Avvertenza di rischio: I CFD sono strumenti complessi e comportano un elevato rischio di perdita del denaro in tempi brevi a causa della leva. L’90% dei conti di clienti al dettaglio perde denaro facendo trading con i CFD con questo broker. Valuta se comprendi come funzionano i CFD e se puoi sostenere l’elevato rischio di perdere denaro.
Avvertenza di rischio: I CFD sono strumenti complessi e comportano un elevato rischio di perdita del denaro in tempi brevi a causa della leva. L’90% dei conti di clienti al dettaglio perde denaro facendo trading con i CFD con questo broker. Valuta se comprendi come funzionano i CFD e se puoi sostenere l’elevato rischio di perdere denaro.
lunedì, giugno 17, 2019

USD/CHF’s run up to a fortnight high still needs to cross near-term upside resistances to aim for the key confluence as it trades close to 0.9993 early Monday.

Nearby resistances-line holds the upside capped ahead of 100-day SMA, 38.2% FIbo. confluence.200-day SMA seems strong downside support.USD/CHF’s run up to a fortnight high still needs to cross near-term upside resistances to aim for the key confluence as it trades close to 0.9993 ahead of the Europe markets open on Monday. A downward sloping trend-line since early-May at 1.0012 holds the gate for the pair’s rally to 1.0040 confluence comprising 100-day simple moving average (SMA) and 38.2% Fibonacci retracement of January to April month upside. Should prices rally past-1.0040, 50-day SMA level of 1.0073 and the 1.0100 round-figure could lure buyers. Alternatively, 200-day SMA level of 0.9970 acts as immediate support, a break of which can recall 61.8% Fibonacci retracement, at 0.9915, on the sellers’ radar. Pair’s further downside below 0.9915 might not refrain from dragging the quote towards 0.9850 support level.USD/CHF daily chartTrend: Pullback expected 

According to FX Strategists at UOB Group, EUR/USD is seen moving lower to the 1.1150 region in the short-term horizon. Key Quotes 24-hour view: “Last

According to FX Strategists at UOB Group, EUR/USD is seen moving lower to the 1.1150 region in the short-term horizon.Key Quotes24-hour view: “Last Friday, we expected EUR to “test the 1.1250 support first” before “a recovery can be expected”. However, stronger than expected US retail sales data sent EUR plunging below this level as it hit 1.1200 before ending the day on a weak note at 1.1207. The sharp and rapid drop appears to be running too fast, too soon. From here, while a dip below 1.1200 seems likely, the next support at 1.1170 is unlikely to come into the picture. On the upside, EUR has to reclaim 1.1260 in order to indicate that the current weakness has stabilized (minor resistance is at 1.1240)”. Next 1-3 weeks: “While we indicated since last Thursday (13 Jun, spot at 1.1295) that EUR “has to move and stay above 1.1335 within these 1 to 2 days or a break of the 1.1250 ‘key support’ would not be surprising”, the ease of which it sliced through 1.1250 and the subsequent plunge to 1.1200 was not expected (the subsequent 1-day decline of 0.60% is the largest in 7 weeks). The ‘positive phase’ that started on 04 Jun (spot at 1.1245) has clearly ended. The immediate bias has shifted to the downside but we do not expect the current weakness to be sustained and for the next couple of weeks, we see low chance of EUR threatening the critical 1.1100 support. That said, the current soft patch has room to test 1.1150. Only a move above 1.1290 would indicate that the current mild downward pressure has eased”.

The T D Securities (TDS) Analysts offer their expectations on the European Central Bank (ECB) President Draghi’s speech scheduled later today at 1700

The T D Securities (TDS) Analysts offer their expectations on the European Central Bank (ECB) President Draghi’s speech scheduled later today at 1700 GMT. Key Quotes: “ECB President Draghi delivers opening comments at the annual Sintra conference at 6pm BST. This year's conference is likely to be a more academic farewell to Draghi, with less scope for policy hints, as he enters his final months at the ECB. The Fed and BoE are also in blackout mode this week, so won't be able to send any signals to markets on future policy moves.”

The greenback keeps the positive note at the beginning of the week and is now looking to move further north of the 97.50 level when gauged by the US D

The index adds to recent gains in the mid-97.00s.Yields of the US 10-year note climb above 2.11%.NY Empire State Index next of relevance in the docket.The greenback keeps the positive note at the beginning of the week and is now looking to move further north of the 97.50 level when gauged by the US Dollar Index (DXY).US Dollar Index looks to data, tradeThe index is challenging multi-day highs in the 97.50/60 band on Monday, always on the back of unabated concerns on the US-China trade front and speculations of a down move on rates by the Federal Reserve in the not-so-distant future. The greenback regained attention during last week following the resurgence of a strong selling presence in EUR and GBP, while auspicious results from Retail Sales and Industrial Production offset somewhat poor prints from advanced Consumer Sentiment and U-Mich 5-year Inflation Expectations. In the US data space today, the most relevant publications will be the manufacturing gauge by the NY Empire State index, seconded by the NAHB Index and TIC Flows.What to look for around USDMarkets participants continue to price in the likelihood of rate cuts by the Fed in the next months and this is somehow limiting upside potential in the index. While an ‘insurance cut’ looks likely sooner than later according to market chatter, the upcoming FOMC meeting should shed more light on to the issue and is expected to give further details on the impact of trade tensions on the US economy. However, and in spite of some disappointing results in US fundamentals as of late, the labour market remains strong, wage growth keep pushing higher and the overall economy looks healthy - specially when we consider the weakness in overseas economies – all begging the question whether current speculations of rate cuts are not overdone.US Dollar Index relevant levelsAt the moment, the pair is gaining 0.07% at 97.52 and faces the next hurdle at 97.58 (high Jun.14) seconded by 97.87 (61.8% Fibo of the 2017-2018 drop) and finally 97.71 (high Mar.7). On the downside, a breakdown of 97.02 (100-day SMA) would aim for 96.53 (200-day SMA) and then 96.46 (low Jun.7).

Reuters reports the latest comments delivered by the European Central Bank (ECB) Governing Council member Benoit Coeure in an interview the Financial

Reuters reports the latest comments delivered by the European Central Bank (ECB) Governing Council member Benoit Coeure in an interview the Financial Times (FT). Key Headlines: Warns of bleak indications about the health of the global economy. Central banks should never ignore market signals. But also shouldn't follow them blindly either. Markets are sending a "quite alarming" message at odds with benign data. Capacity for policymakers to deal with shocks today is less than it was previously.

Despite elevated tension between the US and China keeps spreading pessimism across the commodity-linked currencies, the USD/CAD pair remains below 50-day SMA.

