Week Ahead June 19-23rd

• MON: US Juneteenth Market Holiday
• TUE: PBoC LPR Announcement, RBA Minutes, NBH Announcement, German PPI (May), US Building Permits (May)
• WED: BoC Minutes, BCB Announcement, CNB Announcement, UK Inflation (May), New Zealand Trade Balance (May)
• THU: BoE Announcement, SNB Announcement, Norges Bank Announcement, CBRT Announcement, Banxico Announcement, Bank of Indonesia...

• European bourses are firmer across the board and largely unphased by numerous ECB speakers
• Stateside, futures post modest gains and await the likes of Fed’s Waller and Barkin as the blackout lifts
• DXY has lifted off-lows with Yen assisting post-BoJ while EUR pivots OpEx and GBP continues to advance
• Fixed income experiences a modest and perhaps technically driven revival alongside notably less explicit Holzmann...

• APAC stocks traded higher following the gains on Wall St where the major indices were lifted alongside a weaker dollar and softer yields.
• The BoJ refrained from any hawkish surprises and maintained its ultra-easy policy settings.
• European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.1% after the cash market closed down 0.3% yesterday.
• DXY is contained following yesterday's heavy losses, JPY is the laggard...

• European bourses & US futures trade on the backfoot post-FOMC and pre-ECB
• DXY propped up, AUD outperforms following a strong jobs report whilst NZD lags as it enters a recession
• JPY majorly lags on the prospect of even wider BoJ-Fed divergence ahead of Friday’s meeting
• Core benchmarks slip and extend on post-Fed declines whilst European supply was well received
• Base/industrial metals dented on softer Chinese...

• The Fed left rates unchanged as expected whilst revising the dot plots higher which are now indicative of two more 25bp hikes this year.
• Fed Chair Powell distanced himself from the dot plots in the press conference whereby he noted that projections are not a plan or a decision.
• US stocks finished mixed, APAC stocks traded mostly higher despite disappointing activity data from China; PBoC cut its 1-year MLF rates by 10bps.
• European...

• Equity bourses are firmer with the general risk tone constructive pre-FOMC
• USD continues to wane and nears 103.00 to the modest benefit of peers, Antipodeans lead G10s
• GBP is firmer post-GDP while EUR/USD is drawn to hefty 1.08 expiries
• USTs bid before the Fed, Bunds slip after soft issuance and Gilts attempt to recoup from recent pressure
• Crude consolidation continues, metals are mixed with fresh drivers...

• APAC stocks were somewhat mixed with the region's bourses mostly tentative despite gains on Wall Street.
• US stocks were firmer after the latest CPI data all but confirmed the likelihood of an unchanged Fed rate.
• European equity futures are indicative of a softer open with the Euro Stoxx 50 -0.1% after the cash market closed up 0.7% yesterday.
• DXY is contained ahead of the FOMC, EUR/USD lingers below 1.08, GBP/USD maintains 1.26...

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• European bourses & US futures are firmer but off best levels in a continuation of Monday’s action and ahead of US CPI
• NQ is the outperformer as the tech sector benefits from Oracle strength post-earnings
• USD dips pre-inflation while GBP lifts post-jobs/wages, Yuan attempts to recover after PBoC action
• Gilts continue to lag, impacted by data, supply and BoE rhetoric while USTs are once again more contained
• Crude...

• APAC stocks eventually traded mostly higher following the gains on Wall St where the S&P 500 and Nasdaq 100 notched fresh YTD highs.
• Nikkei 225 resumed its outperformance and breached the 33,000 level for the first time in over three decades.
• European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.7% after the cash market closed up 0.6% yesterday.
• DXY is a touch softer in quiet trade, EUR/USD is capped by...

• European bourses & US futures are firmer despite a distinct lack of fresh drivers ahead of the week’s key events
• DXY wanes with Antipodeans firmer, EUR rebounding towards 1.08 and GBP bid post-Haskel
• Gilts underperform generally subdued core benchmarks following BoE remarks while BTPs and JGBs buck the bearish trend
• Crude and base metals continue to slip with spot gold benefits from the softer USD
• China’s Foreign...

• APAC stocks traded mixed with the region mostly cautious at the start of a risk-packed week.
• US equity futures were flat overnight; European equity futures are indicative of a marginally higher open.
• DXY was marginally positive amid the cautious mood but with price action kept within a thin range; USD/JPY was indecisive after early upside.
• Several Chinese lenders cut yuan deposit rates from Monday which follows similar action by China's...

• MON: NY Fed Survey of Consumer Expectations.
• TUE: OPEC MOMR, German Final CPI (May), UK Jobs Data (Apr/May), German ZEW Survey (Jun), US CPI (May).
• WED: FOMC Announcement, IEA OMR (2024 Forecast), UK GDP (Apr), Swedish CPIF (May), EZ Industrial Production (Apr), US PPI (May), New Zealand GDP (Q1).
• THU: ECB Announcement, PBoC MLF Announcement, Eurogroup meeting, Japanese Trade Balance (May), Australian Job Report (May),...

