, leading to possible monetary tightening. On the other hand, a weaker than expected consumer sentiment might suggest lower confidence and spending, potentially weakening the dollar as it could prompt the Federal Reserve to maintain or increase monetary support. The impact on the DXY will ultimately depend on whether the sentiment data reflects optimism or pessimism about the U.S. economy

Central Bank Notes:

  • The Federal Funds Rate target range remained unchanged at 5.25% to 5.50% for the seventh meeting in a row.
  • The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run and judges that the risks to achieving its employment and inflation goals have moved toward better balance over the past year.
  • The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. Inflation has eased over the past year but remains elevated and in recent months, there has been modest further progress toward the Committee’s 2% inflation objective.
  • Recent indicators suggest that economic activity has continued to expand at a solid pace while job gains have remained strong, and the unemployment rate has remained low.
  • In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks and does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%.
  • In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook and would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals.
  • In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities. Beginning in June, the Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $60 billion to $25 billion.
  • The Committee will maintain the monthly redemption cap on agency debt and agency mortgage-backed securities at $35 billion and will reinvest any principal payments in excess of this cap into Treasury securities.
  • Next meeting runs from 30 to 31 July 2024.

Next 24 Hours Bias

Medium Bearish


Gold (XAU)

Key news events today

Prelim UoM Consumer Sentiment (2:00pm GMT)

What can we expect from Gold today?

Today’s gold prices could react to the Preliminary UoM Consumer Sentiment data. If the report shows higher consumer confidence, suggesting economic optimism, gold might see a decrease in value as investors turn to riskier assets. Conversely, lower-than-expected sentiment figures could boost gold’s appeal as a safe haven, potentially raising its price. The impact on gold will depend on how the sentiment data is perceived in terms of economic conditions and consumer confidence

Next 24 Hours Bias

Medium Bullish


The Australian Dollar (AUD)

Key news events today

No major news events

What can we expect from AUD today?

Robust macroeconomic data out of the US caused the Aussie to reverse sharply from 0.6675  and dive under the threshold of 0.6626 by the end of the US session. This currency pair was trading around 0.6529 as Asian markets came online – these are the support and resistance levels for today.

Support: 0.6575

Resistance: 6712

Central Bank Notes:

  • The RBA kept the cash rate target unchanged at 4.35%, marking the eighth pause out of the last nine board meetings.
  • The CPI grew by 3.6% over the year to the March quarter, down from 4.1% cent over the year to December. Underlying inflation was higher than headline inflation and declined by less – this was due in large part to services inflation, which remains high and is moderating only gradually.
  • The central forecasts, based on the assumption that the cash rate follows market expectations, are for inflation to return to the target range of 2 to 3% in the second half of 2025, and to the midpoint in 2026.
  • In the near term, inflation is forecast to be higher because of the recent rise in domestic petrol prices, and higher than expected services price inflation, which is now forecast to decline more slowly over the rest of the year.
  • Inflation is, however, expected to decline over 2025 and 2026.
  • The path of interest rates that will best ensure that inflation returns to target in a reasonable timeframe remains uncertain and the Board is not ruling anything in or out.
  • Next meeting is on 18 June 2024.

Next 24 Hours Bias

Weak Bullish


The Kiwi Dollar (NZD)

Key news events today

No major news events.

What can we expect from NZD today?

This currency pair was trading around 0.6148 at the beginning of the Asia session – these are the support and resistance levels for today.

Support: 0.6100

Resistance: 0.6197

Central Bank Notes:

  • The Monetary Policy Committee kept the OCR unchanged at 5.50% for the seventh meeting in a row and agreed that interest rates need to remain at a restrictive level for a sustained period to ensure annual headline CPI inflation returns to the 1 to 3% target range.
  • Restrictive monetary policy is contributing to an easing in capacity pressures while headline inflation, core inflation, and most measures of inflation expectations are continuing to decline. However, domestic inflation has fallen more slowly than expected and headline CPI inflation remains above the Committee’s target band.
  • Higher dwelling rents, insurance costs, council rates, and other domestic services price inflation have resulted in a slow decline in domestic inflation, posing a risk to inflation expectations.
  • GDP declined by 0.1% in the December 2023 quarter with economic growth having now been negative for four of the past five quarters. High interest rates have reduced household spending, as well as residential and business investment, despite very strong population growth. Recent indicators of economic activity have been weak, as expected.
  • Next meeting is on 10 July 2024.

Next 24 Hours Bias

Medium Bullish


The Japanese Yen (JPY)

Key news events today

BOJ Policy Rate 

Monetary Policy Statement

BOJ Press Conference

What can we expect from JPY today?

Today, the Japanese yen (JPY) could experience significant fluctuations following key announcements from the Bank of Japan (BOJ), including its policy rate decision, the release of the monetary policy statement, and comments during the press conference. An increase in the policy rate may strengthen the yen, while a decrease could weaken it. The tone of the monetary policy statement and any forward-looking statements made during the press conference will also play crucial roles in shaping market expectations and the yen’s trajectory, as investors look for indications of future monetary policy direction

This currency pair was trading around 156.28 as Asian markets came online – these are the support and resistance levels for today.

Support: 156.96

Resistance: 157.67

Central Bank Notes:

  • The Bank considers that the policy framework of Quantitative and Qualitative Monetary Easing (QQE) with Yield Curve Control and the negative interest rate policy to date have fulfilled their roles. With the price stability target of 2%, it will conduct monetary policy as appropriate, guiding the short-term interest rate as a primary policy tool.
  • The Bank of Japan decided on the following measures:
    1. The Bank will encourage the uncollateralized overnight call rate to remain at around 0 to 0.1% while continuing its JGB purchases with broadly the same amount as before.
    2. In addition, the Bank will discontinue purchases of exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs) and will also gradually reduce the amount of purchases of CP and corporate bonds and will discontinue the purchases in about one year.
  • In a quarterly outlook, the committee revised higher CPI prints for FY 2024 to 2.8% from January’s projections of 2.4%, due to the waning effects of higher import prices and fewer government support measures.
  • For 2025, the board expects core inflation to hit 1.9%, slightly higher than its earlier estimates of 1.8%, reflecting a recent rise in oil prices.
  • Policymakers cut their 2023 GDP growth forecast to 1.3% from 1.8% and for FY 2024, the bank also slashed its GDP outlook to 0.8% from 1.2%, mainly reflecting lower private consumption.
  • Next meeting is on 14 June 2024.

Next 24 Hours Bias

Weak Bullish


The Euro (EUR)

Key news events today

No major news events.

What can we expect from EUR today?

The mix of unexpected economic data and policy announcements impacted the Euro, triggering a rollercoaster ride in its value. Initially, it climbed from 1.1025 reaching a peak of 1.1110, spurred by positive market sentiment. However, subsequent shifts in monetary policy outlook prompted a retreat to around 1.1060. As the Asian trading session opened, the Euro was observed stabilizing near 1.1065, setting the stage for today’s trading dynamics.

Support: 1.0734

Resistance: 1.0798

Central Bank Notes:

  • The Governing Council today decided to lower the three key ECB interest rates by 25 basis points after nine months of holding rates steady.
  • Accordingly, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will be decreased to 4.25%, 4.50% and 3.75% respectively, with effect from 12 June 2024.
  • Since September 2023, inflation has fallen by more than 2.5% and the inflation outlook has improved markedly while underlying inflation has also eased, reinforcing the signs that price pressures have weakened, and inflation expectations have declined at all horizons.
  • At the same time, despite the progress over recent quarters, domestic price pressures remain strong as wage growth is elevated, and inflation is likely to stay above target well into next year – the latest Eurosystem staff projections for both headline and core inflation have been revised up for 2024 and 2025 compared with the March projections.
  • Projections now show headline inflation averaging 2.5% in 2024, 2.2% in 2025 and 1.9% in 2026 while economic growth is expected to pick up to 0.9% in 2024, 1.4% in 2025 and 1.6% in 2026.
  • The Council also confirmed that it will reduce the Eurosystem’s holdings of securities under the pandemic emergency purchase programme (PEPP) by €7.5 billion per month on average over the second half of the year.
  • The Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner and will keep policy rates sufficiently restrictive for as long as necessary to achieve this aim and is not pre-committing to a particular rate path.
  • Next meeting is on 18 July 2024.

Next 24 Hours Bias

Medium Bullish


The Swiss Franc (CHF)

Key news events today

No major news events.

What can we expect from CHF today?

Following significant policy announcements from the Swiss National Bank and mixed global economic indicators, the Swiss Franc saw volatile trading. The CHF initially strengthened against the dollar, pushing USD/CHF down from 0.9350 to a low of 0.9293. However, it later regained ground, reflecting a rebound in market sentiment and adjustments in monetary policy expectations. As trading commenced in the Asian markets, the currency pair was noted at approximately 0.9350, setting the stage for today’s session dynamics.

Support: 0.8885

Resistance: 0.8989

Central Bank Notes:

  • The SNB eased monetary policy by lowering its key policy rate by 25 basis points, going from 1.75% to 1.50% in March.
  • For some months now, inflation has been back below 2% and thus in the range the SNB equates with price stability.
  • According to the new forecast, inflation is also likely to remain in this range over the next few years.
  • The forecast puts average annual inflation at 1.4% for 2024, 1.2% for 2025 and 1.1% for 2026, based on the assumption that the SNB policy rate is 1.5% over the entire forecast horizon.
  • Swiss GDP growth was moderate in the fourth quarter of last year and it is likely to remain modest in the coming quarters.
  • Overall, Switzerland’s GDP is likely to grow by around 1% this year.
  • Next meeting is on 20 June 2024.

Next 24 Hours Bias

Weak Bullish


The Pound (GBP)

Key news events today

No major news events.

What can we expect from GBP today?

Following the overnight release of U.S. unemployment claims data, the British Pound (GBP/USD) displayed some volatility. The GBP/USD pair initially dropped before making a recovery. As the Asian markets came online, the pair was observed trading around a key level. Here are the support and resistance levels for today based on the daily pivot points

Support: 1.2754

Resistance: 1.2808

Central Bank Notes:

  • The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 7-to-2 to maintain its Official Bank Rate at 5.25% for the sixth consecutive meeting.
  • Two members preferred to reduce the Bank Rate by 25 basis points to 5%, an increase of one from the previous meeting.
  • Twelve-month CPI inflation fell to 3.2% in March from 3.4% in February and is expected to return to close to the 2% target in the near term, but increase slightly in the second half of this year to around 2.5% owing to the unwinding of energy-related base effects.
  • CPI inflation is projected to be 1.9% in two years’ time and 1.6% in three years in the May Report. With respect to indicators of inflation persistence, services consumer price inflation has declined but remains elevated at 6% in March.
  • Following modest weakness last year, UK GDP is expected to have risen by 0.4% in 2024 Q1 and to grow by 0.2% in Q2, stronger than expected in the February Report. Despite picking up during the forecast period, demand growth is expected to remain weaker than potential supply growth throughout most of that period.
  • The MPC remains prepared to adjust monetary policy as warranted by economic data to return inflation to the 2% target sustainably and will therefore continue to monitor closely indications of persistent inflationary pressures and resilience in the economy as a whole, including a range of measures of the underlying tightness of labour market conditions, wage growth and services price inflation.
  • Next meeting is on 20 June 2024.