USD pullback, WTI recovery favor sellers.Global trade pessimism questions the downside.Comments from the BOC policymakers and second-tier US data bear market attention.Despite elevated tension between the US and China keeps spreading pessimism across the commodity-linked currencies, the USD/CAD pair chose to remain under 50-day SMA, near 1.3410, while heading into European open on Monday. The reason could be a recent recovery in WTI on the back of likely increase in nuclear stocks by Iran and expected an extension of supply cuts by the OPEC+ alliance. Crude is Canada’s largest export item and hence any price changes to the energy benchmark have a direct correlation with the Canadian Dollar (CAD). Latest pullback of the US Dollar (USD), amid week-start profit-booking, can also be considered as a reason for the upside cap of the pair. The US New York Empire State manufacturing index, NAHB housing market index and comments from the Bank of Canada’s (BOC) Deputy Governor Lawrence Schembri can direct near-term trade sentiment. The forecast suggests no change in the US housing market gauge of 66 while indicating a bit softer figure of 12.75 versus 17.80 prior for manufacturing index. Further, BOC’s Schembri will be watched closely to seek any more clues of monetary policy easing.Technical AnalysisIn addition to 50-day simple moving average (SMA) level of 1.3415, multiple levels surrounding 1.3430 also caps immediate advances by the pair, a break of which can please buyers with 1.3460 and 1.3500. On the flipside, 100-day SMA level of 1.3350 and 1.3310 may offer intermediate halts towards the downturn to 1.3280 including 200-day SMA.

Analysts at Australia and New Zealand Banking Group (ANZ) offer their take on the Australian dollar amid the recent strength in the commodity prices.

Analysts at Australia and New Zealand Banking Group (ANZ) offer their take on the Australian dollar amid the recent strength in the commodity prices. Key Quotes: “Strong commodity prices have failed to support the AUD, as the traditional multipliers of higher resource prices into the economy have weakened. To be an outright positive for the AUD, China’s stimulus measures will need to do more than support commodity prices. Reversing the AUD fortunes will require a more substantial shift in China’s growth trajectory and we think this remains a low probability outcome.”

In the view of Gerard Burg, Senior Economist – International, Group Economics at National Australia Bank (NAB), the Chinese authorities are poised to

In the view of Gerard Burg, Senior Economist – International, Group Economics at National Australia Bank (NAB), the Chinese authorities are poised to stimulate the economy amid looming US-China trade row.Key Quotes:"China’s policy makers are likely to boost domestic support in the wake of the deteriorating trade relationship with the United States. The PBoC’s Governor suggested a range of measures in early June, including cutting interest rates, lowering the required reserve ratio and other monetary policy tools along with increased fiscal policy support. This domestic policy response remains the key driver for us to maintain our growth forecasts at 6.25% this year, 6% in 2020 and 5.8% in 2021. Growth in industrial production slowed in May, down to 5.0% yoy (compared with 5.4% yoy in April). This was the slowest monthly increase since the January-February period of 2009 – the bottom of the Global Financial Crisis. Growth in real investment fell in May – down to 3.8% yoy (from 4.9% previously). The slowing trend has been driven by private sector firms, while investment in manufacturing and infrastructure were particularly weak. China’s trade surplus widened again in May (compared with a relatively narrow surplus in April), as exports rose and imports fell month-on-month. The United States accounts for the majority of China’s trade surplus."

According to the analysts at Australia and New Zealand Banking Group (ANZ), the Federal Reserve (Fed) is likely to shift in favor of an overtly easing

According to the analysts at Australia and New Zealand Banking Group (ANZ), the Federal Reserve (Fed) is likely to shift in favor of an overtly easing bias when it meets later this week. Key Quotes: “The Federal Open Market Committee (FOMC) meets this week. Given recent dovish comments from Fed officials, we expect a shift to an easing bias. At a minimum, we anticipate a flattening in the dot plot. Chair Powell is likely to reiterate that the FOMC stands ready to support the expansion. We don’t expect a pre-commitment to easing, but acknowledge there are risks to our view. We look for the FOMC to end quantitative tightening now. Our call is for the FOMC to start cutting rates later this year as we anticipate ongoing trade uncertainty to linger and weigh on growth and markets. Easier policy will also provide a needed boost to cyclical inflation.”

Despite latest ex-USD momentum, the USD/IDR pair trades modestly flat around 21-day SMA level of 14,325 as investors await fresh news during early Monday.

Mixed sentiment ahead of central bank meeting questions the traders.FOMC and second-tier data could offer intermediate moves ahead of BI decision.Despite latest ex-USD market momentum, the USD/IDR pair trades modestly flat around 21-day SMA level of 14,325 as investors await fresh news ahead of the European open on Monday. Recent data from Indonesia has been mixed as improvement in consumer prices confronted sluggish sentiment figures and lowered down retail sales forecast from the central bank. Thursday’s monetary policy meeting by the Bank Indonesia (BI), the Indonesian central bank, is something USD/IDR traders are all eyeing amid monetary policy easing from rest of the major Asian economies, like India, China, Japan. While latest survey from the BI showed that retail sales rose 6.7% on the year in April versus a 10.1% increase seen in March, country’s Finance Minister Sri Mulyani Indrawati was recently spotted favoring chances of the central bank’s monetary policy easing. Other than the BI decision, political plays surrounding the US-China trade tussle and Wednesday’s monetary policy meeting by the US Federal Reserve will also grab investor attention.Technical AnalysisSo far as the quote remains above 100-day simple moving average (SMA) level of 14,196, it can still challenge 14,440 mark comprising 200-day SMA, a break of which can recall 14,600 back to the chart. Alternatively, pair’s decline under 14,196 may avail month’s low near 14,150 and 14,100 as intermediate halts prior to visiting 14,000 and April month low near 13,970.

The USD bulls took a breather in Monday’s Asian trading and sent the US dollar broadly lower from multi-day tops reached after a stronger US retail sa

