EU Bullet Report | FOMC, Brexit and G7 to dominate markets

This week does not include many important news announcements from the US, however the calendar is full of FOMC member speeches in which the market will pay special focus on any comments about when to expect the next rate hike. The market will also be driven by Brexit poll developments as well as G7 communication towards the end of the week. Today, EU and US PMI numbers stand out in a very thin calendar.

  • Stocks: Equities are mixed so far this Monday. While most Asian bourses are positive, Japans Nikkei is losing 1%. Overnight, Japanese trade data, revealed the 7th consecutive month of falling exports, indicating the threats facing the Japanese economy from the stronger JPY this year.

Oil and GOLD: Crude oil has remained at $48, while BRT is trading lower at $48.59. Prices have dropped as investors locked in profits from the 2 week rally that was ignited on supply concerns. Brent futures prices are up by roughly 85% since briefly dropping below $30 a barrel in mid-February, despite the collapse of talks at a Doha summit in April aimed at achieving a production freeze among OPEC and Non-OPEC producers. OPEC meets on June 2 in Vienna and may discuss the freeze initiative again. GOLD is steady at $1254 after being sold off on USD strength last week.

Currencies: USD was the strongest currency of this month, followed by GBP as Brexit worries subside, while commodity currencies are the weakest. Overnight, currency markets were very stable, with notable exception being JPY which held USD under 110.

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