Market Roundup
- US Core CPI MM, SA May 0.1%, (consensus 0.2%, previous 0.30%)
- US Weekly Jobless Claims 267k v 277k expected
- US Real Weekly Earnings MM May -0.1%, (previous 0.00%)
- US Philly Fed Business Indx Jun 15.2, (consensus 8, previous 6.7)
- US Philly Fed Employment Jun 3.8, (previous 6.7)
- US Philly Fed Prices Paid Jun 17.2, (previous -14.2)
- US Philly Fed New Orders Jun 15.2, (previous 4)
- ECB told EZ fin ministers it was not sure if Greek banks would be able to open Monday
- Greece's Varoufakis about capital controls, says they are the anti-thesis of monetary union
- Greece's Varoufakis says put on table radical proposal for independent fiscal council monitoring budget execution w/automated hard deficit break
- German newspaper Die Zeit report on Greece extension denied by EU diplomats
- Eurogroup's Dijsselbloem says creditors are prepared for eventualities other than deal with Greece, but this is not the preferred scenario
- Canada'S Harper calls on Greece to respect its obligations and on Europe not to impose unrealistic situations; does not see European leaders imposing unrealistic expectations
- Greek banks see surge in deposit withdrawals, to about EUR 2bln, this week (Mon-Wed)
- IMF's Lagarde Greece will be in default vis-à-vis the IMF on July 1
- Germany's Gabriel aid would continue even if Greece were to leave EZ (Wirtschaftwoche)
- SNB's Jordan says could raise sight deposit charge further (CNBC)
- (1845 ET/ 2245 GMT) NewZealand GDP Production QQ Q1 (consensus 0.6%, previous 0.8%)
- (1845 ET/ 2245 GMT) NewZealand GDP - Annl-Avg, Prod-Bas Q1 (consensus 3.3%, previous 3.3%)
- (1845 ET/ 2245 GMT) NewZealand GDP - Annual Q1 (consensus 3%, previous 3.5%)
- (1845 ET/ 2245 GMT) NewZealand GDP Expenditure QQ Q1 (consensus 0.5%, previous 1.1%)
- (1930 ET/ 2330 GMT) Japan Reuters Tankan DI (previous Jun 13)
- (1950 ET/ 2350 GMT) Japan Foreign Bond Investment w/e (previous -385.2b)
- (1950 ET/ 2350 GMT) Japan Foreign Invest JP Stock w/e (previous 255.3b)
- (2300 ET/ 0300 GMT) Japan Bank of Japan MPC Statement/Kuroda Press Conference
- (0236 ET/ 0636 GMT) Japan BOJ Nakaso makes a speech
FX Recap
EUR/USD: Increased selling pressure surrounding the dollar post-FOMC continues to support the pair's upside. However continuing deadlock around Greece cap gains. EUR/USD spiked to hit multi-week tops around 1.1440, but Greek headlines pushed spot back to the 1.1340 area. EUR/USD now recovering after a knee-jerk to 1.1340 and is currently advancing 0.27% at 1.1369. Next resistance is at 1.1437 (high Jun 18) followed by 1.1450 (high May 18) and finally 1.1486 (high Feb 6). On the flip side, supports are located at 1.1330 (low Jun 18), 1.1277 (10-d MA) and finally 1.1206 (low Jun 17). Option expiries for Friday 19 June: 1.1200 (2.8BLN), 1.1250 (510M), 1.1415 (331M), 1.1450 (567M), 1.1600 (2.1BLN)
EUR/CHF: Euro is up against the Swiss franc despite lack of agreement between Greece and its creditors. Trading in the pair was range bound during most of the day and on American session broke above 1.0475 and rose to 1.0535 hitting the strongest level since Monday. The last hour saw some pulled and EUR/CHFwas trading at 1.0485/90, up 0.35% for the day. Markets will watch for the emergency meeting of Eurozone leaders which will take place on Monday 22 in Brussels. Resistances are at 1.0498 and 1.0524, while on the downside supports are at 1.0384, 1.0358 and 1.0332.
USD/JPY bouncing off 122.50 and is in a recovery mode after the 200-pip decline post-FOMC meeting. USD/JPY is now trading at 122.84, having posted a daily high at 123.62 and low at 122.48. The recovery move in the USD came after the latest round of US economic data that showed an increase in the Philadelphia Fed Manufacturing Index above expectations and also in the CB Leading Indicator Index. Above 123.00, the pair will find resistances at 123.30 and 123.60. To the downside, supports are at 122.85, 122.60 and 122.50. Option expiries for Friday 19 June: 122.00 (3.5BLN), 123.00 (1.23BLN), 124.00 (827M), 124.50 (1.8BLN)
AUD/USD: Aussie failed to extend gains against the US Dollar in the American session. AUD/USD rally from 0.7715 was capped at 0.7850 where selling interest sent the pair back below 0.7800. At the time of writing AUD/USD is trading at 0.7799, up 0.66% on the day, having posted a daily high at 0.7851 and low at 0.7710. Below 0.7800, supports lie at 0.7770 and 0.7715. To the upside, resistances are at 0.7850, 0.7870 and 0.7900. Option expiries for Friday 19 June: 0.7700 (332M), 0.7800 (642M), 0.7850 (705M), 0.8000 (921M)
USD/MXN: After closing at the lowest since in almost a month yesterday, USD/MXN moved sharply on Thursday and is about to end higher. Earlier in the day the pair fell further to 15.163 the lowest level since May 21, but then bounced back sharply to the upside, erased daily losses and is currently hovering around 15.337.