The USD bulls took a breather in Monday’s Asian trading and sent the US dollar broadly lower from multi-day tops reached after a stronger US retail sales report. Therefore, most majors breathed a sigh of relief on broad-based US dollar retreat. The Kiwi emerged the top beneficiary and regained the 0.65 handle, up 0.30% on the day. The spot also cheered the risk-on sentiment amid higher Asian equities and a lack of fresh trade-related updates. The Aussie followed suit and bounced to near 0.6880 levels while the anti-risk Yen remained on the back foot around 108.60 region vs. the greenback almost throughout the session. Among the European currency pairs, EUR/USD extended the bounce above the 1.12 handle while the Cable traded better bid as the outcome of the UK PM’s race became clearer after Sunday’s debate amongst the UK PM hopefuls. On the commodities front, both crude benchmarks traded flat amid ongoing Middle East tensions while gold prices on Comex looked to stabilize around 1245 levels.Main Topics in AsiaIndia’s retaliatory tariffs on US come into effect for 28 items – Bloomberg Chinese state media warns retaliation against US tariffs could ‘become routine’ – South China Morning Post Tasnim: Iran to scale back nuclear deal commitments – Reuters Iranian politician: US hegemony challenges world peace, stability - Xinhua ECB’s De Guindos: The EU central bank will act if inflation expectations are de-anchored Saudi Energy Minister hopes OPEC agrees to extend production cut 'early July' UK’s Hancock: PM Candidate Boris Johnson and I have had our differences but he’s the one to unite us – The UK Times BCC cuts UK 2020 growth forecast Gold: Signs of bullish exhaustion ahead of the Fed WTI confronts immediate resistance-line amid supply crunch signals EU calls for dialogue to ease tensions in the Gulf region - KUNA China’s NDRC: Will oppose anyone's attempt to use Chinese rare earths products to suppress China's development Shanghai Composite remains trapped in two-month sideways channelKey Focus AheadThere is nothing of note for the EUR, GBP traders this Monday, as the EUR calendar is likely to be a thin-showing. Markets await the Eurozone Q1 Labor Cost data due at 0900 GMT and the German Bundesbank’s monthly economic report for some trading impetus. Meanwhile, the UK traders will react to the outcome of the UK PM candidates’ debate amid a lack of fresh economic news. Likewise, the NA session also remains data-sparse, with the NY Empire State Manufacturing Index due on the cards at 1230 GMT alongside the releases of the Canadian Portfolio Investments data for April. The speech by the Bank of Canada (BOC) board member Schembri remains in focus at 1830 GMT. However, the spotlight will remain on the European Central Bank (ECB) President Draghi’s speech scheduled at 1700 GMT. Markets remain focussed on the key central banks’ monetary policy decisions due later this week including the Federal Reserve (Fed), Bank of England (BOE) and the Bank of Japan (BOJ). EUR/USD: Double bottom breakout fails ahead of the Fed The bullish case for EUR/USD has weakened ahead of the FOMC (Federal Open Market Committee) rate decision due this Wednesday. The currency pair closed well below 1.1263 on Friday, invalidating the double bottom breakout confirmed on June 6. GBP/USD consolidates the downside near 1.2600, UK politics in spotlight Given the lack of data/events at home and abroad, political plays ahead of Tuesday’s another round of voting to select Tory leader will gain major market attention for fresh impulse. GBP/USD Forecast: Bracing for the BOE, Boris Johnson and the Fed The Tories will hold additional leadership votes in parliament on Tuesday, Wednesday, and Thursday. BOE Governor Carney will have two opportunities to move the pound. Carney's second influence on the pound is more significant.  Goldman Sachs sceptical of 'insurance' US rate cuts from Fed In the latest client note released on Sunday, the Goldman Sachs economists maintained their view that the Fed would refrain from slashing rates until there is evidence of significant deterioration in business and consumer activities.  

Although looming Brexit uncertainty dents investment by firms, the GBP/USD pair takes advantage of the recent US Dollar (USD) pullback on early Monday.

Receding political uncertainty gains more attention than expected negatives from Brexit.Lack of data/events highlights UK leadership contest.Although looming Brexit uncertainty dents investment by firms, the GBP/USD pair takes advantage of the recent US Dollar (USD) pullback to remain on the bids near 1.2600 while heading into the London open on Monday. Given the lack of data/events at home and abroad, political plays ahead of Tuesday’s another round of voting to select Tory leader will gain major market attention for fresh impulse. While 3 out of 10 candidates for the UK Prime Minister’s race were already bowled out during last week, the Health Minister Matt Hancock also announced his departure from the contest and rather supported Boris John during the weekend. Boris Johnson, the ex-Foreign Minister and previous Mayor of London, is now considered the strongest contestant after gaining more 114 votes during the latest round of poll and also getting supports of influential British lawmakers. He is considered a Brexit hardliner and gained additional strength from the last week's rejection of opposition Labour party’s motion to block no-deal Brexit by the British parliament. Elsewhere, the British Chambers of Commerce (BCC) recently upgraded its 2019 growth forecast to 1.3% from 1.2% prior prediction but cut its 2020 expectation to 1.0% from 1.3%. It was also reported that the UK firms could cut investments by the most in 10 years considering Brexit uncertainty. The second round of voting for the Tory leader, up for Tuesday, will be on the traders’ radar with remaining 6 candidates. However, the US NY Empire State manufacturing index and NAHB housing market index can offer intermediate moves. The June month manufacturing gauge may slip to 12.75 from 17.80 while the housing market index isn’t expected to deviate from 66.00 prior.Technical AnalysisPair’s sustained downturn beneath latest low surrounding 1.2560 highlights December 2018 bottom near 1.2480 and the year 2019 low close to 1.2430 whereas 1.2645/55 region, including May 31 high and June 10 low, can keep limiting near-term advances to 1.2710 and 1.2770 numbers to the north.

The bullish case for EUR/USD has weakened ahead of the FOMC (Federal Open Market Committee) rate decision due this Wednesday. The currency pair closed

EUR/USD invalidates the double bottom breakout on Friday.The market expects the Fed to cut rates by 50 basis points this year.The ECB is seen keeping negative rates until Q2, 2023.The bullish case for EUR/USD has weakened ahead of the FOMC (Federal Open Market Committee) rate decision due this Wednesday. The currency pair closed well below 1.1263 on Friday, invalidating the double bottom breakout - a bullish reversal pattern - confirmed on June 6. The American dollar picked up a bid after the US retail sales bettered estimates, dispelling the need for an immediate rate cut in July. As a result, EUR/USD will likely remain under pressure today and the support at 1.1199 (61.8% Fib retracement of 1.1107/1.1348) could come into play. While the probability of a Federal Reserve (Fed) rate cut in July may have weakened, the market still expects the central bank to cut rates at least by 50 basis points this year. Even so, a significant US Dollar weakness looks unlikely, as the Euribor rates indicate the European Central Bank (ECB) will keep the interest rates in the negative territory until the second quarter of 2023, according to Reuters. Put simply, the long-run rate differential favors US Dollar strength and the path of least resistance for EUR/USD is on the downside. The short-term outlook, however, would turn bullish if the Fed boosts rate cut bets this week, sending the pair above the recent high of 1.1348.Pivot levels 

Liu Guoqiang, Vice Governor of the People's Bank of China (PBOC) was on the wires last minutes, via Reuters, noting that the country is 'capable and c

Liu Guoqiang, Vice Governor of the People's Bank of China (PBOC) was on the wires last minutes, via Reuters, noting that the country is 'capable and confident' of keeping the exchange rate generally stable on a reasonable and balanced level considering its sound economic fundamentals, great resilience and huge potential.          The Yuan continues to trade modestly flat around 6.9240 levels against its US counterpart so far this Monday.

