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Morning Brew June 19 2024
Erik Schafhauser
Senior Relationship Manager
Summary: Tech continues the ascend, CHF becoming interesting ahead of the rate decision tomorrow.
Good morning
Nvidia is now the most valuable company in the world after overtaking Microsoft. The stock ended the day at 135.58. The Dow ended up 0.15%, the S&P 0.25% and the Nasdaq 0.03%.
The two big questions are
- how long will this tech rally continue to run this strong
- what is the next theme to move markets.
Economic Data gave little impulse yesterday as EU Inflation came in line with expectations, Retail sales in the US were worse than expected but industrial production better. Fed speakers basically confirmed the need for more data to decide rate cuts.
US Yields fell a little and the USD Index little changed at 105.30. EURUSD is 1.0735, GBPUSD 1.2705 and USDJPY 157.80. The most interesting currency is the Swiss franc at the moment which is very strong into the rate decision tomorrow. USDCHF broke below the 200 day moving average to trade at 0.8845. EURCHF is 0.9492. A cut by the SNB is currently traded at 67% chance, the Bank of England is still seen on hold with 90% probability but the CPI may change the picture?
Gold and Silver remain stuck in the range at 2328 ad 29.43m Bitcoin and Ethereum are also calm at 65400 and 3557. Oil continues its rally, we are 12% above the June low at 81.50.
Today is a day with little data, the most interesting is the UK CPI at 8:00.
Topics to move markets are
- The middle East where Israel is threatening Lebanon to halt attacks
- The Putin Kim summit in North Korea
- The EU is looking to fill top positions after the EU elections
Wednesday
- Data, Japan Trade Balance, UK CPI, Kashkari & Barkin speak
Thursday
- Data AU GDP, China Rate Decision. CH Rate Decision, UK Rate Decision, US Initial Jobless Claims, Philly Fed, EU Consumer Conficence.. Daly Speaks
Friday
- Data International PMI UK Retail Sales.
Expiries (in UTC)
PLN4 will expire on 20 Jun 2024 at 15:00
ZON4 will expire on 20 Jun 2024 at 15:00
CCN4 will expire on 21 Jun 2024 at 15:00
CLN4 will expire on 20 Jun 2024 at 15:00
CTN4 will expire on 21 Jun 2024 at 15:00
OJN4 will expire on 21 Jun 2024 at 12:00
RCN4 will expire on 24 Jun 2024 at 09:00
Expiring CFDs
COCOANYJUL24 will expire on 20 Jun 2024 at 15:00
COFFEENYJUL24 will expire on 20 Jun 2024 at 15:00
COTTONJUL24 will expire on 20 Jun 2024 at 15:00
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