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Morning Brew June 6 2023
Erik Schafhauser
Senior Relationship Manager
Summary: Surprise Hike by the RBA, Gold found support.
Good Morning,
Yesterday was a bit of a dull day compared to the large swings Friday and without a surprise somewhere, today may well be similar. A good opportunity to focus on ones positions and take a calm look at where we are standing and what the next driver may be.
Equities came a little off the highs on profit taking and Apples presentation took a lot of the attention. Center of attention at the presentation was the Vision Pro, an AR headset priced at 3500 USD. It failed to excite traders and Apple closed 0.75% lower. The S&P gave up 0.2%, the Nasdaq 0.1% and the Dow 0.6%. Volume was 10% below average.
The USD gave up some ground as the probability of a hike next week falls to 25 % EURUSD rises to 1.0730, GBPUSD 1.2445 and USDJPY 139.50. Gold and Silver are at 1960 and 23.60 Gold seems to have found good support at 1940. – Bitcoin is below 26k on legal action against Binance in the US. The USD Index is just below 104 at 103.85.
The Royal Bank of Australia hiked rates against the expectation and sent the AUD almost a percentage point higher against the USD.
2 year US Yields remain near 4.5% while 10 years are at 3.7%.
Most important data:
Tuesday 6 June
AU Rate decision
DE Industrial Orders
EU Retail Sales
US Redbook
CA PMI
Wednesday 7 June
DE Industrial Output
UK House Price Index
CH FX reserves
CA Rate decision
Thursday 8 June
AT CPI
US Jobs Data