Gold (XAU/USD) is struggling to cut through key technical line which proved a tough nut to crack in 2018. The yellow metal rose to $1,358 on Friday, b

Gold has risen to 100-month MA – a technical level which capped upside in 2018.A close above the 100-month MA would open up upside toward $1,433.Gold (XAU/USD) is struggling to cut through key technical line which proved a tough nut to crack in 2018. The yellow metal rose to $1,358 on Friday, but the break above the 100-month moving average (MA), currently flatlined at $1,351 was short-lived with prices falling back to $1,136 earlier today. As of writing, gold is currently trading at $1,342 per Oz. It is worth noting that the 100-month moving average capped upside in four months to April 2018 and the repeated failure to close out above the long-term average ended up fueling a sell-off to $1,160 by August. Hence, a monthly close above the crucial average of $1,351 is needed to confirm a long-term bullish breakout. That would open the doors to $1,433 (August 2013 high). Monthly chartTrend: Bullish above 100-month MAPivot levels 

The NZD/USD pair is yet to cross near-term important resistances in order to justify the latest recovery as it trades near 0.6510 during early Monday.

Near-term strong resistances question recent pullback.Current year low acts as strong downside support.The NZD/USD pair is yet to cross near-term important resistances in order to justify the latest recovery as it trades near 0.6510 during early Monday. A 21-hour moving average (21-HMA) can be considered as the closest resistance at 0.6510, a break of which can further escalate the pullback towards 10-day long descending trend-line at 0.6545. Though, pair’s successful break of 0.6545 enables it to challenge 0.6580 and 0.6600 during further upside. Meanwhile, 0.6500 and May month low around 0.6480 can limit the pair’s near-term declines. Should there be additional weakness past-0.6480, October 2018 bottom around 0.6460 and the year 2018 low near 0.6425/30 can please sellers.NZD/USD hourly chartTrend: Bearish 

In an interview with Xinhua News Agency, Asadollah Badamchian, Secretary-General of Iran's Islamic Coalition Party (ICP), noted that the current hegem

In an interview with Xinhua News Agency, Asadollah Badamchian, Secretary-General of Iran's Islamic Coalition Party (ICP), noted that the current hegemony foreign policy adopted by the US Administration hampers world peace and stability. Key Quotes: The current U.S. administration, with such hegemonic policy, is exacerbating conflicts around the world. The United States has launched trade wars against many countries in the world, which reflects its "colonialism and the essence of imperialism”.  Besides, Washington's unilateral withdrawal from the Iran nuclear deal last year was also the result of a long-term hegemony of the U.S. government. Once Washington found that Iran stuck to the deal and did not give in, it unilaterally defaulted. The previous U.S. administration has failed to fulfill the nuclear deal and the current one's unilateral withdrawal from it is worse. The U.S. government does not care or take sanctions even if it finds that its allies have violated the principle of nuclear non-proliferation. Considering this hegemonic act and the double standards of the U.S. government, Iran will follow its own judgement and decisions that suit our national interests.

EUR/GBP is looking overbought, as per the widely followed 14-day relative strength index, and could see notably correction once the 200-hour moving av

EUR/GBP's daily chart indicator is reporting overbought conditions.A break below the strong support of the 200-hour MA could yield correction.EUR/GBP is looking overbought, as per the widely followed 14-day relative strength index, and could see notably correction once the 200-hour moving average (MA) support is breached. This is due to the fact that the 200-hour MA has consistently served as strong support since May 29. The average is currently located at 0.8890 and the pair is trading at 0.8907. Acceptance below the 200-hour MA would open the doors to 0.8826 (June 6 low). Hourly chartTrend: Bearish below 200-hour MA  

China's benchmark equity index, the Shanghai Composite, is again lacking a clear directional bias. The index is trapped in a 2956-2822 trading range s

The Shanghai Composite is stuck in a sideways channel.Asian stocks are trading mixed with caution ahead of the Fed.China's benchmark equity index, the Shanghai Composite, is again lacking a clear directional bias.   The index is trapped in a 2956-2822 trading range since May 9 and the direction of the breakout will likely set the tone for the next big move. A range breakdown would imply a continuation of the sell-off highs near 3280 seen in April. On the other hand, a range breakout would expose the 50-day average, currently at 3014. As of writing, the index is trading at 2886, representing 0.16 percent gains on the day. Other Asian stocks are trading mixed with Australia's S&P/ASX 200 shedding 0.27%. Stocks in New Zealand and South Korea are also flashing red, while Japanese stocks are reporting 0.48% gains. The mixed action will likely continue, courtesy of caution ahead of Wednesday's FOMC (Federal Open Market Committee) rate decision. The central bank is widely expected to keep rates unchanged at 2.25%. Investors, however, will scrutinize the policy statement, economic forecasts and the interest rate dot plot for signals on the chances of rates cuts ahead.

Reuters reports the latest comments from the Chinese state planner, the National Development and Reform Commission (NDRC), as it responds to the quest

Reuters reports the latest comments from the Chinese state planner, the National Development and Reform Commission (NDRC), as it responds to the question about rare earths. The NDRC said that it will study and roll out relevant polices as soon as possible. China will oppose anyone's attempt to use Chinese rare earths products to suppress China's development, the Commission added.

USD/JPY is flashing green this Monday morning in Asia amid mixed action in the major Asian indices and aggressive Federal Reserve (Fed) easing expecta

USD/JPY is currently bid at 108.60, having clocked a high of 108.70 earlier today.Asian stocks are lacking a clear directional bias.US retail sales bettered estimates on Friday but failed to alter dovish Fed expectations.USD/JPY is flashing green this Monday morning in Asia amid mixed action in the major Asian indices and aggressive Federal Reserve (Fed) easing expectations. The currency pair is currently trading at 108.60, having hit a session high of 108.70 a few minutes before press time. The American Dollar picked up a bid at lows near 108.20 on Friday after the US retail sales bettered estimates, easing concerns of a deeper economic slowdown. The currency pair closed on a positive note at 108.56 and the follow through has been positive so far with the futures on the S&P 500 reporting 0.30 percent gains. Asian stocks, however, are wobbling with stocks in Australia and New Zealand flashing 0.26 percent losses at press time, whereas Japan's Nikkei adding 0.60 percent gains. Meanwhile, the Shanghai Composite Index is reporting 0.6 percent gains. The pair will likely extend gains if the major Asian markets pick up a strong bid, weakening demand for the anti-risk Japanese Yen. The upside, however, could be capped around 108.80-109.00 as Friday's upbeat US data has not altered market dovish Fed expectations. The implied yield of the January 2020 fed funds futures contract fell half a basis point last week to 1.69%, according to mractomarket.com's Marc Chandler.Technical levels 

The People’s Bank of China (PBOC), China's central bank, announced on Monday that the second phase of a cut in the reserve requirement ratio (RRR) fre

The People’s Bank of China (PBOC), China's central bank, announced on Monday that the second phase of a cut in the reserve requirement ratio (RRR) freed came into effect and released about 100 billion Yuan ($14.44 billion) worth of long term funds. Meanwhile, the PBOC also injected 150 billion yuan via 14-day reverse repos to "keep liquidity level stable at end-June". The third phase of the RRR cut is scheduled to take effect on July 15.