Next 24 Hours Bias

Weak Bullish


The Canadian Dollar (CAD)

Key news events today

No major news events.

What can we expect from CAD today?

Following the release of higher-than-expected U.S. unemployment claims, the Canadian Dollar (USD/CAD) experienced notable volatility. Initially, the pair saw a decline, reflecting a stronger Canadian Dollar against a weakening U.S. Dollar, driven by the unexpected job data. However, it later stabilized and made a partial recovery. As the Asian markets opened, USD/CAD was trading around a pivotal level.

Support: 1.3710

Resistance: 1.3764

Central Bank Notes:

  • The Bank of Canada reduced its target for the overnight rate by 25 basis points to 4.75% while continuing its policy of balance sheet normalization.
  • Canada’s economic growth resumed in the first quarter of 2024 after stalling in the second half of last year. At 1.7%, first-quarter GDP growth was slower than forecast in the MPR but consumption growth was solid at about 3%, and business investment and housing activity also increased.
  • Inflation remains above the 2% target and shelter price inflation is high but total CPI inflation has declined consistently over the course of this year, and indicators of underlying inflation increasingly point to a sustained easing.
  • CPI inflation has eased from 3.4% in December to 2.7% in April while the preferred measures of core inflation have come down from about 3.5% last December to about 2.75% in April and the 3-month rate of core inflation slowed from about 3.5% in December to under 2% in March and April.
  • In the labour market, businesses are continuing to hire workers as employment has been growing, but at a slower pace than the working-age population while elevated wage pressures look to be moderating gradually.
  • The Governing Council is closely watching the evolution of core inflation and remains particularly focused on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour.
  • Recent data has increased the council’s confidence that inflation will continue to move towards the 2% target. Nonetheless, risks to the inflation outlook remain.
  • Next meeting is on 24 July 2024.

Next 24 Hours Bias

Weak Bearish


Oil

Key news events today

No major news events.

What can we expect from Oil today?

Oil prices have experienced a slight decline, yet they remain on track for a positive week, largely fueled by optimistic expectations surrounding OPEC’s actions. Market sentiments are buoyed by hopes that OPEC might continue to manage supply effectively, which is crucial for stabilizing or potentially increasing oil prices.

Next 24 Hours Bias

Weak Bearish


The post IC Markets Europe Fundamental Forecast | 14 June 2024 first appeared on IC Markets | Official Blog.

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Trade Opportunity for Bank of Japan

Trade Opportunity for Bank of Japan

395897   June 14, 2024 12:36   ICMarkets   Market News  

Yen traders are braced for more volatility in the currency today as the Bank of Japan delivers its latest rate decision. The market fully expects rates to remain unchanged, but a significant portion anticipates that the central bank will advise pulling back on its bond purchases moving forward. This should see the Yen appreciate; however, as this expectation has been discussed in the market for the last couple of weeks, any failure to deliver could bring further downside for the currency.

USD/JPY is currently sitting just below key trendline resistance on both the hourly and daily charts, as well as a raft of recent highs near the 157.50 level. A clean break here after the meeting could see the pair move into fresh topside ranges, which is unlikely to be popular with the central bank and Ministry of Finance. Initial support on the downside comes in around 156.40 at the 200-day moving average, with strong support down on the trendline near 154.80.

Resistance 2: 160.03 – April High

Resistance 1: 157.50 – Multiple highs June

Support 1: 156.40 – 200-day Moving Average

Support 2: 154.80 – Trendline Support

The post Trade Opportunity for Bank of Japan first appeared on IC Markets | Official Blog.

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Friday 14th June 2024: Technical Outlook and Review
Friday 14th June 2024: Technical Outlook and Review

Friday 14th June 2024: Technical Outlook and Review

395888   June 14, 2024 12:21   ICMarkets   Market News  

DXY (US Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 105.44

Supporting reasons: Identified as pullback resistance, coinciding with the 61.8% Fibonacci Retracement, indicating a level where selling pressure may emerge.

1st support: 104.28

Supporting reasons: Recognized as overlap support, suggesting a historical level where buying interest has previously emerged.

1st resistance: 106.50

Supporting reasons: Noted as a multi-swing high resistance indicating a significant area where selling pressure may intensify.

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could potentially make a bullish bounce off pivot and head towards 1st resistance.

Pivot: 1.0741

Supporting reasons: Identified as an overlap support level, indicating a historical area where buying interest has previously emerged.

1st support: 1.0679

Supporting reasons: Recognized as an overlap support, coinciding with the 127.20% Fibonacci Extension level, suggesting a strong historical support zone where buyers might be active.

1st resistance: 1.0798

Supporting reasons: Noted as pullback resistance, indicating a significant area where selling pressure may emerge and potentially limit further upside movement.

EUR/JPY:

Potential Direction: Neutral 

Overall momentum of the chart: Bullish

Price could potentially fluctuate between the 1st resistance and 1st support level.

1st support: 168.26 

Supporting reasons: Identified as multi-swing low support, indicating a historical level where buying interest has previously been strong.

1st resistance: 169.93 

Supporting reasons: Noted as swing high resistance, suggesting a significant area where selling pressure may emerge and potentially limit further upside movement.

EUR/GBP:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 0.8499

Supporting reasons: Identified as pullback resistance, coinciding with the 78.6% Fibonacci Retracement, indicating a level where selling pressure may emerge.

1st support: 0.8420

Supporting reasons: Recognized as swing low support, suggesting a historical level where buying interest has been strong.

1st resistance: 0.8532

Supporting reasons: Noted as an overlap resistance, indicating a level where selling pressure may intensify due to historical significance.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off pivot and head towards 1st resistance.

Pivot: 1.2744

Supporting reasons: Identified as pullback support, coinciding with the 61.80% Fibonacci Retracement level, suggesting a potential area where buying interest could emerge.

1st support: 1.2688

Supporting reasons: Recognized as multi-swing low support, indicating a historical level where buying interest has previously been significant.

1st resistance: 1.2854

Supporting reasons: Noted as multi-swing high resistance, suggesting a significant area where selling pressure may emerge and potentially limit further upside movement.

GBP/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish break through the pivot and rise to the 1st resistance.

Pivot: 200.69

Supporting reasons: Identified as multi-swing high resistance, indicating a level where previous selling pressure may have been present.

1st support: 197.43

Supporting reasons: Recognized as an overlap support level, suggesting a historical area where buying interest has emerged in the past.

1st resistance: 202.70

Supporting reasons: Noted as a confluence area with the 161.80% Fibonacci Extension and the 61.80% Fibonacci Projection, suggesting a strong Fibonacci resistance zone where selling pressure may intensify and potentially limit further upside movement.

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish continuation towards the 1st support.

Pivot: 0.8989

Supporting reasons: Identified as an overlap resistance and coinciding with the 38.20% Fibonacci Retracement level, suggesting a significant area where selling pressure may emerge.

1st support: 0.8886

Supporting reasons: Recognized as a multi-swing low support, indicating historical buying interest at this level.

1st resistance: 0.9093

Supporting reasons: Noted as a pullback resistance level and coinciding with the 78.60% Fibonacci Retracement, suggesting a strong Fibonacci resistance zone where selling pressure may intensify and potentially limit further upward movement.

USD/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Factors contributing to the momentum are that the price is in a bullish ascending channel.

Price could potentially make a bullish bounce off pivot and head towards 1st resistance.

Pivot: 156.28

Supporting reasons: Identified as pullback support, suggesting a level where buying interest may emerge.

1st support: 154.69

Supporting reasons: Recognized as swing low support, indicating a historical level where buying interest has emerged.

1st resistance: 157.67

Supporting reasons: Noted as swing high resistance, suggesting a significant area where selling pressure may intensify.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off the pivot and head towards the 1st resistance.

Pivot: 1.3701

Supporting reasons: Identified as a pullback support level, indicating a historical area where buying interest has emerged.

1st support: 1.3656

Supporting reasons: Recognized as another pullback support level, reinforcing the potential for buyers to enter at this price point.

1st resistance: 1.3781

Supporting reasons: Noted as an overlap resistance level, suggesting a significant area where selling pressure may emerge and potentially limit further upward movement.

AUD/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off the pivot and head towards the 1st resistance.

Pivot: 0.6620

Supporting reasons: Identified as an overlap support level and coinciding with the 61.80% Fibonacci Retracement, suggesting a strong historical and technical support zone.

1st support: 0.6576

Supporting reasons: Noted as another overlap support level, reinforcing the significance of this area where buyers have historically entered the market.

1st resistance: 0.6714

Supporting reasons: Recognized as a swing high resistance level, indicating a significant area where selling pressure may emerge and potentially halt further upward movement.

NZD/USD

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off the pivot and head towards the 1st resistance.

Pivot: 0.6140

Supporting reasons: Identified as a pullback support level and coinciding with the 61.80% Fibonacci Retracement, suggesting a strong historical and technical support zone.

1st support: 0.6085

Supporting reasons: Noted as an overlap support level, reinforcing the significance of this area where buyers have historically entered the market.

1st resistance: 0.6206

Supporting reasons: Recognized as a multi-swing high resistance level, indicating a significant area where selling pressure may emerge and potentially halt further upward movement.

US30 (DJIA):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off the pivot and head towards the 1st resistance.

Pivot: 38641.99

Supporting reasons: Identified as an overlap support level and coinciding with the 61.80% Fibonacci Retracement, indicating a strong historical and technical support area.

1st support: 38077.26

Supporting reasons: Noted as a multi-swing low support, suggesting a significant historical level where buying interest has previously emerged.

1st resistance: 39038.86

Supporting reasons: Recognized as an overlap resistance level and coinciding with the 50% Fibonacci Retracement, indicating a critical area where selling pressure may intensify and potentially halt further upward movement.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off the pivot and head towards the 1st resistance.

Pivot: 18231.43

Supporting reasons: Identified as an overlap support level.

1st support: 17903.57

Supporting reasons: Noted as another overlap support level.

1st resistance: 18555.66

Supporting reasons: Recognized as pullback resistance, coinciding with the 78.60% Fibonacci retracement level.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off the pivot and head towards the 1st resistance.

Pivot: 5340.81

Supporting reasons: Identified as an overlap support level.

1st support: 5262.01

Supporting reasons: Identified as another overlap support level.

