German Dax higher
The major European indices are ending the session with mixed results. Spain and Italy tilt more to the downside.
The provisional closes are showing:
- German DAX, +0.4%
- France’s CAC, +0.4%
- UK’s FTSE 100, +0.3%
- Spain’s Ibex, -0.5%
- Italy’s FTSE MIB, unchanged
In the European debt market, the benchmark 10 year yields are closing higher:
In other markets as European/London traders look to exit:
- Spot gold is trading down $5.60 or -0.3% at $1860.61.
- Spot silver is down $0.29 or -1.08% $27.55
- WTI crude oil futures are trading up $0.87 or 1.23% at $71.74. The price reached a new cycle high, and the highest level going back to October 2018 at $72.03
- Bitcoin is trading up $101 at $39,945
A mixed session so far for the greenback
The dollar is trimming losses slightly against the euro and franc but is still keeping lower against both currencies, and is now grinding a slight advance against the rest of the major currencies bloc in European morning trade.
GBP/USD has eased a little back under 1.4100 though key support is still seen closer around 1.4073-86 while AUD/USD has also slipped just below 0.7700 for now:
The latter is testing the lows from Friday but in the context of the past few weeks, none of these moves are really breaking out of range to be fair.
USD/CAD is also up a little to 1.2165 with minor resistance seen closer to 1.2170-77 before further resistance is seen at 1.2200.
I wouldn’t look too much into any of these moves for the time being unless they start to chip away at key technical levels. The FOMC meeting tomorrow still holds all the cards.
China Securities Journal says PBOC might add liquidity in the second half oof June
Also, via the Shanghai Securities News, a piece suggests that the yuan might face depreciation pressure in H2 of 2021
That used to be 28,000+ contracts a few months ago. Inventory is getting tight, delivery is consuming inventory.