17.06.22 Macro Morning
Chris Becker | Jun 17, 2022 09:17
Two more central banks joined the rate rise party last night with the BOE then joined by an unexpected Swiss central bank, with European shocks already shaken falling over and then Wall Street joining in with 3-4% single session losses. In currency land, the USD pulled back again from its 20 year high, with the Aussie and Kiwi making strong gains, as Euro also woke up from its slumber. Bond markets saw a retreat in yields, with United States 10-Year Treasuries pulling back to the 3.25% level with interest rate futures still suggesting another 200 bps in rate rises by the end of the year. Commodity prices were mixed across the whole complex, with oil prices retracing back to key support levels before bouncing back up, with Brent crude recovering to the $119USD per barrel level, while gold lifted nearly 2% after continuing its bounce off the $1800USD per ounce level.
Looking at share markets in Asia from yesterday’s session, where Chinese share markets were playing catchup to the recent volatility with the Shanghai Composite down more than 0.6% to 3265 points while the Hang Seng Index lost ground very fast, closing more than 2% lower at 20845 points. The daily chart is showing price pushed right down to trailing daily ATR support at the 20500 point level with daily momentum barely positive. With these sort of correlated falls with other stock markets, its still a fair way from the May lows at the 19000 point level, but watch for any break below the 20000 point level here very closely:
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.