Daily market Analysis 17-06-2024

Finance and economics explained simply
Daily market Analysis                           17-06-2024

Introduction:

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Fundamental Analysis:

In spite of poor UoM data, the US dollar finishes the week well. The DXY rally is continuing on Friday and has
reached its highest point since early May. Although the UoM statistics for consumer confidence come in below estimates, which depresses the market, DXY continues to advance every day. The low level of US Treasury yields
indicates a market that is not very risky. Despite the BoJ delaying its taper tantrum plans, the GBP/JPY declines below 200.00. GBP/JPY gives up gains led by the BoJ and falls below 200.00. The BoJ delayed plans for a taper tantrum while maintaining constant interest rates. One major obstacle to the BoE’s shift toward policy normalization is the continued steady growth in UK wages. A few sellers follow XAU/USD below $2,350 as they focus on political worries over the Eurozone. In the early Asian session of Monday, the price of gold marginally drops to $2,325 USD. The aggressive Fed is still supporting the US dollar and driving down gold valued in US dollars. Political worries over the Eurozone may increase flows to safe havens and limit the decline in yellow metal prices. WTI and Brent prices examine growing inventories. The fact that CTAs are bidding for both WTI and Brent crude has caused the crude oil markets to forget their worries about growing stockpiles. “Trend followers could still increase their long holdings at prices above $79.24 and $83.27 per barrel, respectively.”

Economic Calendar (GMT+1):

Sentiment Analysis:

Technical Analysis:

EURUSD

GBPUSD

GBPJPY

XAUUSD

WTI

Conclusion:

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