1st resistance: 5450.00

Supporting reasons: This level is identified by the confluence of the 161.80% Fibonacci Extension and the 61.80% Fibonacci Projection, indicating a significant area where selling pressure may intensify.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a: Bullish bounce-off pivot and head toward 1st resistance

Pivot: 66,040.06

Supporting reasons: Identified as multi-swing low support, indicating a historical level where buying interest has previously emerged.

1st support: 64,512.65

Supporting reasons: Identified as an overlap support, suggesting a significant level where buying pressure could potentially increase.

1st resistance: 70,293.18

Supporting reasons: Identified as an overlap resistance and coinciding with the 78.60% Fibonacci Retracement level, indicating a critical area where selling pressure may intensify.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could potentially make a: Bullish bounce-off pivot and head towards 1st resistance

Pivot: 3,443.08

Supporting reasons: Identified as multi-swing low support, coinciding with the 50% Fibonacci Retracement level, indicating a strong historical and technical support area.

1st support: 3,321.70

Supporting reasons: Identified as pullback support, coinciding with the 61.80% Fibonacci Retracement level, suggesting a significant area where buying interest could emerge to support a rebound.

1st resistance: 3,717.11

Supporting reasons: Identified as an overlap resistance, coinciding with the 50% Fibonacci Retracement level, marking a significant barrier where selling pressure may intensify and potentially halt further upward movements.

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price could potentially make a bullish bounce off pivot and heads towards 1st resistance.

Pivot: 76.66

Supporting reasons: Identified as pullback support, coinciding with the 38.20% Fibonacci Retracement level.

1st support: 75.29

Supporting reasons: Identified as an overlap support level, coinciding with the 61.80% Fibonacci Retracement level.

1st resistance: 80.42

Supporting reasons: Recognized as an overlap resistance level, indicating a significant area where selling pressure may emerge.

XAU/USD (GOLD):

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could potentially make a: Bullish bounce-off pivot and head towards 1st resistance

Pivot: 2,295.00

Supporting reasons: Identified as an overlap support level, indicating a historical area where buying interest has previously emerged.

1st support: 2,271.25

Supporting reasons: Identified as another overlap support level, reinforcing the significance of this zone as a potential area for buyers to step in.

1st resistance: 2,324.08

Supporting reasons: Identified as an overlap resistance level, coinciding with the 61.80% Fibonacci Retracement, suggesting a critical area where selling pressure may emerge and potentially stall further upward movements.

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The post Friday 14th June 2024: Technical Outlook and Review first appeared on IC Markets | Official Blog.

Full Article

IC Markets Asia Fundamental Forecast | 14 June 2024
IC Markets Asia Fundamental Forecast | 14 June 2024

IC Markets Asia Fundamental Forecast | 14 June 2024

395881   June 14, 2024 11:35   ICMarkets   Market News  

IC Markets Asia Fundamental Forecast | 14 June 2024

What happened in the U.S. session?

Yesterday’s release of the Consumer Price Index (CPI) data for May 2024 showed that the CPI for All Urban Consumers remained unchanged on a seasonally adjusted basis and increased by 3.3% over the last 12 months when not seasonally adjusted. The index for all items excluding food and energy rose by 0.2% in May, also seasonally adjusted, and experienced a year-over-year increase of 3.4% when not adjusted. This reflects a slight cooling compared to the previous month’s year-over-year rise of 3.4%, indicating a mild easing in inflationary pressures.

Moreover, yesterday’s release of the unemployment claims data indicated a rise in initial jobless claims. For the week ending June 8, 2024, the number of initial claims increased to 242K, up by 13K from the previous week’s level of 229K. This figure exceeded the forecasted 225K, signaling a potential cooling in the labor market as more individuals filed for unemployment benefits than expected. The 4-week moving average of claims also rose, reaching 227K—an increase of 4,750 from the prior average.  After the news release yesterday, the Dollar Index (DXY) was recorded at 105.25, showing a slight increase of 0.06 points. The data indicated a higher-than-expected number of jobless claims, which typically would exert downward pressure on the USD due to concerns about economic weakness. However, the slight increase in the DXY suggests that other factors or market sentiments might be playing a role in supporting the dollar at the moment.

What does it mean for the Asia Session?

Today’s Asia trading session may see increased caution and volatility due to the recent U.S. economic updates. The higher-than-expected unemployment claims suggest potential weakness in the U.S. labor market, which could dampen global market sentiments. Meanwhile, the stable Dollar Index and the Consumer Price Index data could influence Asian currency markets and investor strategies, as market participants assess implications for U.S. monetary policy and global economic stability.

The Dollar Index (DXY)

Key news events today

Prelim UoM Consumer Sentiment (2:00pm GMT)

What can we expect from DXY today?

The U.S. Dollar Index (DXY) could be influenced today by the release of the Preliminary University of Michigan Consumer Sentiment Index. If the sentiment data indicates that consumers are more confident than expected, the DXY may strengthen as this suggests robust consumer spending and potential economic growth, leading to possible monetary tightening. On the other hand, a weaker than expected consumer sentiment might suggest lower confidence and spending, potentially weakening the dollar as it could prompt the Federal Reserve to maintain or increase monetary support. The impact on the DXY will ultimately depend on whether the sentiment data reflects optimism or pessimism about the U.S. economy

Central Bank Notes:

  • The Federal Funds Rate target range remained unchanged at 5.25% to 5.50% for the seventh meeting in a row.
  • The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run and judges that the risks to achieving its employment and inflation goals have moved toward better balance over the past year.
  • The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. Inflation has eased over the past year but remains elevated and in recent months, there has been modest further progress toward the Committee’s 2% inflation objective.
  • Recent indicators suggest that economic activity has continued to expand at a solid pace while job gains have remained strong, and the unemployment rate has remained low.
  • In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks and does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%.
  • In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook and would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals.
  • In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities. Beginning in June, the Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $60 billion to $25 billion.
  • The Committee will maintain the monthly redemption cap on agency debt and agency mortgage-backed securities at $35 billion and will reinvest any principal payments in excess of this cap into Treasury securities.
  • Next meeting runs from 30 to 31 July 2024.

Next 24 Hours Bias

Medium Bearish


Gold (XAU)

Key news events today

Prelim UoM Consumer Sentiment (2:00pm GMT)

What can we expect from Gold today?

Today’s gold prices could react to the Preliminary UoM Consumer Sentiment data. If the report shows higher consumer confidence, suggesting economic optimism, gold might see a decrease in value as investors turn to riskier assets. Conversely, lower-than-expected sentiment figures could boost gold’s appeal as a safe haven, potentially raising its price. The impact on gold will depend on how the sentiment data is perceived in terms of economic conditions and consumer confidence

Next 24 Hours Bias

Medium Bullish


The Australian Dollar (AUD)

Key news events today

No major news events

What can we expect from AUD today?

Robust macroeconomic data out of the US caused the Aussie to reverse sharply from 0.6675  and dive under the threshold of 0.6626 by the end of the US session. This currency pair was trading around 0.6529 as Asian markets came online – these are the support and resistance levels for today.

Support: 0.6575

Resistance: 6712

Central Bank Notes:

  • The RBA kept the cash rate target unchanged at 4.35%, marking the eighth pause out of the last nine board meetings.
  • The CPI grew by 3.6% over the year to the March quarter, down from 4.1% cent over the year to December. Underlying inflation was higher than headline inflation and declined by less – this was due in large part to services inflation, which remains high and is moderating only gradually.
  • The central forecasts, based on the assumption that the cash rate follows market expectations, are for inflation to return to the target range of 2 to 3% in the second half of 2025, and to the midpoint in 2026.
  • In the near term, inflation is forecast to be higher because of the recent rise in domestic petrol prices, and higher than expected services price inflation, which is now forecast to decline more slowly over the rest of the year.
  • Inflation is, however, expected to decline over 2025 and 2026.
  • The path of interest rates that will best ensure that inflation returns to target in a reasonable timeframe remains uncertain and the Board is not ruling anything in or out.
  • Next meeting is on 18 June 2024.

Next 24 Hours Bias

Weak Bullish


The Kiwi Dollar (NZD)

Key news events today

No major news events.

What can we expect from NZD today?

This currency pair was trading around 0.6148 at the beginning of the Asia session – these are the support and resistance levels for today.

Support: 0.6100

Resistance: 0.6197

Central Bank Notes:

  • The Monetary Policy Committee kept the OCR unchanged at 5.50% for the seventh meeting in a row and agreed that interest rates need to remain at a restrictive level for a sustained period to ensure annual headline CPI inflation returns to the 1 to 3% target range.
  • Restrictive monetary policy is contributing to an easing in capacity pressures while headline inflation, core inflation, and most measures of inflation expectations are continuing to decline. However, domestic inflation has fallen more slowly than expected and headline CPI inflation remains above the Committee’s target band.
  • Higher dwelling rents, insurance costs, council rates, and other domestic services price inflation have resulted in a slow decline in domestic inflation, posing a risk to inflation expectations.
  • GDP declined by 0.1% in the December 2023 quarter with economic growth having now been negative for four of the past five quarters. High interest rates have reduced household spending, as well as residential and business investment, despite very strong population growth. Recent indicators of economic activity have been weak, as expected.
  • Next meeting is on 10 July 2024.

Next 24 Hours Bias

Medium Bullish


The Japanese Yen (JPY)

Key news events today

BOJ Policy Rate 

Monetary Policy Statement

BOJ Press Conference 

What can we expect from JPY today?

Today, the Japanese yen (JPY) could experience significant fluctuations following key announcements from the Bank of Japan (BOJ), including its policy rate decision, the release of the monetary policy statement, and comments during the press conference. An increase in the policy rate may strengthen the yen, while a decrease could weaken it. The tone of the monetary policy statement and any forward-looking statements made during the press conference will also play crucial roles in shaping market expectations and the yen’s trajectory, as investors look for indications of future monetary policy direction

This currency pair was trading around 156.28 as Asian markets came online – these are the support and resistance levels for today.

Support: 156.96

Resistance: 157.67

Central Bank Notes:

  • The Bank considers that the policy framework of Quantitative and Qualitative Monetary Easing (QQE) with Yield Curve Control and the negative interest rate policy to date have fulfilled their roles. With the price stability target of 2%, it will conduct monetary policy as appropriate, guiding the short-term interest rate as a primary policy tool.
  • The Bank of Japan decided on the following measures:
    1. The Bank will encourage the uncollateralized overnight call rate to remain at around 0 to 0.1% while continuing its JGB purchases with broadly the same amount as before.
    2. In addition, the Bank will discontinue purchases of exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs) and will also gradually reduce the amount of purchases of CP and corporate bonds and will discontinue the purchases in about one year.
  • In a quarterly outlook, the committee revised higher CPI prints for FY 2024 to 2.8% from January’s projections of 2.4%, due to the waning effects of higher import prices and fewer government support measures.
  • For 2025, the board expects core inflation to hit 1.9%, slightly higher than its earlier estimates of 1.8%, reflecting a recent rise in oil prices.
  • Policymakers cut their 2023 GDP growth forecast to 1.3% from 1.8% and for FY 2024, the bank also slashed its GDP outlook to 0.8% from 1.2%, mainly reflecting lower private consumption.
  • Next meeting is on 14 June 2024.

