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Morning Brew June 28 2022
Erik Schafhauser
Senior Relationship Manager
Summary: Looking for Clues
Good Morning,
Markets are in a bit of a hybernation phase it seems where everybody is looking for direction and not sure where the next key impulse will be coming from.
All three US Indexes closed less than 1% from Friday`s close a, EURUSD remains at 1.0575, GBPUSD 1.2270 and Gold and Silver a little lower at 1825 and 21.15.
The US500 is currently at 3900 with key support at 3820 and resistance at 3975, tthe GER40 is at 13170 in limbo between 13,118 and 13,564-13,600. For a clearer direction.
The G7 vowed to stand with Ukraine "for as long as it takes", as a Russian missiles hit a shopping center.
Credit Swiss presented it`s strategy at an investor day without great surprises – technology driven cost savings remain key while risk management is strengthened the bank announced to appeal a conviction against aiding money laundering, the stock did not move significantly.
German GfK Consumer Confidence came at the lowest since 1991 but a little better than feared, Dax gained.
Tokyo is suffering the worst heat wave in June in 150 years and could suffer shortages of electricity.
The TRY lost after yesterdays intervention at 16.55 but stronger than the last few weeks.
Todays key event will be the US Consumer confidence at 16:00, the G7 Meeting will conclude and the ECB summit will kick off in Portugal with possibly market moving comments. Half year adjustments can also be expected the next days.
Overall the central question will remain how much more hawkish central banks need to be to slow inflation as growth seems to slow and commodity prices recede. Tomorrows German HICP will be the next solid clue.
Tomorrow, the German HICP and the US GDP will be key, Thursday UK GDP, Swiss KOF, German and EU Unemployment, German Price data, as well as US Consumption data Friday the Japanese will be released, followed by the Chinse and international PMIs
Remain cautios!
Expiries
Physically Settled Futures:
TTFMN2 will expire 28th June at 15:00 GMT
CNM2 will expire 29th June at 8:35 GMT
RRN2, SILN2, SIN2, STFN2, XCN2, XKN2, XWN2, ZCN2, ZLN2, ZMN2, ZSN2 will expire 29th June at 15:00 GMT
RBN2, SBN2 will 30th June at 15:00 GMT
BZQ2 will expire 30th June at 18:30 GMT
Expiring CFDs:
COPPERUSJUL22, CORNJUL22, GASOLINEUSJUL22. HEATINGOILJUL22, SILVERJUL22, SOYBEANOILJUL22, SOYBEANMEALJUL22, SOYBEANSJUL22, SUGARNYJUL22, WHEATJUL22 will expire on 28th of June at 15:00 GMT
CHINA50JUN22, HK50JUN22,SINGAPOREJUN22, TAIWAN95JUN22 will expire 29th June at 2:00 GMT
INDIA50JUN22 will expire 30th June at 2:00 GMT
OILUKAUG22 will expire 30th June at 15:00 GMT