10.06.22 Macro Morning
Chris Becker | Jun 10, 2022 10:19
Not good for risk takers out there with Wall Street slumping overnight following a hawkish ECB which kept its rates on hold as expected, but signaled two more rate hikes coming very shortly. The USD smashed everything undollar with Euro down on the ECB hold while the Australian dollar broke through 71 cent level in one swift move. Bond markets saw a lifting of yields everywhere, including Bunds and Gilts and 10 year Treasuries, which pushed up to a new high at the 3.07% level. Commodity prices fell back but oil remains strong, with Brent crude barely off by 1% while copper dropped 2% and gold drifted below the $1850USD per ounce level.
Looking at share markets in Asia from yesterday’s session, where mainland Chinese share markets fell sharply after the lunch break with the Shanghai Composite closed down 0.7% to 3238 points while the Hang Seng Index gave back more than half of its previous gains, finished 0.6% lower to retrace below the 22000 point level at 21869 points. The daily chart was showing price accelerating after breaking above trailing daily ATR resistance at the 21000 point level with overbought daily momentum helping translate into greater highs, but this stumble could take remove the March highs near the 23000 point level as the next target:
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.