Next 24 Hours Bias

Weak Bullish


The Euro (EUR)

Key news events today

No major news events.

What can we expect from EUR today?

The mix of unexpected economic data and policy announcements impacted the Euro, triggering a rollercoaster ride in its value. Initially, it climbed from 1.1025 reaching a peak of 1.1110, spurred by positive market sentiment. However, subsequent shifts in monetary policy outlook prompted a retreat to around 1.1060. As the Asian trading session opened, the Euro was observed stabilizing near 1.1065, setting the stage for today’s trading dynamics.

Support: 1.0734

Resistance: 1.0798

Central Bank Notes:

  • The Governing Council today decided to lower the three key ECB interest rates by 25 basis points after nine months of holding rates steady.
  • Accordingly, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will be decreased to 4.25%, 4.50% and 3.75% respectively, with effect from 12 June 2024.
  • Since September 2023, inflation has fallen by more than 2.5% and the inflation outlook has improved markedly while underlying inflation has also eased, reinforcing the signs that price pressures have weakened, and inflation expectations have declined at all horizons.
  • At the same time, despite the progress over recent quarters, domestic price pressures remain strong as wage growth is elevated, and inflation is likely to stay above target well into next year – the latest Eurosystem staff projections for both headline and core inflation have been revised up for 2024 and 2025 compared with the March projections.
  • Projections now show headline inflation averaging 2.5% in 2024, 2.2% in 2025 and 1.9% in 2026 while economic growth is expected to pick up to 0.9% in 2024, 1.4% in 2025 and 1.6% in 2026.
  • The Council also confirmed that it will reduce the Eurosystem’s holdings of securities under the pandemic emergency purchase programme (PEPP) by €7.5 billion per month on average over the second half of the year.
  • The Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner and will keep policy rates sufficiently restrictive for as long as necessary to achieve this aim and is not pre-committing to a particular rate path.
  • Next meeting is on 18 July 2024.

Next 24 Hours Bias

Medium Bullish


The Swiss Franc (CHF)

Key news events today

No major news events.

What can we expect from CHF today?

Following significant policy announcements from the Swiss National Bank and mixed global economic indicators, the Swiss Franc saw volatile trading. The CHF initially strengthened against the dollar, pushing USD/CHF down from 0.9350 to a low of 0.9293. However, it later regained ground, reflecting a rebound in market sentiment and adjustments in monetary policy expectations. As trading commenced in the Asian markets, the currency pair was noted at approximately 0.9350, setting the stage for today’s session dynamics.

Support: 0.8885

Resistance: 0.8989

Central Bank Notes:

  • The SNB eased monetary policy by lowering its key policy rate by 25 basis points, going from 1.75% to 1.50% in March.
  • For some months now, inflation has been back below 2% and thus in the range the SNB equates with price stability.
  • According to the new forecast, inflation is also likely to remain in this range over the next few years.
  • The forecast puts average annual inflation at 1.4% for 2024, 1.2% for 2025 and 1.1% for 2026, based on the assumption that the SNB policy rate is 1.5% over the entire forecast horizon.
  • Swiss GDP growth was moderate in the fourth quarter of last year and it is likely to remain modest in the coming quarters.
  • Overall, Switzerland’s GDP is likely to grow by around 1% this year.
  • Next meeting is on 20 June 2024.

Next 24 Hours Bias

Weak Bullish


The Pound (GBP)

Key news events today

No major news events.

What can we expect from GBP today?

Following the overnight release of U.S. unemployment claims data, the British Pound (GBP/USD) displayed some volatility. The GBP/USD pair initially dropped before making a recovery. As the Asian markets came online, the pair was observed trading around a key level. Here are the support and resistance levels for today based on the daily pivot points

Support: 1.2754

Resistance: 1.2808

Central Bank Notes:

  • The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 7-to-2 to maintain its Official Bank Rate at 5.25% for the sixth consecutive meeting.
  • Two members preferred to reduce the Bank Rate by 25 basis points to 5%, an increase of one from the previous meeting.
  • Twelve-month CPI inflation fell to 3.2% in March from 3.4% in February and is expected to return to close to the 2% target in the near term, but increase slightly in the second half of this year to around 2.5% owing to the unwinding of energy-related base effects.
  • CPI inflation is projected to be 1.9% in two years’ time and 1.6% in three years in the May Report. With respect to indicators of inflation persistence, services consumer price inflation has declined but remains elevated at 6% in March.
  • Following modest weakness last year, UK GDP is expected to have risen by 0.4% in 2024 Q1 and to grow by 0.2% in Q2, stronger than expected in the February Report. Despite picking up during the forecast period, demand growth is expected to remain weaker than potential supply growth throughout most of that period.
  • The MPC remains prepared to adjust monetary policy as warranted by economic data to return inflation to the 2% target sustainably and will therefore continue to monitor closely indications of persistent inflationary pressures and resilience in the economy as a whole, including a range of measures of the underlying tightness of labour market conditions, wage growth and services price inflation.
  • Next meeting is on 20 June 2024.

Next 24 Hours Bias

Weak Bullish


The Canadian Dollar (CAD)

Key news events today

No major news events.

What can we expect from CAD today?

Following the release of higher-than-expected U.S. unemployment claims, the Canadian Dollar (USD/CAD) experienced notable volatility. Initially, the pair saw a decline, reflecting a stronger Canadian Dollar against a weakening U.S. Dollar, driven by the unexpected job data. However, it later stabilized and made a partial recovery. As the Asian markets opened, USD/CAD was trading around a pivotal level.

Support: 1.3710

Resistance: 1.3764

Central Bank Notes:

  • The Bank of Canada reduced its target for the overnight rate by 25 basis points to 4.75% while continuing its policy of balance sheet normalization.
  • Canada’s economic growth resumed in the first quarter of 2024 after stalling in the second half of last year. At 1.7%, first-quarter GDP growth was slower than forecast in the MPR but consumption growth was solid at about 3%, and business investment and housing activity also increased.
  • Inflation remains above the 2% target and shelter price inflation is high but total CPI inflation has declined consistently over the course of this year, and indicators of underlying inflation increasingly point to a sustained easing.
  • CPI inflation has eased from 3.4% in December to 2.7% in April while the preferred measures of core inflation have come down from about 3.5% last December to about 2.75% in April and the 3-month rate of core inflation slowed from about 3.5% in December to under 2% in March and April.
  • In the labour market, businesses are continuing to hire workers as employment has been growing, but at a slower pace than the working-age population while elevated wage pressures look to be moderating gradually.
  • The Governing Council is closely watching the evolution of core inflation and remains particularly focused on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour.
  • Recent data has increased the council’s confidence that inflation will continue to move towards the 2% target. Nonetheless, risks to the inflation outlook remain.
  • Next meeting is on 24 July 2024.

Next 24 Hours Bias

Weak Bearish


Oil

Key news events today

No major news events.

What can we expect from Oil today?

Oil prices have experienced a slight decline, yet they remain on track for a positive week, largely fueled by optimistic expectations surrounding OPEC’s actions. Market sentiments are buoyed by hopes that OPEC might continue to manage supply effectively, which is crucial for stabilizing or potentially increasing oil prices.

Next 24 Hours Bias

Weak Bearish


The post IC Markets Asia Fundamental Forecast | 14 June 2024 first appeared on IC Markets | Official Blog.

Full Article

Ex-Dividend 14/06/2024
Ex-Dividend 14/06/2024

Ex-Dividend 14/06/2024

395700   June 13, 2024 21:56   ICMarkets   Market News  

1
Ex-Dividends
2
14/06/2024
3
Indices Name
Index Adjustment Points
4
Australia 200 CFD
AUS200
5
IBEX-35 Index ES35
6
France 40 CFD F40
7
Hong Kong 50 CFD
HK50 2.68
8
Italy 40 CFD IT40
9
Japan 225 CFD
JP225
10
EU Stocks 50 CFD
STOXX50
11
UK 100 CFD UK100
12
US SP 500 CFD
US500 1.34
13
Wall Street CFD
US30 3.19
14
US Tech 100 CFD
USTEC 3.4
15
FTSE CHINA 50
CHINA50 18.36
16
Canada 60 CFD
CA60 0.85
17
Germany Tech 40 CFD
TecDE30
18
Germany Mid 50 CFD
MidDE50
19
Netherlands 25 CFD
NETH25 0.22
20
Switzerland 20 CFD
SWI20
21
Hong Kong China H-shares CFD
CHINAH 1.41
22
Norway 25 CFD
NOR25
23
South Africa 40 CFD
SA40
24
Sweden 30 CFD
SE30
25
US 2000 CFD US2000 0.6

The post Ex-Dividend 14/06/2024 first appeared on IC Markets | Official Blog.

Full Article

Thursday 13th June 2024: Asian Markets Surge as Fed Maintains Rates
Thursday 13th June 2024: Asian Markets Surge as Fed Maintains Rates

Thursday 13th June 2024: Asian Markets Surge as Fed Maintains Rates

395601   June 13, 2024 14:21   ICMarkets   Market News  

Global Markets:

  •  Asian Stock Markets : Nikkei down 0.47%, Shanghai Composite down 0.43%, Hang Seng up 0.18% ASX up 0.44%
  • Commodities : Gold at $2327.5 (1.17%), Silver at $29.48 (-3.31%), Brent Oil at $82.23 (-0.39%), WTI Oil at $78.17 (-0.39%)
  • Rates : US 10-year yield at 4.31, UK 10-year yield at 4.32, Germany 10-year yield at 2.52

News & Data:

  • (USD) Core CPI m/m 0.2% vs 0.3% expected
  • (USD) CPI m/m 0.0% vs 0.1% expected
  • (USD) Federal Funds Rate 5.5% vs 5.5% expected

Markets Update:

Asia-Pacific markets rose on Thursday after the U.S. Federal Reserve maintained the federal funds rate at 5.25% to 5.5% and revised its “dot plot” to project only one rate cut this year, down from three cuts projected in March. The dot plot also suggested a more aggressive rate-cutting path for 2025, anticipating four cuts totaling a full percentage point, up from three.

