Archives of “June 24, 2019” day

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European shares and mostly lower

  
Analysis, Global Indices

UK’s FTSE the exception today

  • German DAX, -0.53%
  • France’s CAC, -0.12%
  • UK’s FTSE, +0.12%
  • Spain’s Ibex, -0.38%
  • Italy’s FTSE MIB, -0.49%
  • Portugal’s PSI 20, -0.81%

In the benchmark 10 year note sector, yields are ending mostly lower (Italy trades with a small rise in yields). France’s 10 year dipped below the 0.0% level last week, but recovered. Today, the low yield reached 0.016% before rising modestly into the close (to 0.023%).

European 10 year yieldsIN the forex market as London/European traders look to exit, the AUD is still the strongest and getting stronger since the US open). The USD has been overtaken by the JPY and GBP as the weakest of the majors on the day. The GBPUSD reached the highs from June (and peaked a little above those levels) but failed. The price rotated back down.

Have a look at who bought 200,000 ounces of gold just before it surged

  
Analysis, Gold / Silver

Kitco reports on a purchase by Russia (the Russian central bank)

(Kitco citing Russian central bank press release)
  • buying another 200,000 ounces or 6 tonnes of gold in May
  • total Russia total gold holding now at 2,190 tonnes (as of June 1)
Russia is not, of course, the only buyer, China (and others) have been huge buyers as reported in March, April, May (and further back!). For example:
  • (March) Chinese gold reserves – March buying of 11.2 tons of gold
  • (April) China stashing away more gold – bullion reserves up for a 5th straight month
  • (May) China – gold purchases running higher.
Kitco reports on a purchase by Russia (the Russian central bank) 

Weekend Trump on Fed’s Powell: “I didn’t ever threaten to demote him”

  
Analysis, Politics

UP President Trump spoke in a TV  interview on Sunday.

Trump reiterated he has the right to demote Powell but never threatened to do so
  • “I have the right to do that, but I haven’t said that.”
Says the Fed has jacked up rates too quickly:
  • “I had somebody that raised the rates very rapidly — too much. He made a mistake, that’s been proven.“
This comes after last week the Fed kept rates and hold and Powell emphasises Fed independence from the politicians:
  • It should be noted that Fed Chair Powell gave the middle finger to Trump
UP President Trump spoke in a TV  interview on Sunday. 

Weekend Trump on Iran – US to impose “major” additional sanctions

  
Analysis, Politics

US President Donald Trump has  said over the weekend he’ll impose “major” additional sanctions on Iran.

  • economic pressure will be maintained
  • Wants to see Iranian leadership change course, specifically on developing nukes
  • “We’re putting additional sanctions on … we are moving rapidly.”
This comes as Iran says it’ll be exceeding the limits that have been imposed on its nuclear programme.
US President Donald Trump has  said over the weekend he'll impose "major" additional sanctions on Iran. 
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