America's Roundup: Dollar steady before Fed meeting, G20 summit, Wall Street climbs, Gold gains ,Oil prices rise 2% after tanker attacks near Iran-June 15th,2019

Market Roundup

• US w/e Initial Jobless Claims, 222k, 216k f'cast, 218k previous

• US w/e Jobless Claims 4-Wk Avg, 217.75k, 215.00k previous

• US w/e Continued Jobless Claims, 1.695 mln, 1.680 mln f'cast, 1.682 mln previous

• US May Import Prices MM, -0.3%, -0.2% forecast, 0.2% previous

• US May Export Prices MM, -0.2%, -0.1% forecast, 0.2% previous 

• U.S. blames Iran for tanker attacks in Gulf of Oman, oil prices rise

• Democrats: Trump comments give green light to foreign election meddling

• Fed will make 'insurance' rate cut as early as next week -Vanguard

• Oil prices rise 2% after suspected tanker attack near Iran

Looking Ahead – Economic Data (GMT)

• 13 Jun 22:30 New Zealand Manufacturing PMI, 53.0 previous

• 14 Jun 04:30 Japan Apr Industrial Output Rev, 0.6% previous 

• 14 Jun 07:00 China May Industrial Output YY, 5.5% forecast,, 5.4% previous

• 14 Jun 07:00 China May Retail Sales YY, 8.1% forecast, 7.2% previous

Looking Ahead – Events, Other Releases (GMT)

• 10:00 Speech by ECB Board member Sabine Lautenschlager in Berlin

• 12:55 Governor of the Bank of England Mark Carney speaks in London

Currency Summaries

EUR/USD: The euro was little changed against the U.S. dollar on Thursday,   as investors were reluctant to take large positions before next week’s Federal Reserve meeting and the G20 summit in Japan later this month.Tepid inflation and weakening economic data in the midst of a U.S.-China trade war has fed expectations that the Federal Reserve is close to cutting interest rates.That has brought the U.S. dollar down from two-year highs reached in May, yet investors are reluctant to get too bearish on the greenback without further confirmation that rate cuts are near.The euro was up 0.01 percent at $1.1277. An index that tracks the dollar versus a basket of six major currencies was up 0.08 at 97.04. Immediate resistance can be seen at 1.1300 (Psychological level), an upside break can trigger rise towards 1.1349 (Higher Bollinger Bands).On the downside, immediate support is seen at 1.1255 (11 DMA), a break below could take the pair towards 1.1212 (21 DMA).

GBP/USD: Sterling edged lower against dollar on Thursday, as investors prepared for the first round of the contest to replace Prime Minister Theresa May. Johnson, the face of the official campaign to leave the European Union in the 2016 referendum, won the support of 114 Conservative lawmakers in the first round of the contest to replace May. The second round is due on June 18 with further ballots planned for June 19 and June 20 until there are just two candidates. A postal ballot of the wider Conservative Party membership will then be held to pick a leader. Against the euro, the pound was holding near a five-month low of 89.31 pence hit earlier this week. Versus the dollar, the pound was broadly steady at $1.2671.Immediate resistance can be seen at 1.2770 (Higher Bollinger Bands), an upside break can trigger rise towards 1.2872 (50 DMA).On the downside, immediate support is seen at 1.2615(Lower Bollinger Bands), a break below could take the pair towards 1.2552 (31st May Low).

USD/CAD:The Canadian dollar strengthened against its U.S. counterpart on Thursday, after a three-day run of declines as oil prices rallied and domestic household indebtedness edged lower. The price of oil, one of Canada's major exports, rose after a suspected attack on two tankers in the Gulf of Oman near Iran and the Strait of Hormuz, through which a fifth of global oil passes. U.S. crude oil futures CLc1 were up 3.3% at $52.84 a barrel. Canadian household debt as a share of income, a measure closely watched by policymakers, slipped to 173.0% in the first quarter from 173.7% in the fourth quarter but is still near record levels, Statistics Canada. The Canadian dollar  was trading 0.2% higher at 1.3322 to the greenback. The currency, which has declined 0.5% this week, traded in a range of 1.3300 to 1.3342. Immediate resistance can be seen at 1.3374 (11 DMA), an upside break can trigger rise towards 1.3411 (21 DMA).On the downside, immediate support is seen at 1.3300 (Psychological Level), a break below could take the pair towards 1.3217 (Lower Bollinger Bands).

USD/JPY: The dollar weakened against the Japanese yen on Thursday, as risk appetite ebbed in the broader markets and lifted the safe-haven Japanese currency, while the dollar held the bulk of its gains against other major currencies after rebounding from 11-week lows. The yen rose 0.2% to 108.270 yen per dollar, pulling back from an 11-day low of 108.800 brushed at the week's start.The yen, which tends to attract bids in times of market turmoil and political tensions, rallied 0.5% against the Australian dollar   and advanced 0.15% versus the euro.The dollar was 0.10 percent  lower versus the Japanese yen at 108.63. Strong resistance can be seen at 108.38 (11 DMA), an upside break can trigger rise towards 109.09 (21 DMA).On the downside, immediate support is seen at 107.57 (Lower Bollinger Band), a break below could take the pair towards 107.00 (Psychological level). 

Equities Recap

Gains for metal and mining companies helped European stocks end slightly higher on Thursday, with concerns over an attack on tankers in the Gulf of Oman and continuing U.S.-China trade tensions sapping early enthusiasm among investors.

UK's benchmark FTSE 100 closed down by 0.01 percent, the pan-European FTSEurofirst 300 ended the day up by 0.13 percent, Germany's Dax ended up by 0.40 percent, France’s CAC finished the day up by 0.04 percent.

U.S. stocks rose on Thursday after two days of declines, as energy shares rebounded with oil on concerns of a supply disruption following attacks on two tankers in the Gulf of Oman.

Dow Jones closed down by 0.42 percent, S&P 500 ended up by 0.43 percent, Nasdaq finished the down up by 0.62 percent.

Treasuries Recap

Increased expectations of Federal Reserve interest rate cuts pulled short-dated yields lower on Thursday, steepening the yield curve ahead of retail sales data on Friday and the meeting of Fed policymakers next week.

The spread between the two- and 10-year yields  , the most common measure of the yield curve, rose to 25.8 basis points as the fall in short-dated yields pushed the curve steeper. Still, traders held off from taking big positions before Friday's retail sales report.

Commodities Recap

Gold prices climbed to a week's high on Thursday, supported by expectations for an interest rate cut by the U.S. Federal Reserve following soft inflation data, although an uptick in equities capped gains.

Spot gold rose 0.5% to $1,340.13 per ounce as of 1:32 p.m. EDT (1732 GMT), after touching its highest since June 7 at $1,344.60 earlier in the session.U.S. gold futures settled up 0.5% at $1,343.70 an ounce.

Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.

Brent crude futures settled up $1.34, or 2.23%, at $61.31, having risen as much as 4.5% to $62.64.

U.S. West Texas Intermediate crude futures were up $1.14, or 2.23%, at $52.28 a barrel. WTI earlier rose as much as 4.5% to $53.45.

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