Even after witnessing pullbacks, EUR/USD buyers await a sustained break of previous support-confluence (now resistance) on early Monday.

A successful break of support-turned-resistance becomes necessary to validate the latest recovery.1.1250 and 100-SMA act as follow-on resistances whereas 1.1180 can please immediate sellers.Even after witnessing pullbacks, EUR/USD buyers await a sustained break of previous support-confluence (now resistance) while the quote is on the bids near 1.1224 during early Monday. Not only 21 and 50-day simple moving averages (SMAs) but 23.6% Fibonacci retracement of January – May downturn also highlights the importance of 1.1220/25 area, a successful rise above the same can trigger the pair’s fresh upside to 1.1250 and then to 100-day SMA level of 1.1270. While 1.1300 and current month high around 1.1350 might question bulls past-1.1270, an extended north-run beyond 1.1350 might not refrain from challenging 61.8% Fibonacci retracement level of 1.1402. On the downside, 1.1200 and 1.1180 may entertain sellers during the pullback. Additionally, 1.1145 and 1.1107 can flash on the chart should prices slip beneath 1.1180.EUR/USD daily chartTrend: Bearish 

In the latest client note released on Sunday, the Goldman Sachs economists maintained their view that the Fed would refrain from slashing rates until

In the latest client note released on Sunday, the Goldman Sachs economists maintained their view that the Fed would refrain from slashing rates until there is evidence of significant deterioration in business and consumer activities.Key Quotes:“A surprise escalation in trade tensions between Washington and Beijing since May, together with stubbornly low inflation, have spurred bets among traders the U.S. central bank may lower key lending rates by 0.75 percentage points by year-end. However, we think the hurdle for such cuts is likely to be higher than widely believed. Another assumption for insurance rate-cuts is that Fed officials could reserve the moves once the risk abates. However, the greater political scrutiny of Fed hikes now—especially with a presidential election approaching—could make this harder to do in 2020, so that overly hasty insurance cuts now might increase the risk that the funds rate gets stuck at too low a level if the economy remains resilient."

Brent oil is currently trading at $62.26, representing 4.35 percent gains on the previous week's low of $59.60. The recovery has neutralized the immed

Brent oil is charting a double bottom with neckline resistance at $64.08. A close above $64.08 would confirm a bullish reversal. Brent oil is currently trading at $62.26, representing 4.35 percent gains on the previous week's low of $59.60. The recovery has neutralized the immediate bearish outlook. A bullish reversal, however, would be confirmed only above $64.08. That would confirm a double bottom breakout on the daily chart and open the doors to $68.50 (target as per the measured move method). The 14-day relative strength index (RSI) is reporting a falling channel breakout. As a result, a rise to $64.08 (double bottom neckline) looks likely. The case for a rise to $64.08, however, would weaken if the price violates the 4-hour chart bullish higher low of $60.72. Daily chartTrend: Bullish above $64.08Pivot levels 

Having failed to clear near-term resistance confluence, USD/INR sellers aim for 50-day SMA as it takes the round to 69.78 during early Monday.

The nearby resistance-confluence limit short-term upside, indicating pullback to 50-day SMA.Broad symmetrical triangle in place to confine additional moves.Having failed to clear near-term resistance confluence, USD/INR sellers aim for 50-day SMA as it takes the round to 69.78 during early Monday. During the pair’s decline past-69.64 support, comprising 50-day simple moving average (SMA), latest lows near 69.28 and six-week-old ascending trend-line at 69.14 can come back on the chart. It should, however, be noted that the quote’s downturn below 69.14 could open fresh leg down to current month low near 69.03 ahead of diverting bear to 68.70 and 68.34 rest-points. If at all buyers successfully manage to cross 69.91/93 resistance-confluence, 70.23 and six-month-old downward sloping trend-line at 70.57 might lure them. Assuming prices rally beyond 70.57, May month top surrounding 71.00 could be targeted if holding a long position.USD/INR daily chartTrend: Pullback expected  

The Kuwait News Agency (KUNA) reports the latest comments by the Secretary General of the European External Action Service (EEAS), Helga Schmd, as she

The Kuwait News Agency (KUNA) reports the latest comments by the Secretary General of the European External Action Service (EEAS), Helga Schmd, as she warned of "risks of miscalculation" in the Gulf region Sunday and repeated calls for restraint and dialogue.  Key Quotes: "In view of rising tensions, it is essential to show restraint and avoid any further escalation." “The risk of miscalculation remains high, especially in the absence of dialogue."  "Listening to the concerns of all the stakeholders involved and finding ways to de-escalate are in the interest of everyone.”  "The EU would like to see a region where contentious issues are addressed through dialogue and diplomatic engagement. We believe we all stand to benefit from avoiding confrontation and fostering cooperation." Schmid also used this opportunity to reiterate the EU's continued commitment to the JCPOA (Joint Comprehensive Plan of Action, Iran nuclear deal) saying it is key to increasing stability and security in the Middle East and a crucial element of the global nuclear non-proliferation regime. 

Despite bouncing off 61.8% Fibonacci retracement of current month upside, the EUR/JPY pair struggles with the short-term descending trend-channel resistance.

Break of immediate channel resistances opens the gate to the fresh upside towards 200-HMA.Pullbacks can highlight 61.8% Fibo. for sellers.Despite bouncing off 61.8% Fibonacci retracement of current month upside, the EUR/JPY pair struggles with the short-term descending trend-channel resistance while trading near 121.85 during early Monday. As a result, pair’s pullback to 121.70 mark comprising 61.8% Fibonacci retracement and then to the latest low near 121.59 can’t be denied. However, support-line of the channel at 121.41 could question further declines. In a case where prices slip under 121.41, 121.25 and present month bottom around 120.78 could flash on bears’ radar. Meanwhile, pair’s sustained a break of channel resistance figure of 121.91 can trigger its fresh upside to 122.10 ahead of aiming the 200-hour moving average (200-HMA) level of 122.30. Should there be further upside past-122.30, 23.6% Fibonacci retracement near 122.61 and latest top near 123.18 could become bulls’ favorites.EUR/JPY hourly chartTrend: Bearish 

The People's Bank of China (PBOC) has set the Yuan reference rate at 6.8940 vs Friday's fix of 6.8937.

