Market Brief
The USD gave back some of its recent gains in the Asian Session. The EURUSD traded higher to 1.3877 from 1.3760, while the USDJPY traded lower to 96.08 from 97.80. JPY crosses came under significant selling pressure, as risk appetite continues to deteriorate. The EURJPY traded to 132.75 low, while the AUDJPY slid to 76.07 from 77.50. Markets will be cautiously watching today’s BRIC summit. Today, the Kremlin reversed recent comments, by stating that Russia will raise the topic of reserve currency. There was a small but noticeable reaction in FX markets on the news, which highlights how sensitive traders are to comments from this conference. We are concerned about the sudden shift in rhetoric and are advising clients to be wary of event risks today. The minutes of the RBA's June board meeting suggests that it is still open to additional rate cuts, if the data warrants. While the RBA minutes highlighted improvements in global economic and financial conditions and local economic data, it also notes that these improvements remain vulnerable to reversal.
| Global Indexes | Current Level | % Change |
| Nikkei 225 Index | 9,752.88 | -2.87 |
| Hang Seng Index | 18,078.97 | -2.27 |
| Shanghai Index | 2,776.02 | -0.48 |
| FTSE 100 Index | 4,325.94 | -0.01 |
| DAX Index | 4,878.74 | -0.22 |
| SMI Index | 5,363.05 | -0.68 |
| DJIA futures | 8,615.00 | -0.04 |
| World Markets | Current Level | % Change |
| Gold | 935.3 | 0.74 |
| Silver | 14.29 | 1.52 |
| VIX | 30.81 | 9.44 |
| Crude wti | 70.69 | 0.09 |
| USD Index | 80.67 | -0.56 |
| Todays Calender | Estimates | Previous | Country / GMT |
| CPI, % m/m (y/y) May | 0.3 (1.9) | 0.3 (2.3) | GBP / 08.30 |
| ZEW Economic Expectations Index Jun | 35 | 31.1 | EUR / 09.00 |
| HICP, % m/m (y/y) May | 0.0 (0.0) | 0.0 "flash | EUR / 09.00 |
| Labour costs, % q/q Q1 | 2.9 | 3.8 | EUR / 09.00 |
| ''ECB' core (HICP x unproc.fd, ene), % m/m (y/y) M | 0.0 (1.5) | 0.4 (1.7) | EUR / 09.00 |
| PPI, % m/m (y/y) May | 0.6 (-4.4) | 0.3 (-3.7) | USD / 12.30 |
| Core PPI, % m/m (y/y) May | 0.1 (3.2) | 0.1 (3.4) | USD / 12.30 |
| Housing starts, mn units saar May | 0.48 | 0.458 | USD / 12.30 |
| Building permits, mn units saar May | 0.5 | 0.498 | USD / 12.30 |
| Industrial production, % m/m (y/y) May | -0.8,-13.0 | -0.5,-12.5 | USD / 13.15 |
| Industrial production: mfg, % m/m (y/y) May | -- | -0.3,-14.5 | USD / 13.15 |
| Capacity utilisation, % May | 68.5 | 69.1 | USD / 13.15 |
| CBT interest rate announcement, % Jun | 9 | 9.25 | TRY / 16.00 |
| Fed Governor Warsh (FOMC voter) speaks on economic | -- | -- | USD / 18.00 |
Currency Tech
AUDUSD
R 3: 0.8375
R 2: 0.8260
R 1: 0.8108
CURRENT: 0.7962
S 1: 0.7828
S 2: 0.7745
S 3: 0.7700
EURJPY
R 3: 139.0
R 2: 138.30
R 1: 135.30
CURRENT: 134.00
S 1: 131.50
S 2: 129.70
S 3: 126.97
USDSGD
R 3: 1.4800
R 2: 1.4748
R 1: 1.4665
CURRENT: 1.4563
S 1: 1.4425
S 2: 1.4355
S 3: 1.4335
- S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