South Korea’s Kospi led the gains, rising 1.39% and heading for a third consecutive day of growth, with the small-cap Kosdaq up 0.6 Australia’s S&P/ASX 200 rebounded from two days of losses, climbing 0.4%. Hong Kong’s Hang Seng Index opened 1.23% higher, driven by gains in electric vehicle stocks despite the European Union imposing tariffs of up to 38% on Chinese EV manufacturers. BYD surged over 6%, with Nio and Li Auto shares rising by 2.77% and 1.85%, respectively. The mainland Chinese CSI 300 increased by 0.12%.

The Fed’s post-meeting statement noted that “inflation has eased over the past year but remains elevated,” with new language indicating “modest further progress toward the Committee’s 2 percent inflation objective” compared to the previous statement’s mention of “a lack of further progress” on inflation. Separately, May inflation remained unchanged from April, increasing by 3.3% year-on-year and staying flat on a month-on-month basis.

Overnight in the U.S., all three major indexes rose in response to the Fed’s decision and the May inflation reading. The S&P 500 hit a record high, closing above 5,400 for the first time, climbing 0.85% to end at 5,421.03. The Nasdaq Composite gained 1.53% to reach a record high, while the Dow Jones Industrial Average slipped by 0.09%.

Upcoming Events: 

  • 12:30 PM GMT – USD Core PPI m/m
  • 12:30 PM GMT – USD PPI m/m
  • 12:30 PM GMT – USD Unemployment Claims

The post Thursday 13th June 2024: Asian Markets Surge as Fed Maintains Rates first appeared on IC Markets | Official Blog.

Full Article

IC Markets Europe Fundamental Forecast | 13 June 2024
IC Markets Europe Fundamental Forecast | 13 June 2024

IC Markets Europe Fundamental Forecast | 13 June 2024

395598   June 13, 2024 14:06   ICMarkets   Market News  

IC Markets Europe Fundamental Forecast | 13 June 2024

What happened in the Asia session?

Australia released its Labour Force report for the month of May this morning where the unemployment rate edged lower from 4.1% to 4.0% while 39.7K jobs were added to the economy, beating market estimates of 30.5K. This marked the second consecutive month of relatively strong job gains to round off a strong jobs report. The Aussie initially jumped from 0.6655 to 0.6674 but it swiftly pulled back to trade around 0.6655 by Asia midday.

What does it mean for the Europe & US sessions?

The Producer Price Index (PPI) – which measures wholesale inflation – accelerated strongly in the first four months of 2024. May’s estimates for headline and core PPI finally show prices increasing at a slower rate. Should the latest PPI readings follow the same trend as yesterday’s CPI print, the dollar could face further overhead pressures.

Meanwhile, unemployment claims have trended higher over the last couple of weeks with the current reading of 229K coming in higher than the 4-week average of 221K as well as the 12-week average of 216K. This week’s estimate of 225K points to this upward trend gaining further traction, a result that would once again put pressure on the dollar.

The Dollar Index (DXY)

Key news events today

PPI (12:30 pm GMT)

Unemployment Claims (12:30 pm GMT)

What can we expect from DXY today?

The Producer Price Index (PPI) – which measures wholesale inflation – accelerated strongly in the first four months of 2024. May’s estimates for headline and core PPI finally show prices increasing at a slower rate. Should the latest PPI readings follow the same trend as yesterday’s CPI print, the dollar could face further overhead pressures.

Meanwhile, unemployment claims have trended higher over the last couple of weeks with the current reading of 229K coming in higher than the 4-week average of 221K as well as the 12-week average of 216K. This week’s estimate of 225K points to this upward trend gaining further traction, a result that would once again put pressure on the dollar.

Central Bank Notes:

  • The Federal Funds Rate target range remained unchanged at 5.25% to 5.50% for the seventh meeting in a row.
  • The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run and judges that the risks to achieving its employment and inflation goals have moved toward better balance over the past year.
  • The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. Inflation has eased over the past year but remains elevated and in recent months, there has been modest further progress toward the Committee’s 2% inflation objective.
  • Recent indicators suggest that economic activity has continued to expand at a solid pace while job gains have remained strong, and the unemployment rate has remained low.
  • In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks and does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%.
  • In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook and would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals.
  • In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities. Beginning in June, the Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $60 billion to $25 billion.
  • The Committee will maintain the monthly redemption cap on agency debt and agency mortgage-backed securities at $35 billion and will reinvest any principal payments in excess of this cap into Treasury securities.
  • Next meeting runs from 30 to 31 July 2024.

Next 24 Hours Bias

Medium Bearish


Gold (XAU)

Key news events today

PPI (12:30 pm GMT)

Unemployment Claims (12:30 pm GMT)

What can we expect from Gold today?

The Producer Price Index (PPI) – which measures wholesale inflation – accelerated strongly in the first four months of 2024. May’s estimates for headline and core PPI finally show prices increasing at a slower rate. Should the latest PPI readings follow the same trend as yesterday’s CPI print, the dollar could face further overhead pressures.

Meanwhile, unemployment claims have trended higher over the last couple of weeks with the current reading of 229K coming in higher than the 4-week average of 221K as well as the 12-week average of 216K. This week’s estimate of 225K points to this upward trend gaining further traction, a result that would once again put pressure on the dollar to lift gold prices.

Next 24 Hours Bias

Weak Bullish


The Australian Dollar (AUD)

Key news events today

Labour Force Report (1:30 am GMT)

What can we expect from AUD today?

Australia released its Labour Force report for the month of May this morning where the unemployment rate edged lower from 4.1% to 4.0% while 39.7K jobs were added to the economy, beating market estimates of 30.5K. This marked the second consecutive month of relatively strong job gains to round off a strong jobs report. The Aussie initially jumped from 0.6655 to 0.6674 but it swiftly pulled back to trade around 0.6655 by Asia midday.

Central Bank Notes:

  • The RBA kept the cash rate target unchanged at 4.35%, marking the eighth pause out of the last nine board meetings.
  • The CPI grew by 3.6% over the year to the March quarter, down from 4.1% cent over the year to December. Underlying inflation was higher than headline inflation and declined by less – this was due in large part to services inflation, which remains high and is moderating only gradually.
  • The central forecasts, based on the assumption that the cash rate follows market expectations, are for inflation to return to the target range of 2 to 3% in the second half of 2025, and to the midpoint in 2026.
  • In the near term, inflation is forecast to be higher because of the recent rise in domestic petrol prices, and higher than expected services price inflation, which is now forecast to decline more slowly over the rest of the year.
  • Inflation is, however, expected to decline over 2025 and 2026.
  • The path of interest rates that will best ensure that inflation returns to target in a reasonable timeframe remains uncertain and the Board is not ruling anything in or out.
  • Next meeting is on 18 June 2024.

Next 24 Hours Bias

Weak Bullish


The Kiwi Dollar (NZD)

Key news events today

No major news events.

What can we expect from NZD today?

The combination of softer-than-anticipated CPI readings and a hawkish FOMC meeting caused the Kiwi whipsaw wildly as it surged from 0.6135 to as high as 0.6221 before reversing to fall under 0.6190. This currency pair was trading around 0.6170 at the beginning of the Asia session – these are the support and resistance levels for today.

Support: 0.6100

Resistance: 0.6220

Central Bank Notes:

  • The Monetary Policy Committee kept the OCR unchanged at 5.50% for the seventh meeting in a row and agreed that interest rates need to remain at a restrictive level for a sustained period to ensure annual headline CPI inflation returns to the 1 to 3% target range.
  • Restrictive monetary policy is contributing to an easing in capacity pressures while headline inflation, core inflation, and most measures of inflation expectations are continuing to decline. However, domestic inflation has fallen more slowly than expected and headline CPI inflation remains above the Committee’s target band.
  • Higher dwelling rents, insurance costs, council rates, and other domestic services price inflation have resulted in a slow decline in domestic inflation, posing a risk to inflation expectations.
  • GDP declined by 0.1% in the December 2023 quarter with economic growth having now been negative for four of the past five quarters. High interest rates have reduced household spending, as well as residential and business investment, despite very strong population growth. Recent indicators of economic activity have been weak, as expected.
  • Next meeting is on 10 July 2024.

Next 24 Hours Bias

Medium Bullish


The Japanese Yen (JPY)

Key news events today

No major news events.

What can we expect from JPY today?

Following the overnight hawkish FOMC meeting and soft U.S. CPI data, demand for the dollar whipsawed causing USD/JPY to dive from 157.20 to 155.72 before reversing sharply to recover some of the initial losses. This currency pair was trading around 156.90 as Asian markets came online – these are the support and resistance levels for today.

Support: 155.70

Resistance: 157.50

Central Bank Notes:

  • The Bank considers that the policy framework of Quantitative and Qualitative Monetary Easing (QQE) with Yield Curve Control and the negative interest rate policy to date have fulfilled their roles. With the price stability target of 2%, it will conduct monetary policy as appropriate, guiding the short-term interest rate as a primary policy tool.
  • The Bank of Japan decided on the following measures:
    1. The Bank will encourage the uncollateralized overnight call rate to remain at around 0 to 0.1% while continuing its JGB purchases with broadly the same amount as before.
    2. In addition, the Bank will discontinue purchases of exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs) and will also gradually reduce the amount of purchases of CP and corporate bonds and will discontinue the purchases in about one year.
  • In a quarterly outlook, the committee revised higher CPI prints for FY 2024 to 2.8% from January’s projections of 2.4%, due to the waning effects of higher import prices and fewer government support measures.
  • For 2025, the board expects core inflation to hit 1.9%, slightly higher than its earlier estimates of 1.8%, reflecting a recent rise in oil prices.
  • Policymakers cut their 2023 GDP growth forecast to 1.3% from 1.8% and for FY 2024, the bank also slashed its GDP outlook to 0.8% from 1.2%, mainly reflecting lower private consumption.
  • Next meeting is on 14 June 2024.

Next 24 Hours Bias

Weak Bullish


The Euro (EUR)

Key news events today

No major news events.

What can we expect from EUR today?

The combination of softer-than-anticipated CPI readings and a hawkish FOMC meeting caused the Euro whipsaw wildly as it surged from 1.0765 to as high as 1.0852 before reversing to drop towards 1.0800. This currency pair was trading around 1.0805 at the beginning of the Asia session – these are the support and resistance levels for today.