The People's Bank of China (PBOC) has set the Yuan reference rate at 6.8940 vs Friday's fix of 6.8937. 

USD/CNH's 50-day average has crossed above its 200-day average, confirming a golden crossover – a long-term bullish indicator. The pair had rallied fr

USD/CNH's daily chart shows a golden crossover – a bullish moving average indicator. The low of 6.8970 reached on May 27 is the level to beat for sellers. USD/CNH's 50-day average has crossed above its 200-day average, confirming a golden crossover – a long-term bullish indicator. The pair had rallied from 6.6679 to 6.98 in 3.5 months following the confirmation of the golden crossover on July 11, 2018. With the 14-day relative strength index (RSI) biased bullish at 64.30, the pair has room to cheer the latest golden crossover with a move above the psychological level of 7.00. Notably, technical developments support the recent bullish forecasts by investment banks. For instance, Goldman Sachs expects China's Yuan to drop to 7.05 per US Dollar in three months. The outlook, however, would turn bearish if the pair finds acceptance below 6.8970 (May 27 low). Daily chartTrend: BullishPivot levels 

With the likely extension in global supply cut accord and Iran moving further away from nuclear commitments, WTI confronts short-term descending trend-line.

Likely extension of OPEC+ supply cut accord and further political tussles between the US and Iran signal supply crunch.The US-China trade tension drags the demand-side outlook.With the likely extension in global supply cut accord and Iran moving further away from nuclear commitments, WTI confronts short-term descending trend-line as it trades near $52.70 during early Monday. Saud Arabia’s Energy Minister Khalid al-Falih was recently quoted by the Reuters while speaking to reporters on the sideline of a G20 energy and environment ministerial meeting in Tokyo. Mr. Falih said that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, popularly known as OPEC+, are likely to extend the global supply cut agreement when they meet in July. Other than that news from Iran and a slight reduction in the weekly release of the US oil rig counts also helped the black gold to remain strong. Iran’s Tasnim news was spotted mentioning the country’s readiness to step further back from the nuclear deal and increase its stocks of enriched uranium and production of heavy water. Moving on, US Baker Hughes weekly release of the US oil rig counts dropped 1 rig to 788 during the week ended on June 14. Limit the price rally was doubt surrounding the US-China trade deal as the same continues to challenge global economic growth going forward. While there prevails to direct oil-related data/event for the day to follow, political plays surrounding the US, China and Iran could keep the markets alive. It should also be noted that the US NY Empire State manufacturing index might offer some insights into future energy demand. The forecast suggests the manufacturing gauge weakens to 12.75 from 17.80 prior.Technical AnalysisSustained break of a downward sloping trend-line stretched since May 21, at $52.90 now, can trigger the oil benchmark’s fresh upside targeting current month high around $54.80 whereas $55.50 and $56.60 can please buyers then after. On the downside, an ascending trend-line from December 2018 at $51.10, followed by $50.50 - $50.00 support-zone comprising lows from mid-January, may challenge bears targeting $48.30.

Gold's rally seems to have run its course with signs of bullish exhaustion emerging on technical charts ahead of Wednesday's FOMC (Federal Open Market

Gold is looking heavy with Friday's candle signaling buyer exhaustion.A close below $$1,338 would validate Friday's candle with a long upper wick.Markets to continue paring back rate cut bets ahead of Wednesday's Fed rate decision.Gold's rally seems to have run its course with signs of bullish exhaustion emerging on technical charts ahead of Wednesday's FOMC (Federal Open Market Committee) rate decision. The yellow metal is currently trading at $1,339 per Oz, representing 0.14 percent losses on the day, having hit a high of $1,358 on Friday - a level last seen in April 2018. Notably, the rise to 14-month highs was short-lived with prices closing largely unchanged at $1,341 on Friday. Essentially, the yellow metal created a candle with a long upper shadow on Friday - a sign of buyer exhaustion.  A bullish-to-bearish trend change would be confirmed if gold prices validate Friday's candlestick with a close below $1,338 today. That looks likely as Friday's upbeat US retail sales dispelled the need for an immediate rate cut. The market, therefore, could continue to pare back its rate cut expectations ahead of the Fed, keeping the US dollar better bid. The US central bank is expected to keep rates unchanged at 2.5% this week. While recent soft economic data have boosted rate cut expectations, Goldman Sachs believes the markets have overpriced rate cuts and the central bank will stand pat for the rest of the year.Technical levels 

The USD/JPY pair trades little positive to 108.60 by the time Tokyo markets open on Monday.

Lack of major negative news triggered a market move against the US Dollar.Thin economic line highlights political plays for fresh direction.The USD/JPY pair trades little positive to 108.60 by the time Tokyo markets open on Monday. Even though lack of fresh developments concerning the US-China trade tussle and absence of major data confined market moves at the week’s start, the US Dollar (USD) pullback pleased buyers of ex-greenback majors during early Monday. India recently became the second Asian country, other than China, to levy tariffs on the US goods. The democratic country announced tariffs on 28 items from the US to retaliate against the Trump administration’s trade protectionism. Elsewhere, Chinese media kept criticizing the US President Donald Trump and indicate fewer chances of a trade solution from the upcoming G20 meeting between the leaders of the US and China. Additionally, Iran continues to flash red signals to the US as its semi-official news mentions the country’s readiness to take further steps against the previous nuclear commitments to retaliate against the US President’s stand. Meanwhile, protests against the controversial extradition bill continue in Hong Kong but got little attention so far. Risk tone remains modestly flat during very quiet trading session seeking fresh clues. The global benchmark for risk sentiment, the US 10-year treasury yields, clings to 2.092% by the press time. While political plays concerning the US, China and Iran will keep remaining present to offer background music, the US NAHB housing market index and the NY empire state manufacturing index could entertain short-term traders. While manufacturing gauge is expected to decline to 12.75 from 17.80, the housing market index is less likely to deviate from 66.00 prior.Technical AnalysisPair’s gradual recovery off 107.80 might struggle to clear 108.80 – 109.00 area comprising current month high, 21-day simple moving average (SMA) and low of May 13, which if broken can accelerate the pullback towards late-May high surrounding 110.00. Alternatively, 108.15 and 107.80 can act as immediate supports ahead of highlighting January 04 low near 107.45 that holds the gate for the pair’s downpour to 106.60 and 105.50 numbers to the south.

