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America's roundup: Dollar gains as Mexican tariffs averted, boosting risk sentiment, Wall street rises, Gold falls, Oil falls 1% Amid U.S.-China trade dispute, uncertainty on supply cuts-june 11th,2019

Source FxWire Pro - Media Round Ups Monday, 10 Jun, 2019 22:42:09 GMT
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Market Roundup

• Trump ready to slap more tariffs on China after G20 meeting

• Mexico says other Latam countries could share burden of fighting migration to U.S.

• BoE's Saunders says UK rates may need to rise before markets expect

• Despite rally, Mexico's peso currency faces major headwinds

• US Apr JOLTS Job Openings, 7.449 mln, 7.479 mln forecast, 7.488 mln previous

• US May Employment Trends, 111.6, 110.8 previous

• CA House Starts, Annualized, 202.3k, 205.0k forecast, 235.5k previous

• CA Building Permits MM, 14.7%, 1.3% forecast, 2.1% previous

• Trump's U.S. Justice Department to release some Mueller evidence to Congress -Nadler

Looking Ahead - Economic Data (GMT)

• 10 Jun 22:45 New Zealand Q1 Manufacturing Sales, 2.0% previous

• 11 Jun 01:30 Australia May NAB Business Confidence, 0 previous

• 11 Jun 01:30 Australia May NAB Business Conditions, 3 previous

Looking Ahead - Events, Other Releases (GMT)

• 07:30 Bank of England Monetary Policy Committee member Gertjan Vlieghe speaks in London

• 08:00 Finland Central Bank Governor Olli Rehn speaks in Helsinki

Currency Summaries

EUR/USD:The euro pulled back from 2-1/2 month highs against dollar on Monday, as a U.S.-Mexico deal over migration boosted the dollar and after sources said European Central Bank policymakers were open to cutting the ECB's policy rate should economic growth worsen. The single currency rocketed last week after the ECB did not - as some had anticipated - hint at interest rate cuts, instead saying rates would stay "at their present levels" until mid-2020.But on Sunday two sources familiar with the ECB's policy discussions said a cut was firmly in play if the bloc's economy was to stagnate again after expanding by 0.4% in the first quarter of the year. The euro was up 0.02 percent at $1.1313. Immediate resistance can be seen at 1.1339 (Higher Bollinger Band), an upside break can trigger rise towards 1.1348 (7th June High).On the downside, immediate support is seen at 1.1277 (5 DMA), a break below could take the pair towards 1.1228 (Lower Bollinger Bands).

GBP/USD:Britain's pound declined against the dollar on Monday,  after data showed the British economy slowed sharply in April with the manufacturing sector proving to be a weak spot as a results of Brexit uncertainty. The economy contracted sharply after the biggest decline in car production since records began, as manufacturers were unable to reverse closures planned for Britain's expected departure from the EU. The pound fell 0.6% to $1.2653 and is on track to post its biggest daily drop since mid-May. Sterling has been stuck around $1.27 as investors await the outcome of the Conservative party leadership contest to decide who will succeed British Prime Minister Theresa May. Immediate resistance can be seen at 1.2719 (21 DMA), an upside break can trigger rise towards 1.2841 (Higher Bollinger Band).On the downside, immediate support is seen at 1.2660 (11 DMA), a break below could take the pair towards 1.2561(31st May low).

USD/CAD: The Canadian dollar was little changed against its broadly stronger U.S. counterpart on Monday, pulling back from an earlier three-month high reached after the United States dropped plans to impose tariffs on Mexican goods. Potential U.S. tariffs on Mexican goods could undermine chances of a new North American trade deal coming into force. Canada sends about 75% of its exports to the United States. Investors in the Canadian dollar run the risk of being "blindsided" by financial market volatility caused by global trade disputes, which has offset the boost for the currency from recent strong employment data, said Scott Lampard, head of global markets at HSBC Bank Canada. The Canadian dollar  was last trading nearly unchanged at 1.3266 to the greenback, or 75.38 U.S. cents. The currency, which climbed 1.9% last week, touched its strongest intraday level since March 1 at 1.3226.. Immediate resistance can be seen at 1.3338 (5 DMA), an upside break can trigger rise towards 1.3400 (Psychological level).On the downside, immediate support is seen at 1.3230 (23.6 % retracement level), a break below could take the pair towards 1.3181 (Jan 11th low).

USD/JPY: The dollar edged higher against the Japanese yen on Monday,  after the United States and Mexico reached a deal to avoid tariffs. Foreign exchange investors had rushed for the safety of the Japanese yen in recent weeks after U.S. President Donald Trump's threat to slap tariffs on Mexico shook investor confidence. The yen shed 0.4% to 108.42   after earlier hitting its weakest since late May, though it remains 3.3% stronger than its levels of April. The dollar index gained 0.22% to 96.78  . The greenback had weakened last week after poor economic data encouraged investors to scale up their bets that the Federal Reserve would soon cut interest rates. Strong resistance can be seen at 108.66 (11 DMA), an upside break can trigger rise towards 109.23 (21 DMA).On the downside, immediate support is seen at 108.24 (50% retracement level), a break below could take the pair towards 107.82 (38.2% retracement level). 

Equities Recap

European shares closed higher on Monday on some trade relief after the United States and Mexico struck a deal to avert tariffs on Mexican goods, while European automakers got a lift from signs Fiat-Chrysler and Renault may revive merger talks.

The UK's benchmark FTSE 100 closed up by 0.63 percent, FTSEurofirst 300 ended the day up by 0.26 percent, France’s CAC finished the up by 0.30 percent.

U.S. stocks extended their recent climb on Monday, with the Dow reaching its longest daily winning streak in 13 months after the United States dropped plans to impose tariffs on Mexican goods and a couple of multibillion-dollar deals boosted the market.

Dow Jones closed up by 0.30 percent, S&P 500 ended up 0.45 percent, Nasdaq finished the day up by 1.05 percent.

Treasuries Recap

U .S. government bond yields rose on Monday, as risk appetite was lifted by the U.S.-Mexico trade and migration deal signed on Friday, tempering expectations of interest rate cuts in 2019.

The benchmark 10-year yield rose 6.3 basis points to 2.145%; the seven-year yield was also 6.3 basis points higher to 2.031%. At the long end, the 30-year yield was up 5.3 basis points to 2.624%. That steepened the yield curve, measured as the spread between the two- and 10-year yields, to 24.3 basis points.

Commodities Recap

Gold prices dropped more than 1% on Monday, slipping from a 14-month peak, after U.S. President Donald Trump's decision not to impose trade tariffs on Mexico spurred risk sentiment and lifted the dollar from recent lows.

Spot gold dipped 1.1% to $1,326.13 per ounce as of 1:38 p.m. EDT (1738 GMT). The metal had hit $1,348.08 an ounce in the previous session, its highest since April last year.U.S. gold futures settled 1.2% lower at $1,329.3 per ounce.

Oil prices fell more than 1% on Monday as U.S.-China trade tensions continued to threaten demand for crude and as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal.

Brent crude futures   fell $1, or 1.6%, to settle at $62.29 a barrel. U.S. West Texas Intermediate (WTI) crude  lost 73 cents, or 1.4%, to end at $53.26 a barrel.
 

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