Daily Market Review – 30/06/16
Global markets have continued to display stability the past twelve hours and the hysteria that was rampant in most asset Can be stocks, commodities, indexes or Forex currency pairs. More classes has gone away. The GBP The GBP The GBP is the official currency of the United Kingdom. The GBP is a major currency and currently ra... More is the official currency of the United Kingdom. The GBP is a major currency and currently ra... More which has been the focal point of the volatility has now turned in two solid days of trading and along with the EUR The EUR The EUR is the official currency of the European Union. Presently 19 out of the 28 collective nati... More is the official currency of the European Union. Presently 19 out of the 28 collective nati... More now seems as if it is settling into a range in which traders may be able to test trends and reversals.
The U.K. will release Current Account and Final GDP numbers today. During the E.U. Summit yesterday in Brussels without the U.K. present, European leaders made it clear that any negotiations on the Brexit will not come with a free pass for the British. However, calm heads do seem to be prevailing as financial institutions go about their business.
German Retail Sales have already been published this morning and done better than expected, but French Consumer Spending data has come in below its estimate . Europe faces as many questions as the U.K. does about its economic future and the ECB The European Central Bank The European Central Bank, ECB The European Central Bank, ECB, is the Central Bank of the European Union and sets the monetary poli... More , is the Central Bank of the European Union and sets the monetary poli... More , ECB, is the Central Bank of the European Union and sets the monetary poli... More does not have easy days ahead. However, the Single Currency The EUR is the official currency of the European Union. Presently 19 out of the 28 collective nati... More has also found a more stable trading ground and could have opportunities for investors with patience.
Pending Home Sales from the U.S. yesterday came in below expectations. Economic activity from the States continues to be troubling. Indices from Wall Street were positive. Today the weekly Unemployment Claims will be released along with the Chicago PMI. Traders need to be aware that volumes from the States could begin to drop off considerably later today as offices begin to make for the exits to celebrate their long holiday weekend that is coming because of Independence Day festivities. Crude Oil Inventories did come in below the expected amount of storage yesterday which gave a short-term boost to the commodity.
Traders might be able to enjoy stable trading today and tomorrow in markets that appear to have returned to normal conditions. While many questions are still being asked and not all answers are clear it does seem like waters are more tranquil and opportunities exist for short-term traders and long-term value seekers. Important China Manufacturing data will be published on early Friday and will be followed by manufacturing statistics from the U.K. and States too.