Support: 1.0790

Resistance: 1.0860

Central Bank Notes:

  • The Governing Council today decided to lower the three key ECB interest rates by 25 basis points after nine months of holding rates steady.
  • Accordingly, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will be decreased to 4.25%, 4.50% and 3.75% respectively, with effect from 12 June 2024.
  • Since September 2023, inflation has fallen by more than 2.5% and the inflation outlook has improved markedly while underlying inflation has also eased, reinforcing the signs that price pressures have weakened, and inflation expectations have declined at all horizons.
  • At the same time, despite the progress over recent quarters, domestic price pressures remain strong as wage growth is elevated, and inflation is likely to stay above target well into next year – the latest Eurosystem staff projections for both headline and core inflation have been revised up for 2024 and 2025 compared with the March projections.
  • Projections now show headline inflation averaging 2.5% in 2024, 2.2% in 2025 and 1.9% in 2026 while economic growth is expected to pick up to 0.9% in 2024, 1.4% in 2025 and 1.6% in 2026.
  • The Council also confirmed that it will reduce the Eurosystem’s holdings of securities under the pandemic emergency purchase programme (PEPP) by €7.5 billion per month on average over the second half of the year.
  • The Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner and will keep policy rates sufficiently restrictive for as long as necessary to achieve this aim and is not pre-committing to a particular rate path.
  • Next meeting is on 18 July 2024.

Next 24 Hours Bias

Medium Bullish


The Swiss Franc (CHF)

Key news events today

No major news events.

What can we expect from CHF today?

Following the overnight hawkish FOMC meeting and soft U.S. CPI data, demand for the dollar whipsawed causing USD/CHF to plunge from 0.8950 to a low of 0.8893 before staging a rebound to recover the initial losses. This currency pair was trading around 0.8950 as Asian markets came online – these are the support and resistance levels for today.

Support: 0.8880

Resistance: 0.8990

Central Bank Notes:

  • The SNB eased monetary policy by lowering its key policy rate by 25 basis points, going from 1.75% to 1.50% in March.
  • For some months now, inflation has been back below 2% and thus in the range the SNB equates with price stability.
  • According to the new forecast, inflation is also likely to remain in this range over the next few years.
  • The forecast puts average annual inflation at 1.4% for 2024, 1.2% for 2025 and 1.1% for 2026, based on the assumption that the SNB policy rate is 1.5% over the entire forecast horizon.
  • Swiss GDP growth was moderate in the fourth quarter of last year and it is likely to remain modest in the coming quarters.
  • Overall, Switzerland’s GDP is likely to grow by around 1% this year.
  • Next meeting is on 20 June 2024.

Next 24 Hours Bias

Weak Bullish


The Pound (GBP)

Key news events today

No major news events.

What can we expect from GBP today?

The combination of softer-than-anticipated CPI readings and a hawkish FOMC meeting caused Cable to whipsaw wildly as it surged from 1.2760 to a high of 1.2860 before reversing sharply to fall under 1.2800. This currency pair was trading around 1.2785 at the beginning of the Asia session – these are the support and resistance levels for today.

Support: 1.2755

Resistance: 1.2855

Central Bank Notes:

  • The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 7-to-2 to maintain its Official Bank Rate at 5.25% for the sixth consecutive meeting.
  • Two members preferred to reduce the Bank Rate by 25 basis points to 5%, an increase of one from the previous meeting.
  • Twelve-month CPI inflation fell to 3.2% in March from 3.4% in February and is expected to return to close to the 2% target in the near term, but increase slightly in the second half of this year to around 2.5% owing to the unwinding of energy-related base effects.
  • CPI inflation is projected to be 1.9% in two years’ time and 1.6% in three years in the May Report. With respect to indicators of inflation persistence, services consumer price inflation has declined but remains elevated at 6% in March.
  • Following modest weakness last year, UK GDP is expected to have risen by 0.4% in 2024 Q1 and to grow by 0.2% in Q2, stronger than expected in the February Report. Despite picking up during the forecast period, demand growth is expected to remain weaker than potential supply growth throughout most of that period.
  • The MPC remains prepared to adjust monetary policy as warranted by economic data to return inflation to the 2% target sustainably and will therefore continue to monitor closely indications of persistent inflationary pressures and resilience in the economy as a whole, including a range of measures of the underlying tightness of labour market conditions, wage growth and services price inflation.
  • Next meeting is on 20 June 2024.

Next 24 Hours Bias

Weak Bullish


The Canadian Dollar (CAD)

Key news events today

No major news events.

What can we expect from CAD today?

Following the overnight hawkish FOMC meeting and soft U.S. CPI data, demand for the dollar whipsawed causing USD/CAD to plunge from 1.3740 to a low of 1.3680 before staging a rebound to recover the initial losses. This currency pair was trading around 1.3740 once again as Asian markets came online – these are the support and resistance levels for today.

Support: 1.3680

Resistance: 1.3780

Central Bank Notes:

  • The Bank of Canada reduced its target for the overnight rate by 25 basis points to 4.75% while continuing its policy of balance sheet normalization.
  • Canada’s economic growth resumed in the first quarter of 2024 after stalling in the second half of last year. At 1.7%, first-quarter GDP growth was slower than forecast in the MPR but consumption growth was solid at about 3%, and business investment and housing activity also increased.
  • Inflation remains above the 2% target and shelter price inflation is high but total CPI inflation has declined consistently over the course of this year, and indicators of underlying inflation increasingly point to a sustained easing.
  • CPI inflation has eased from 3.4% in December to 2.7% in April while the preferred measures of core inflation have come down from about 3.5% last December to about 2.75% in April and the 3-month rate of core inflation slowed from about 3.5% in December to under 2% in March and April.
  • In the labour market, businesses are continuing to hire workers as employment has been growing, but at a slower pace than the working-age population while elevated wage pressures look to be moderating gradually.
  • The Governing Council is closely watching the evolution of core inflation and remains particularly focused on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour.
  • Recent data has increased the council’s confidence that inflation will continue to move towards the 2% target. Nonetheless, risks to the inflation outlook remain.
  • Next meeting is on 24 July 2024.

Next 24 Hours Bias

Weak Bullish


Oil

Key news events today

No major news events.

What can we expect from Oil today?

The EIA inventories experienced a surprise build of 3.7M barrels of crude versus a drawdown of 1.2M. Along with ample supply and higher borrowing costs in the U.S. due to the Federal Reserve projecting just one rate cut in 2024, oil prices came under pressure. WTI oil’s recent rise stalled around $79.45 per barrel and slid towards the $78-mark. Prices could remain under pressure today but the uptrend looks intact.

Next 24 Hours Bias

Weak Bearish


The post IC Markets Europe Fundamental Forecast | 13 June 2024 first appeared on IC Markets | Official Blog.

Full Article

Thursday 13th June 2024: Technical Outlook and Review
Thursday 13th June 2024: Technical Outlook and Review

Thursday 13th June 2024: Technical Outlook and Review

395579   June 13, 2024 12:12   ICMarkets   Market News  

DXY (US Dollar Index):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 105.10

Supporting reasons: Identified as pullback resistance, coinciding with the 78.60% Fibonacci Retracement, indicating a level where selling pressure may emerge.

1st support: 104.01

Supporting reasons: Recognized as multi-swing low support, suggesting a historical level where buying interest has previously emerged.

1st resistance: 105.79

Supporting reasons: Noted as an overlap resistance, indicating a significant area where selling pressure may intensify.

EUR/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could potentially make a bullish bounce off pivot and head towards 1st resistance.

Pivot: 1.0798

Supporting reasons: Identified as pullback support, indicating a level where buying interest may emerge.

1st support: 1.0728

Supporting reasons: Recognized as an overlap support, suggesting a historical level where buying interest has previously emerged.

1st resistance: 1.0862

Supporting reasons: Noted as pullback resistance, coinciding with the 78.60% Fibonacci Retracement, suggesting a level where selling pressure may increase.

EUR/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 169.86

Supporting reasons: Identified as an overlap resistance, coinciding with the 78.60% Fibonacci Retracement, suggesting a level where selling pressure may emerge.

1st support: 168.36

Supporting reasons: Recognized as multi-swing low support, indicating a historical level where buying interest has emerged.

1st resistance: 170.90

Supporting reasons: Noted as swing high resistance, suggesting a significant area where selling pressure may intensify.

EUR/GBP:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 0.8499

Supporting reasons: Identified as pullback resistance, coinciding with the 78.6% Fibonacci Retracement, indicating a level where selling pressure may emerge.

1st support: 0.8420

Supporting reasons: Recognized as swing low support, suggesting a historical level where buying interest has been strong.

1st resistance: 0.8532

Supporting reasons: Noted as an overlap resistance, indicating a level where selling pressure may intensify due to historical significance.

GBP/USD:

Potential Direction: Bullish

Overall momentum of the chart: Bearish

Price could potentially make a bullish bounce off pivot and head towards 1st resistance.

Pivot: 1.2754

Supporting reasons: Identified as pullback support, coinciding with the 61.80% Fibonacci Retracement, suggesting a level where buying interest may emerge.

1st support: 1.2688

Supporting reasons: Recognized as multi-swing low support, indicating a historical level where buying interest has emerged.

1st resistance: 1.2854

Supporting reasons: Noted as multi-swing high resistance, suggesting a significant area where selling pressure may intensify.

GBP/JPY:

Potential Direction: Bearish

Overall momentum of the chart: Bullish

Price could potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 200.72

Supporting reasons: Identified as multi-swing high resistance, indicating a level where selling pressure may emerge.

1st support: 197.43

Supporting reasons: Recognized as an overlap support, suggesting a historical level where buying interest has emerged.

1st resistance: 202.70

Supporting reasons: Noted as a significant resistance level, with Fibonacci confluence between the 161.80% Fibonacci Extension and 61.80% Fibonacci Projection, indicating a strong area of potential selling pressure

USD/CHF:

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 0.8989

Supporting reasons: Identified as an overlap resistance, coinciding with the 38.20% Fibonacci Retracement level, indicating a potential barrier for upward movement.

1st support: 0.8886

Supporting reasons: Recognized as a multi-swing low support, suggesting a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 0.9093

Supporting reasons: Noted as pullback resistance, coinciding with the 78.60% Fibonacci Retracement level, suggesting a significant area where selling pressure may intensify, potentially limiting upward movement.

USD/JPY:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Factors contributing to the momentum are that the price is in a bullish ascending channel.

Price could potentially make a bullish bounce off pivot and head towards 1st resistance.

Pivot: 156.28

Supporting reasons: Identified as pullback support, suggesting a level where buying interest may emerge.

1st support: 154.69

Supporting reasons: Recognized as swing low support, indicating a historical level where buying interest has emerged.

1st resistance: 157.67

Supporting reasons: Noted as swing high resistance, suggesting a significant area where selling pressure may intensify.

USD/CAD:

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price is making a bullish reaction through the pivot and could potentially break above this level to rise towards the 1st resistance.

Pivot: 1.3735

Supporting reasons: Identified as a potential breakout level where the bullish momentum could cause price to continue rising.

1st support: 1.3684

Supporting reasons: Identified as a swing-low support that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where price could find strong buying interests to potentially halt any further downward movement.

1st resistance: 1.3790

Supporting reasons: Identified as a multi-swing-high resistance that aligns with a 78.6% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

AUD/USD:

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 0.6639

Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a rebound.