The British Chambers of Commmerce (BCC) has today released its latest economic forecast, downgrading its growth prediction for 2020 to 1.0% from the p

The British Chambers of Commmerce (BCC) has today released its latest economic forecast, downgrading its growth prediction for 2020 to 1.0% from the previous forecast of 1.3% and to 1.2% from 1.4% for 2021.  The business group has upgraded its growth forecast for 2019 to 1.3% from 1.2%, driven by rapid stock-building early in the year. The immediate boost to UK's GDP, however, is forecast to come at the cost of more subdued growth in 2020 and 2021, courtesy of historically-high inventory levels, coupled with weaker business investment.  Busniess investment fell throughout 2018, the longest run since the global financial crisis, before a pick up in early 2019, according to official figures. Looking forward, business innvestment is forecast to contract at a faster rate in 2019 and recover more slowly in 2020 than expected in BCC's previous forecsast. 

Failure to sustain the break of July 2016 lows, mainly due to oversold RSI, presently questions AUD/JPY sellers as the pair seesaws near 74.66.

Oversold RSI can trigger pullback to early June, 21-DMA.Break of the latest low can recall 2016 bottom on the chart.Failure to sustain the break of July 2016 lows, mainly due to oversold RSI, presently questions AUD/JPY sellers as the pair seesaws near 74.66 during the early Asian session on Monday. Given the oversold levels of 14-day relative strength index (RSI) indicating brighter chances of a pair’s pullback, early-June low surrounding 75.00 and 21-day simple moving average (21-DMA), at 75.45, are much brighter. Should there be additional upside past-75.45, 76.00 and May 20 top of 76.40 may return to the chart. Meanwhile, a downside break of latest low surrounding 74.48 opens the gate for the pair extended south-run to the year 2016 trough around 72.40 with 73.00 likely offering an intermediate halt during the slump. In a case where prices keep declining beneath 72.40, January month bottom near 70.70 should gain bears’ attention.AUD/JPY daily chartTrend: Pullback expected 

Forex today remains quiet at the start of a fresh week amid fewer catalysts to follow.

Traders await fresh direction after recent USD-dominated market sentiment.Risk tone remains modestly flat amid the anti-greenback move.Political plays to grab the spotlight amid a lack of major data/events on the economic calendar.Forex today remains quiet at the start of a fresh week amid fewer catalysts to follow. However, risk sentiment seems to have changed as the safe havens are stepping back from further upside while Antipodeans benefit from the US Dollar’s (USD) pullback. Also, the British Pound (GBP) enjoys receding political uncertainty at home whereas Crude also recovers amid likely extended supply cuts and the US-Iran tussle. While negative headlines concerning the US trade relations with China and India extended earlier risk-off moves at the start of Monday’s trading, investors turned their back to the USD afterward. As a result, the Antipodeans like Dollars of Australia and New Zealand benefited from the greenback’s decline and recovered some of their latest losses. On the other hand, the Euro (EUR) recovered due to hawkish comments from the European Central Bank’s (ECB) Vice President Luis de Guindos whereas the British Pound (GBP) cheered Health Minister Matt Hancock’s exit from the PM’s race while supporting the frontrunner Boris Johnson. Crude also registers gains as Saudi Arabia’s Energy Minister Khalid al-Falih indicated extension to the present supply cuts between the Organization of the Petroleum Exporting Countries (OPEC) and its allies when they meet in July. Adding to the energy optimism could be statements from Iran’s semi-official newsletter that signaled further scaling back of nuclear commitments to retaliate against the US moves. Global markets supported the US Dollar (USD) on Friday after upbeat retail sales and industrial production cooled down the expectations of the Fed’s rate cut. However, trade woes between the US and China, coupled with the US-Iran political tussle, continued questioning macro risk sentiment. Macro risk barometer, the US 10-year treasury yield remains little changed to 2.08% by the press time. Moving on, the NY Empire State manufacturing index and NAHB housing market index are the only details that can push traders to the economic calendar during the day. As a result, it becomes safe to say that political plays can keep dominating near-term market sentiment.Also, read:NZD/USD clings to 0.6500 in search of fresh clues AUD/USD: Bears catch a breath around 4-week low GBP/USD recovers to 1.2600 as UK politics become clearer India’s retaliatory tariffs on the US come into effect for 28 items – Bloomberg Saudi Energy Minister hopes OPEC agrees to extend production cut 'early July' – Reuters Tasnim: Iran to scale back nuclear deal commitments – Reuters Wall Street ends Friday in the red, but finished in the green for the week

United Kingdom Rightmove House Price Index (YoY) dipped from previous 0.1% to 0% in May

United Kingdom Rightmove House Price Index (MoM) dipped from previous 0.9% to 0.3% in May

While overall US Dollar (USD) strength continues to dominate market sentiment, the GBP/USD pair recovers to near 1.2600 on early Monday.

Boris Johnson gets additional support from Matt Hancock.Increasing chances of a break to Brexit deadlock.Politics remain on the spotlight amid lack of economic data on hand.While overall US Dollar (USD) strength continues to dominate market sentiment, the GBP/USD pair recovers to near 1.2600 as an outcome of the UK PM’s race becomes clearer during early Monday. Although ex-Foreign Minister Boris Johnson has already conquered one obstacle to being the UK PM with a huge majority, support from one of the outgoing candidates to the race and the British Health Minister Matt Hancock strengthens his claim to the Prime Minister’s position. During the first round of voting for the Tory leader, Boris Johnson got as many as 114 votes exceeding all the rest by quite a large margin whereas 3 candidates out of 10 couldn’t even get the required 15 votes and had to withdraw from the race. At the start of the week, the UK Times releases a report that out of the 7 remaining candidates for the PM post, Matt Hancock also withdraws and support Borish Johnson, which in turn reduces political uncertainty in the UK. Even if Borish Johnson is considered a Brexit hardliner, Mr. Hancock said he’s the one to unite the UK amid Brexit. As a result, investors turn positive to the British Pound (GBP) expecting a break of Brexit deadlock. Investors may now seek clues from Tuesday’s another round of voting for the position that may further funnel down the number from currently 6. Also in the radar will be the US-China trade noise and the FOMC meeting.Technical AnalysisAn area comprising May 31 high and June 10 low between 1.2645 and 1.2655 seem near-term important resistance for the pair to clear in search of visiting 1.2710 and current month high around 1.2770. Should prices keep trading down, bears may await a dip beneath 1.2560 in order to aim for December 2018 lows near 1.2480 and the year 2019 bottom around 1.2430.

The UK Times recently released a news report quoting the British Health Minister and one of the earlier candidates (who left the race off-late) Matt Hancock.

The UK Times recently released a news report quoting the British Health Minister and one of the earlier candidates (who left the race off-late) for the UK Prime Minister position Matt Hancock. In his speech, Mr. Hancock extended his support for the already leading in the polls personality for the UK PM, i.e. Boris Johnson. The news report further quotes him as saying that I’m backing Boris Johnson as the best candidate to unite the Conservative party, so we can deliver Brexit and then unite the country behind an open, ambitious, forward-looking agenda, delivered with the energy that gets stuff done.