• European bourses & US futures are contained with newsflow limited and the docket ahead sparse
• USD/JPY lifted by dovish BoJ sources with the DXY firmer and above 103.50, Yuan hit on soft CPI
• Fixed benchmarks relatively rangebound into the weekend and looking to next week’s key events
• Crude pivots particularly narrow parameters while XAU slips and base metals grind higher
• US Secretary of State Blinken's...

• APAC stocks traded mostly higher following the gains on Wall St where the S&P 500 entered a bull market and tech outperformed.
• European equity futures are indicative of a marginally higher open with the Euro Stoxx 50 +0.1% after the cash market closed up 0.1% yesterday.
• DXY is contained just below 103.50, EUR/USD sits around two week highs, USD/JPY has reclaimed 139 status.
• US Secretary of State Blinken's long-delayed Beijing trip is now...

• European bourses & US futures are mixed flat with updates limited in quiet newsflow
• DXY continues to pullback below 104.00 with G10s firmer across the board and activity-FX outperforming
• Core benchmarks continue to pullback but are off session lows with USTs contained pre-IJC & refunding
• Commodities are similarly contained, with crude and key metals in thin ranges and following the wider risk tone
• Looking...

• APAC stocks were mostly subdued following the mixed handover from Wall St where tech underperformed as global yields climbed.
• RBI kept the key Repo Rate unchanged at 6.50%, as expected, with the decision on rates unanimous.
• European equity futures are indicative of a weaker open with the Euro Stoxx 50 -0.5% after the cash market closed down 0.1% yesterday.
• DXY is flat and lingering just below the 104 mark, EUR/USD is back above 1.07, USD/JPY...

• European bourses are softer with the complex drifting post-open amid a lack of catalysts/drivers
• Stateside, action is in-fitting as we look to next week’s Tier 1 US events with the BoC looming in the interim
• DXY has drifted back to 104.00 as JPY benefits from lower US yields, AUD underpinned and CAD bid
• Core benchmarks have recouped from an initial reversal to/through prior closes; green Bobl and Gilt sales...

• APAC stocks mostly gained following the positive handover from Wall St where the S&P 500 posted its highest close YTD
• Chinese trade data mostly disappointed including the wider-than-expected contraction in dollar-denominated exports
• European equity futures are indicative of a marginally higher open with the Euro Stoxx 50 +0.2% after the cash market closed flat yesterday
• DXY hovers just above the 104 mark, EUR/USD is capped by 1.07,...

• European equities trade with little in the way of firm direction, with US equity futures also hovering around the unchanged mark.
• RBA delivered a surprise 25bps rate hike and kept the door open for further policy tightening.
• China has reportedly asked the largest banks to cut deposit rates to boost the economy.
• Ukraine's State Atomic Agency said the destruction of the Kakhova dam poses a risk to the Zaporizhzhia nuclear power plant, but does...

• APAC stocks traded mixed with price action mostly rangebound following on from the subdued performance stateside.
• Apple (AAPL) announced its new VR headset, Apple Vision Pro, which augments reality with the real world.
• RBA delivered a surprise 25bps rate hike and kept the door open for further policy tightening.
• European equity futures are indicative of a contained open with the Euro Stoxx 50 flat after the cash market closed down 0.7%...

• European equities trade flat following Friday’s solid session for the region, FTSE 100 narrowly outperforms; US equity futures are flat
• Saudi Arabia announced it is to cut an additional 1mln bpd of oil output in July; all other OPEC+ producers agreed to extend earlier cuts through to the end of 2024
• Saudi’s Energy Minister said will keep the markets in suspense on whether the additional voluntary cut for July will be extended
• DXY maintains a...

• APAC stocks were mostly positive amid momentum from Friday's post-NFP gains on Wall Street and strong Chinese Caixin Services and Composite PMIs.
• Saudi Arabia announced it is to cut an additional 1mln bpd of oil output in July; all other OPEC+ producers agreed to extend earlier cuts through to the end of 2024.
• Saudi’s Energy Minister said will keep the markets in suspense on whether the additional voluntary cut for July will be...

• SUN: OPEC+ Meeting.
• MON: Chinese Caixin Services PMI (May), German Trade Balance (Apr), Swiss CPI (May), Turkish Inflation (May), EZ/UK/US Final Services and Composite PMIs (May), EZ Sentix Index (May), US Durable Goods (R), ISM Services PMI (May).
• TUE: RBA Announcement, NBP Announcement, EIA STEO, EZ/UK Construction PMI (May), EZ Retail Sales (Apr).
• WED: BoC Announcement, Australian Real GDP (Q1), Chinese Trade Balance (May),...