1st support: 0.6579

Supporting reasons: Acts as a multi-swing-low support that aligns with a 38.2% Fibonacci retracement level, suggesting a significant area where price has found strong support recently to provide a basis to halt further downward movement.

1st resistance: 0.6712

Supporting reasons: Identified as a multi-swing-high resistance, marking a barrier that has previously capped upward movements.

NZD/USD

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 0.6167

Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a rebound.

1st support: 0.6100

Supporting reasons: Acts as a multi-swing-low support that aligns close to a 38.2% Fibonacci retracement level, suggesting a potential area where price could find strong support to halt further downward movement.

1st resistance: 0.6218

Supporting reasons: Identified as a multi-swing-high resistance, marking a barrier that has previously capped upward movements.

US30 (DJIA):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 38,363.99

Supporting reasons: Identified as a pullback support that aligns close to a 61.8% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a rebound.

1st support: 38,077.26

Supporting reasons: Identified as a swing-low support, suggesting a significant area where price could find strong buying interests to provide a solid foundation to halt further downward movement.

1st resistance: 39,038.86

Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, indicating a potential barrier that could cap any upward movements.

DE40 (DAX):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 18,530.30

Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a rebound.

1st support: 18,338.90

Supporting reasons: Acts as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movement.

1st resistance: 18,701.20

Supporting reasons: Identified as a multi-swing-high resistance that aligns with a 61.8% Fibonacci retracement level, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): 

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price has made a bullish reaction off the pivot and could potentially rise towards the 1st resistance.

Pivot: 5,339.76

Supporting reasons: Identified as an overlap support that aligns close to a 23.6% Fibonacci retracement level, suggesting an area where buying interests could pick up strongly to resume the uptrend.

1st support: 5,219.67

Supporting reasons: Acts as an overlap support that aligns close to a 38.2% Fibonacci retracement level, suggesting a significant area where price could find strong buying interests to provide a solid foundation to halt further downward movement.

1st resistance: 5,502.63

Supporting reasons: Acts as a resistance that aligns with a 161.8% Fibonacci extension level, suggesting a significant area where selling pressures could intensify to cap further upward movement.

BTC/USD (Bitcoin):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 66,040.06

Supporting reasons: Identified as a pullback support that aligns with a 38.2% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a rebound.

1st support: 64,512.65

Supporting reasons: Acts as an overlap support that aligns close to a 50% Fibonacci retracement level, suggesting an area where buying interests could pick up to halt further downward movements.

1st resistance: 70,293.18

Supporting reasons: Marked by an overlap resistance that aligns close to a 78.6% Fibonacci retracement level, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum):

Potential Direction: Bullish

Overall momentum of the chart: Neutral

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 3,443.08

Supporting reasons: Identified as a pullback support that aligns with a 50% Fibonacci retracement level, suggesting an area where buying interests could pick up to stage a rebound.

1st support: 3,321.70

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area which could provide a strong foundation to halt further downward movements.

1st resistance: 3,717.11

Supporting reasons: Identified as an overlap resistance that aligns with a 50% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

WTI/USD (Oil):

Potential Direction: Bullish

Overall momentum of the chart: Bullish

Price is falling towards the pivot and could potentially make a bullish reaction off this level to rise towards the 1st resistance.

Pivot: 77.44

Supporting reasons: Identified as a pullback support, suggesting an area where buying interests could pick up to stage a rebound and resume the uptrend.

1st support: 75.45

Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where price could find strong buying interests and provide a solid foundation to halt further downward movements.

1st resistance: 80.91

Supporting reasons: Identified as a swing-high resistance that aligns close to a 61.8% Fibonacci retracement level, marking a significant barrier that could cap further upward movements.

XAU/USD (GOLD):

Potential Direction: Bearish

Overall momentum of the chart: Bearish

Price could potentially make a bearish reaction off pivot and drop to 1st support.

Pivot: 2350.49

Supporting reasons: Identified as pullback resistance, coinciding with the 61.80% Fibonacci Retracement, suggesting a level where selling pressure may emerge.

1st support: 2307.53

Supporting reasons: Recognized as an overlap support, indicating a historical level where buying interest has emerged, potentially acting as a level of support for price movement.

1st resistance: 2375.11

Supporting reasons: Noted as an overlap resistance, suggesting a significant area where selling pressure may intensify.

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The post Thursday 13th June 2024: Technical Outlook and Review first appeared on IC Markets | Official Blog.

Full Article

IC Markets Asia Fundamental Forecast | 13 June 2024
IC Markets Asia Fundamental Forecast | 13 June 2024

IC Markets Asia Fundamental Forecast | 13 June 2024

395577   June 13, 2024 12:05   ICMarkets   Market News  

IC Markets Asia Fundamental Forecast | 13 June 2024

What happened in the U.S. session?

U.S. inflation came in softer than anticipated for the month of May as headline and core CPI both eased on a monthly and annualized basis as well as coming in lower than their respective forecasts. This result triggered a massive sell-off for the dollar along with a plunge in U.S. Treasury bond yields. The dollar index (DXY) was hovering above 105.10 prior to the release of the CPI data and it promptly dived as low as 104.25 while gold prices spiked from $2,315/oz to hit $2,341/oz in the immediate aftermath.

Moving over to another equally critical news event, the Federal Reserve held its Fed Funds rate at 5.25 to 5.5% for the seventh consecutive meeting as widely expected. However, the Summary of Economic Projections (SEP) indicated just one interest rate cut in 2024 followed by two rate cuts in 2025 while Chairman Jerome Powell communicated a hawkish outlook during his press conference, indicating that some FOMC members called for no cuts this year. In addition, the Fed also raised its inflation outlook for the remainder of 2024, which supports the projection for just one cut this year.

To sum up, this was a pretty hawkish FOMC statement and press conference which reversed some of the earlier moves in the dollar and gold. The DXY stabilized around 104.30 to stage a rebound to climb back above 104.70 while prices for spot gold dropped towards $2,310/oz.

What does it mean for the Asia Session?

Australia will release its Labour Force report for the month of May where the unemployment rate is expected to edge lower from 4.1% to 4.0% while 30.5K jobs are anticipated to be added to the economy. The Aussie could see strong gains should markets receive a strong set of figures this morning.

The Dollar Index (DXY)

Key news events today

PPI (12:30 pm GMT)

Unemployment Claims (12:30 pm GMT)

What can we expect from DXY today?

The Producer Price Index (PPI) – which measures wholesale inflation – accelerated strongly in the first four months of 2024. May’s estimates for headline and core PPI finally show prices increasing at a slower rate. Should the latest PPI readings follow the same trend as yesterday’s CPI print, the dollar could face further overhead pressures.

Meanwhile, unemployment claims have trended higher over the last couple of weeks with the current reading of 229K coming in higher than the 4-week average of 221K as well as the 12-week average of 216K. This week’s estimate of 225K points to this upward trend gaining further traction, a result that would once again put pressure on the dollar.

Central Bank Notes:

  • The Federal Funds Rate target range remained unchanged at 5.25% to 5.50% for the seventh meeting in a row.
  • The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run and judges that the risks to achieving its employment and inflation goals have moved toward better balance over the past year.
  • The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. Inflation has eased over the past year but remains elevated and in recent months, there has been modest further progress toward the Committee’s 2% inflation objective.
  • Recent indicators suggest that economic activity has continued to expand at a solid pace while job gains have remained strong, and the unemployment rate has remained low.
  • In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks and does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%.
  • In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook and would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals.
  • In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities. Beginning in June, the Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $60 billion to $25 billion.
  • The Committee will maintain the monthly redemption cap on agency debt and agency mortgage-backed securities at $35 billion and will reinvest any principal payments in excess of this cap into Treasury securities.
  • Next meeting runs from 30 to 31 July 2024.

Next 24 Hours Bias

Medium Bearish


Gold (XAU)

Key news events today

PPI (12:30 pm GMT)

Unemployment Claims (12:30 pm GMT)

What can we expect from Gold today?

The Producer Price Index (PPI) – which measures wholesale inflation – accelerated strongly in the first four months of 2024. May’s estimates for headline and core PPI finally show prices increasing at a slower rate. Should the latest PPI readings follow the same trend as yesterday’s CPI print, the dollar could face further overhead pressures.

Meanwhile, unemployment claims have trended higher over the last couple of weeks with the current reading of 229K coming in higher than the 4-week average of 221K as well as the 12-week average of 216K. This week’s estimate of 225K points to this upward trend gaining further traction, a result that would once again put pressure on the dollar to lift gold prices.

Next 24 Hours Bias

Weak Bullish


The Australian Dollar (AUD)

Key news events today

Labour Force Report (1:30 am GMT)

What can we expect from AUD today?

Australia will release its Labour Force report for the month of May where the unemployment rate is expected to edge lower from 4.1% to 4.0% while 30.5K jobs are anticipated to be added to the economy. The Aussie could see strong gains should markets receive a strong set of figures this morning.

Central Bank Notes:

  • The RBA kept the cash rate target unchanged at 4.35%, marking the eighth pause out of the last nine board meetings.
  • The CPI grew by 3.6% over the year to the March quarter, down from 4.1% cent over the year to December. Underlying inflation was higher than headline inflation and declined by less – this was due in large part to services inflation, which remains high and is moderating only gradually.
  • The central forecasts, based on the assumption that the cash rate follows market expectations, are for inflation to return to the target range of 2 to 3% in the second half of 2025, and to the midpoint in 2026.
  • In the near term, inflation is forecast to be higher because of the recent rise in domestic petrol prices, and higher than expected services price inflation, which is now forecast to decline more slowly over the rest of the year.
  • Inflation is, however, expected to decline over 2025 and 2026.
  • The path of interest rates that will best ensure that inflation returns to target in a reasonable timeframe remains uncertain and the Board is not ruling anything in or out.
  • Next meeting is on 18 June 2024.

Next 24 Hours Bias

Weak Bullish


The Kiwi Dollar (NZD)

Key news events today

No major news events.

What can we expect from NZD today?

The combination of softer-than-anticipated CPI readings and a hawkish FOMC meeting caused the Kiwi whipsaw wildly as it surged from 0.6135 to as high as 0.6221 before reversing to fall under 0.6190. This currency pair was trading around 0.6170 at the beginning of the Asia session – these are the support and resistance levels for today.

Support: 0.6100

Resistance: 0.6220

Central Bank Notes:

  • The Monetary Policy Committee kept the OCR unchanged at 5.50% for the seventh meeting in a row and agreed that interest rates need to remain at a restrictive level for a sustained period to ensure annual headline CPI inflation returns to the 1 to 3% target range.
  • Restrictive monetary policy is contributing to an easing in capacity pressures while headline inflation, core inflation, and most measures of inflation expectations are continuing to decline. However, domestic inflation has fallen more slowly than expected and headline CPI inflation remains above the Committee’s target band.
  • Higher dwelling rents, insurance costs, council rates, and other domestic services price inflation have resulted in a slow decline in domestic inflation, posing a risk to inflation expectations.
  • GDP declined by 0.1% in the December 2023 quarter with economic growth having now been negative for four of the past five quarters. High interest rates have reduced household spending, as well as residential and business investment, despite very strong population growth. Recent indicators of economic activity have been weak, as expected.
  • Next meeting is on 10 July 2024.

