Log in to today’s North American session Recap for June 16.
The G7 meeting is advancing and the Iran-Israel conflict is still making headlines. There has been news of advanced US-Canada and US-UK trade talks as the G7 leaders are discussing, we will get some headlines soon.
The latest development has seen launches of the largest salve of ballistic missiles by Iran towards Israel and Netanyahu saying that killing Iran's leader Ali Khameini wouldn't "escalate the conflict, it's going to end the conflict".
Nevertheless, markets have been in a surprisingly ecstatic mood with Equity indices rallying all around the world – a proof that market expectations for the conflict had been for the worse, as even the latest headlines haven't done much to calm the positive sentiment on the session.
The Crypto market has been enjoying from the positive sentiment around markets, with the Bitcoin and Ethereum respectively up 3% and 4.40%. Even with what seemed like strong selloffs, cryptocurrencies are consolidating at their highs and ETFs are not seeing many outflows – For now the picture is looking solid for this market.
Industrial metals haven't moved much with Copper still consolidating in a tight range and Platinum retesting last week highs, having corrected a bit. Silver is unchanged on the day.
Oil and Gold have been the laggers of the session even though both commodities are trading above the previous week's ranges. Any major rally in these two assets will surely be accompanied with accrued volatility in other products, keep an eye on their prices.
A further selloff would confirm that the conflict is priced in, though things may always change.
A picture of today's performance for major currencies
Currency Performance, June 16 – Source: OANDA Labs
Currency Performance, June 16 – Source: OANDA Labs
Commodity currencies are leading and Safe-Havens are lagging in a typical risk-on session with both the CHF and JPY down 0.40% against the USD.
On the other hand, AUD and NZD bulls have enjoyed the sentiment and up close to 1% on the day.
The US Dollar had seen some selling in the Sunday evening open but has been rallying since early in the US Session and posted a (relatively) strong bullish move in the past hour to come back to unchanged on the day.
The Dollar index is hovering around the 98.00 psychological zone.
A look at the Economic Calendar for tomorrow's session
For all market-moving economic releases and events, see the MarketPulse Economic Calendar
For all market-moving economic releases and events, see the MarketPulse Economic Calendar
Do not forget the Bank of Japan rate decision tonight with a release anytime between 19:00 to 20:00 E.T. – The BoJ likes to keep markets on the edge by changing their time of release meeting by meeting.
Tomorrow's calendar will be filled by low-tier economic data release throughout the day (not in the calendar image) but most importantly US Retail Sales with the m/m data expected at -0.7%.
Eurozone data will also see the release of their ZEW Economic sentiment released at the same time as the Germany data (expected at 35 and 23.5 respectively.)
Expect a headline-driven market this week, with the exception of two key data releases—beyond that, the economic calendar remains relatively light.
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Log in to today’s North American session Recap for June 16.
The G7 meeting is advancing and the Iran-Israel conflict is still making headlines. There has been news of advanced US-Canada and US-UK trade talks as the G7 leaders are discussing, we will get some headlines soon.
The latest development has seen launches of the largest salve of ballistic missiles by Iran towards Israel and Netanyahu saying that killing Iran's leader Ali Khameini wouldn't "escalate the conflict, it's going to end the conflict".
Nevertheless, markets have been in a surprisingly ecstatic mood with Equity indices rallying all around the world – a proof that market expectations for the conflict had been for the worse, as even the latest headlines haven't done much to calm the positive sentiment on the session.
Read More: USDJPY rallies within its range ahead of the BoJ Rate Decision
The Crypto market has been enjoying from the positive sentiment around markets, with the Bitcoin and Ethereum respectively up 3% and 4.40%. Even with what seemed like strong selloffs, cryptocurrencies are consolidating at their highs and ETFs are not seeing many outflows – For now the picture is looking solid for this market.
Industrial metals haven't moved much with Copper still consolidating in a tight range and Platinum retesting last week highs, having corrected a bit. Silver is unchanged on the day.
Oil and Gold have been the laggers of the session even though both commodities are trading above the previous week's ranges. Any major rally in these two assets will surely be accompanied with accrued volatility in other products, keep an eye on their prices.
A further selloff would confirm that the conflict is priced in, though things may always change.
A picture of today's performance for major currencies
Currency Performance, June 16 – Source: OANDA Labs
Commodity currencies are leading and Safe-Havens are lagging in a typical risk-on session with both the CHF and JPY down 0.40% against the USD.
On the other hand, AUD and NZD bulls have enjoyed the sentiment and up close to 1% on the day.
The US Dollar had seen some selling in the Sunday evening open but has been rallying since early in the US Session and posted a (relatively) strong bullish move in the past hour to come back to unchanged on the day.
The Dollar index is hovering around the 98.00 psychological zone.
A look at the Economic Calendar for tomorrow's session
For all market-moving economic releases and events, see the MarketPulse Economic Calendar
Do not forget the Bank of Japan rate decision tonight with a release anytime between 19:00 to 20:00 E.T. – The BoJ likes to keep markets on the edge by changing their time of release meeting by meeting.
Tomorrow's calendar will be filled by low-tier economic data release throughout the day (not in the calendar image) but most importantly US Retail Sales with the m/m data expected at -0.7%.
Eurozone data will also see the release of their ZEW Economic sentiment released at the same time as the Germany data (expected at 35 and 23.5 respectively.)
Expect a headline-driven market this week, with the exception of two key data releases—beyond that, the economic calendar remains relatively light.
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