With fewer catalysts to dominate than the global trade pessimism, the AUD/USD pair takes the rounds near 0.6870 during the early Asian session on Monday.

Risk sentiment remains heavy amid trade, geopolitical pessimism.Sluggish data increases expectations of RBA’s another rate cut.With fewer catalysts to dominate than the global trade pessimism, the AUD/USD pair takes the rounds near 0.6870 during the early Asian session on Monday. During last week, the Aussie pair couldn’t benefit from China’s upbeat data as higher than expected unemployment rate at home continues to signal another rate cut from the Reserve Bank of Australia (RBA). Being a commodity-linked currency, the Australian Dollar’s (AUD) buyers were also disappointed to see increasing trade tussle between the US and China dimming prospects of any solution when the leaders of both the countries meet at the sidelines of G20. Further, rising US Dollar (USD) and pessimism surrounding the global economy backed by the US-China trade tussles and geopolitical tension amid the US and Iran also played their role to drag the Aussie pair downwards. Global risk barometer, the 10-year yield of the US government bond, slipped to late 2017 lows near 2.08% amid challenges to investor sentiment. Looking forward, traders can keep emphasizing on the US-China trade developments due to lack of major data/events on hand whereas the momentum of the greenback and global risk could also offer fresh clues to determine near-term moves.Technical AnalysisA sustained break of 0.6860 becomes pre-requisite for the bears to aim for 2016 lows around 0.6830 and then aim for January month’s flash crash bottom near 0.6730. On the contrary, an uptick beyond May 30 low of 0.6900 can trigger the pair’s pullback to 0.6940 and 0.6970 numbers to the north.

Having witnessed heavy downpour during last-week, the NZD/USD pair trades modestly flat near 0.6500 at the start of Monday’s Asian session.

US Dollar (USD) strength continues to derail commodity-linked currencies.Trade woes and expected rate cut from RBA add further weakness.Lack of data could keep highlighting qualitative catalysts for fresh impulse.Having witnessed heavy downpour during last-week, the NZD/USD pair trades modestly flat near 0.6500 at the start of Monday’s Asian session. The Kiwi pair, alike other majors except for the Japanese Yen (JPY), couldn’t withstand the overall strength of the US Dollar (USD) amid upbeat retail sales and industrial production numbers. Adding to the downturn could also be pessimism surrounding its largest customer Australia after higher than expected unemployment rate signals Reserve Bank of Australia’s (RBA) another rate cut. The US President Donald Trump had been threatening to levy fresh tariffs on China if his Chinese counterpart Xi Jinping fails to meet him at the upcoming G20 summit on June 28-29. However, Chinese media shows little reaction to it and continues to criticize the Trump administration’s trade protectionism. While Wednesday’s FOMC and Thursday’s New Zealand GDP are likely to grab major market attention, developments surrounding the US-China trade could offer intermediate moves to the traders.Technical AnalysisDespite slipping beneath the late-May low, around 0.6500, the quote is yet to break the year 2019 low of 0.6480 that holds the gate for the pair’s downturn to October 2018 lows near 0.6430. As a result, chances of the pair’s pullback to 0.6530 and then to May 27 high of 0.6560 can’t be ruled out.

India retaliate against the US President Donald Trump’s withdrawal of the Generalised System of Preferences (GSP) program.

Having signaled, during late Friday, to retaliate against the US President Donald Trump’s withdrawal of the Generalised System of Preferences (GSP) program for Indian exporters on June 5, Bloomberg reported on late-Sunday that Indian trade measures against 28 products from the US come into effect. The news report further mentions that India has removed the 29th item—artemia, a kind of shrimp—from the list of products that will attract higher tariffs. The retaliatory tariffs will earn India $217 million in additional revenue. The report further mentioned that India initially decided to hike the duties on June 21, 2018, when the President Trump hiked custom duties on steel and aluminum products but stepped back on the search of a solution. The negotiations stalled after the US withdrew the GSP program for Indian exporters. Duties on walnut have been hiked to 120% from 30%, on chickpeas, Bengal Gram and Masur dal, those will be raised to 70% from 30% while the levy on lentils will be increased to 40%, as per the report. The news report further mentions that India has also dragged the U.S. to the World Trade Organization's dispute settlement mechanism over the imposition of import duties on steel and aluminum. India's exports to the U.S. in 2017-18 stood at $47.9 billion, while imports were at $26.7 billion.

Reuters came out with a news report on Sunday quoting Saudi Energy Minister Khalid al-Falih.

Reuters came out with a news report on Sunday quoting Saudi Energy Minister Khalid al-Falih that mentioned OPEC would probably meet in the first week in July in Vienna and that he hoped it would reach consensus on extending its agreement to cut oil output. The Organization of the Petroleum Exporting Countries plus Russia and other producers, an alliance known as OPEC+, have a deal to cut output by 1.2 million barrels per day (bpd) from Jan. 1. The pact ends this month and the group meets in coming weeks to decide their next move.

ECB Vice President Luis de Guindos was quoted by Reuters on Saturday mentioning that needs to push the central bank further towards easing.

ECB Vice President Luis de Guindos was quoted by Reuters on Saturday as saying that Longer-term inflation expectations in the eurozone need to come unstuck for the European Central Bank (ECB) to provide more stimulus. The news report further quotes the ECB policymaker as saying that “what we need to see is a de-anchoring of inflation expectations, this has not yet happened, despite the fact that there has been a drop in market-based inflation expectations.”

Reuters quoted Iran’s semi-official Tasnim news agency report mentioning that Iran will announce moves on Monday to scale back compliance with nuclear deal.

Reuters quoted Iran’s semi-official Tasnim news agency report mentioning that Iran will announce further moves on Monday to scale back compliance with an international nuclear pact that the United States abandoned last year. The news report further mentions that Iran’s Atomic Energy Organisation, at the Arak heavy water site, will announce preparatory steps that have been taken to further decrease Tehran’s commitments under the deal. The organization will announce moves to increase stocks of enriched uranium and production of heavy water.

Chinese newsletter recently spotted social media updates form a state media handle playing down chances of any fruitful results of G20 meeting.

Chinese newsletter recently spotted social media updates form a state media handle playing down chances of any fruitful results of G20 meeting between the US and Chinese leaders while also stating that the retaliating measures to the US tariffs will continue. Taoran Notes, a social media account affiliated with China's official newspaper Economic Daily, recently warned that the countermeasures Beijing is taking against Washington’s increased tariffs and technology containment strategy could “become routine”. The social media update also played down expectations that an anticipated meeting between the Chinese and US leaders later this month could get trade negotiations back on track. The news report further stated that the updates also listed areas where China could strike back against the duties and other moves such as a ban on US companies supplying technology to Huawei. Those areas included exports of rare earth metals, which are used in nearly all hi-tech products, and its “unreliable” entities list.

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