Next 24 Hours Bias

Medium Bullish


The Japanese Yen (JPY)

Key news events today

No major news events.

What can we expect from JPY today?

Following the overnight hawkish FOMC meeting and soft U.S. CPI data, demand for the dollar whipsawed causing USD/JPY to dive from 157.20 to 155.72 before reversing sharply to recover some of the initial losses. This currency pair was trading around 156.90 as Asian markets came online – these are the support and resistance levels for today.

Support: 155.70

Resistance: 157.50

Central Bank Notes:

  • The Bank considers that the policy framework of Quantitative and Qualitative Monetary Easing (QQE) with Yield Curve Control and the negative interest rate policy to date have fulfilled their roles. With the price stability target of 2%, it will conduct monetary policy as appropriate, guiding the short-term interest rate as a primary policy tool.
  • The Bank of Japan decided on the following measures:
    1. The Bank will encourage the uncollateralized overnight call rate to remain at around 0 to 0.1% while continuing its JGB purchases with broadly the same amount as before.
    2. In addition, the Bank will discontinue purchases of exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs) and will also gradually reduce the amount of purchases of CP and corporate bonds and will discontinue the purchases in about one year.
  • In a quarterly outlook, the committee revised higher CPI prints for FY 2024 to 2.8% from January’s projections of 2.4%, due to the waning effects of higher import prices and fewer government support measures.
  • For 2025, the board expects core inflation to hit 1.9%, slightly higher than its earlier estimates of 1.8%, reflecting a recent rise in oil prices.
  • Policymakers cut their 2023 GDP growth forecast to 1.3% from 1.8% and for FY 2024, the bank also slashed its GDP outlook to 0.8% from 1.2%, mainly reflecting lower private consumption.
  • Next meeting is on 14 June 2024.

Next 24 Hours Bias

Weak Bullish


The Euro (EUR)

Key news events today

No major news events.

What can we expect from EUR today?

The combination of softer-than-anticipated CPI readings and a hawkish FOMC meeting caused the Euro whipsaw wildly as it surged from 1.0765 to as high as 1.0852 before reversing to drop towards 1.0800. This currency pair was trading around 1.0805 at the beginning of the Asia session – these are the support and resistance levels for today.

Support: 1.0790

Resistance: 1.0860

Central Bank Notes:

  • The Governing Council today decided to lower the three key ECB interest rates by 25 basis points after nine months of holding rates steady.
  • Accordingly, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will be decreased to 4.25%, 4.50% and 3.75% respectively, with effect from 12 June 2024.
  • Since September 2023, inflation has fallen by more than 2.5% and the inflation outlook has improved markedly while underlying inflation has also eased, reinforcing the signs that price pressures have weakened, and inflation expectations have declined at all horizons.
  • At the same time, despite the progress over recent quarters, domestic price pressures remain strong as wage growth is elevated, and inflation is likely to stay above target well into next year – the latest Eurosystem staff projections for both headline and core inflation have been revised up for 2024 and 2025 compared with the March projections.
  • Projections now show headline inflation averaging 2.5% in 2024, 2.2% in 2025 and 1.9% in 2026 while economic growth is expected to pick up to 0.9% in 2024, 1.4% in 2025 and 1.6% in 2026.
  • The Council also confirmed that it will reduce the Eurosystem’s holdings of securities under the pandemic emergency purchase programme (PEPP) by €7.5 billion per month on average over the second half of the year.
  • The Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner and will keep policy rates sufficiently restrictive for as long as necessary to achieve this aim and is not pre-committing to a particular rate path.
  • Next meeting is on 18 July 2024.

Next 24 Hours Bias

Medium Bullish


The Swiss Franc (CHF)

Key news events today

No major news events.

What can we expect from CHF today?

Following the overnight hawkish FOMC meeting and soft U.S. CPI data, demand for the dollar whipsawed causing USD/CHF to plunge from 0.8950 to a low of 0.8893 before staging a rebound to recover the initial losses. This currency pair was trading around 0.8950 as Asian markets came online – these are the support and resistance levels for today.

Support: 0.8880

Resistance: 0.8990

Central Bank Notes:

  • The SNB eased monetary policy by lowering its key policy rate by 25 basis points, going from 1.75% to 1.50% in March.
  • For some months now, inflation has been back below 2% and thus in the range the SNB equates with price stability.
  • According to the new forecast, inflation is also likely to remain in this range over the next few years.
  • The forecast puts average annual inflation at 1.4% for 2024, 1.2% for 2025 and 1.1% for 2026, based on the assumption that the SNB policy rate is 1.5% over the entire forecast horizon.
  • Swiss GDP growth was moderate in the fourth quarter of last year and it is likely to remain modest in the coming quarters.
  • Overall, Switzerland’s GDP is likely to grow by around 1% this year.
  • Next meeting is on 20 June 2024.

Next 24 Hours Bias

Weak Bullish


The Pound (GBP)

Key news events today

No major news events.

What can we expect from GBP today?

The combination of softer-than-anticipated CPI readings and a hawkish FOMC meeting caused Cable to whipsaw wildly as it surged from 1.2760 to a high of 1.2860 before reversing sharply to fall under 1.2800. This currency pair was trading around 1.2785 at the beginning of the Asia session – these are the support and resistance levels for today.

Support: 1.2755

Resistance: 1.2855

Central Bank Notes:

  • The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 7-to-2 to maintain its Official Bank Rate at 5.25% for the sixth consecutive meeting.
  • Two members preferred to reduce the Bank Rate by 25 basis points to 5%, an increase of one from the previous meeting.
  • Twelve-month CPI inflation fell to 3.2% in March from 3.4% in February and is expected to return to close to the 2% target in the near term, but increase slightly in the second half of this year to around 2.5% owing to the unwinding of energy-related base effects.
  • CPI inflation is projected to be 1.9% in two years’ time and 1.6% in three years in the May Report. With respect to indicators of inflation persistence, services consumer price inflation has declined but remains elevated at 6% in March.
  • Following modest weakness last year, UK GDP is expected to have risen by 0.4% in 2024 Q1 and to grow by 0.2% in Q2, stronger than expected in the February Report. Despite picking up during the forecast period, demand growth is expected to remain weaker than potential supply growth throughout most of that period.
  • The MPC remains prepared to adjust monetary policy as warranted by economic data to return inflation to the 2% target sustainably and will therefore continue to monitor closely indications of persistent inflationary pressures and resilience in the economy as a whole, including a range of measures of the underlying tightness of labour market conditions, wage growth and services price inflation.
  • Next meeting is on 20 June 2024.

Next 24 Hours Bias

Weak Bullish


The Canadian Dollar (CAD)

Key news events today

No major news events.

What can we expect from CAD today?

Following the overnight hawkish FOMC meeting and soft U.S. CPI data, demand for the dollar whipsawed causing USD/CAD to plunge from 1.3740 to a low of 1.3680 before staging a rebound to recover the initial losses. This currency pair was trading around 1.3740 once again as Asian markets came online – these are the support and resistance levels for today.

Support: 1.3680

Resistance: 1.3780

Central Bank Notes:

  • The Bank of Canada reduced its target for the overnight rate by 25 basis points to 4.75% while continuing its policy of balance sheet normalization.
  • Canada’s economic growth resumed in the first quarter of 2024 after stalling in the second half of last year. At 1.7%, first-quarter GDP growth was slower than forecast in the MPR but consumption growth was solid at about 3%, and business investment and housing activity also increased.
  • Inflation remains above the 2% target and shelter price inflation is high but total CPI inflation has declined consistently over the course of this year, and indicators of underlying inflation increasingly point to a sustained easing.
  • CPI inflation has eased from 3.4% in December to 2.7% in April while the preferred measures of core inflation have come down from about 3.5% last December to about 2.75% in April and the 3-month rate of core inflation slowed from about 3.5% in December to under 2% in March and April.
  • In the labour market, businesses are continuing to hire workers as employment has been growing, but at a slower pace than the working-age population while elevated wage pressures look to be moderating gradually.
  • The Governing Council is closely watching the evolution of core inflation and remains particularly focused on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour.
  • Recent data has increased the council’s confidence that inflation will continue to move towards the 2% target. Nonetheless, risks to the inflation outlook remain.
  • Next meeting is on 24 July 2024.

Next 24 Hours Bias

Weak Bullish


Oil

Key news events today

No major news events.

What can we expect from Oil today?

The EIA inventories experienced a surprise build of 3.7M barrels of crude versus a drawdown of 1.2M. Along with ample supply and higher borrowing costs in the U.S. due to the Federal Reserve projecting just one rate cut in 2024, oil prices came under pressure. WTI oil’s recent rise stalled around $79.45 per barrel and slid towards the $78-mark. Prices could remain under pressure today but the uptrend looks intact.

Next 24 Hours Bias

Weak Bearish


The post IC Markets Asia Fundamental Forecast | 13 June 2024 first appeared on IC Markets | Official Blog.

Full Article

Ex-Dividend 13/06/2024
Ex-Dividend 13/06/2024

Ex-Dividend 13/06/2024

395576   June 13, 2024 11:56   ICMarkets   Market News  

1
Ex-Dividends
2
13/06/2024
3
Indices Name
Index Adjustment Points
4
Australia 200 CFD
AUS200 0.42
5
IBEX-35 Index ES35 0.23
6
France 40 CFD F40
7
Hong Kong 50 CFD
HK50 16.59
8
Italy 40 CFD IT40
9
Japan 225 CFD
JP225
10
EU Stocks 50 CFD
STOXX50
11
UK 100 CFD UK100 2.55
12
US SP 500 CFD
US500 0.06
13
Wall Street CFD
US30
14
US Tech 100 CFD
USTEC 0.34
15
FTSE CHINA 50
CHINA50
16
Canada 60 CFD
CA60 0.13
17
Germany Tech 40 CFD
TecDE30
18
Germany Mid 50 CFD
MidDE50
19
Netherlands 25 CFD
NETH25
20
Switzerland 20 CFD
SWI20 1.33
21
Hong Kong China H-shares CFD
CHINAH 8.76
22
Norway 25 CFD
NOR25
23
South Africa 40 CFD
SA40
24
Sweden 30 CFD
SE30
25
US 2000 CFD US2000 0.09

The post Ex-Dividend 13/06/2024 first appeared on IC Markets | Official Blog.

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