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US Stocks rose for the Third Consecutive Day, Pound Tumbles

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Equities

US indices rose for the third consecutive day as traders continue to digest the economic data from the United States. The data suggests that the economy is still in its expansionary face and outperforming other major economies. The Dow Jones had its best one-day performance since June 6 and rose 327 points to settle at 24784. The financial and industrial sectors supported the Dow to get back in green for the year. SPX500 and Nasdaq Composite Index added 0.9% each.

USD

The dollar index bounced back above the 94 level after finding support at the 50-day simple moving average. The U.S. consumer credit reached $24.56 billion in May, the highest since November 2017, which signals that the consumer spending could be picking up. USDJPY breached the 111 level to reach a high of 111.20, the highest level since May 21st.

GBP

The Sterling retreated from its highest level since June 14 due to the resignation of the British foreign minister. GBPUSD traded at a high of $1.3362 during the early European session and tumbled to a low of $1.3190 on the news. From a technical analysis perspective, yesterday’s high coincided with the 50-day simple moving average and the 23.6% Fibonacci retracement of the drop from $1.4380 to $1.3052. The resignations signal that we could be far from a real Brexit and the pound will remain vulnerable to the headlines related to the Brexit deal.

Metals

Gold prices fell from a two-week high of $1266 to settle near $1257. The robust economic data from the United States favors the monetary policy stance of the Federal Reserve which is weighing on the precious metal. On the other hand, the silver ounce posted the highest close in two weeks at $16.10.

Oil

Oil prices ended higher on Monday supported by the concerns over supply shortages. In addition to the shortage of supply from Canada, Libya, and Venezuela, Norway could be added to the list, as hundreds of workers due to strike after the rejection of a proposed wage deal. The West Texas Intermediate was almost flat on the day where it settled at $73.97. On the other hand, the Brent oil gained more than one percent and closed at $78.17. The American Petroleum Institute will report the weekly crude oil stock later today.

Major Economic Events

GMT Country Event Expectation Previous
8:30 UK Manufacturing Production (MoM) (May) 0.9% -1.4%
8:30 UK Industrial Production (MoM) (May) 0.5% -0.8%
9:00 EU German ZEW Economic Sentiment (Jul) -18.0 -16.1
14:00 US JOLTs Job Openings (May) 6.583 6.698

 
Disclaimer

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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