Asian indices finished mixed today as investors turn cautious after the U.S. agreed to halt additional tariffs on China and to start the negotiations again. The Nikkei225 finished 0.11 percent higher at 21,754; the Hang Seng added 1.13 percent at 28,861. The Shanghai Composite finished 0.03 percent lower to 3,043, while in Singapore the FTSE Straits Times index finished 0.12 percent higher to 3,367. Australian equities closed up 0.1% to 6,653.
European equities also trading mixed today as markets focus in EU leaders summit on who will get the top jobs in the region. DAX30 is down 0.19 percent to 12,498, CAC40 is 0.08 percent lower at 5,562 while the FTSE MIB in Milan is trading 0.21 percent higher at 21,299. The London Stock Exchange is 0,45 percent higher to 7,531 amid Brexit uncertainty.
In commodities markets, crude oil retreats from yesterday’s high and trades at $58.85 as traders turn cautious on trade war news. Brent oil also trades lower at $64,74 per barrel despite major oil producers have agreed to cut output. Gold today rebounds above 1,390 and keeps the bullish momentum as the price holds above all the major daily moving averages. On the upside, strong resistance will be met at 1,400 psychological figure.
In cryptocurrencies market, Bitcoin (BTCUSD) breaks below the 10,000 mark hitting the daily low at 9,685 and the daily high at 10,658. Immediate support for BTC stands now at $10,434, the Friday low, while next support stands at 10,000. On the upside, strong resistance now stands at 10,658 and then at 11,000 round figure. Ethereum (ETHUSD) also trades lower giving up 15 dollars at 280 with capitalization now to 29.90 billion, on the upside the immediate resistance stands at 300 round figure while the support stands at 235 the 50-day moving average, Litecoin (LTCUSD) also trades lower at 115. The crypto market cap now stands below $299.0 billion.
On the Lookout: United Kingdom Markit Construction PMI came in at 43.1 worst than analyst’s expectations of 49.2 for June, a decline that we haven’t seen since April 2009. German Retail Sales shrunk, month over month, came in at -0.6 percent, worst than analyst’s forecasts of 0.5 percent in May, the year over year figure came in at 4%, beating forecasts of 2.7 percent in May. The France Budget came in at -83.9 billion, below market consensus of -70.2 billion for May.
Trading Perspective: In forex markets, USD trades flat at 96.77 after the positive outcome from G20 summit that calm the markets, the Aussie dollar trades higher at 0.6991 despite RBA cut interest rates earlier, while Kiwi trades lower at 0.6669.
GBPUSD is trading close to daily low at 1.2615 after the Markit Construction PMI figure came in at 43.1 worst than analyst’s expectations of 49.2 for June, traders are still cautious around the Brexit developments. Major support now stands at 1.26 which if broken might accelerate the slide further towards 1.2550 round figure. On the upside, immediate resistance now stands at 1.2684, the 50-hour moving average, while more offers will emerge at the 1.27 round figure.
In Sterling futures markets, the open interest increased by 9,100 contracts while volume increased by 6,900 contracts.
EURUSD managed to rebound today above the 1.13 level. German Retail Sales shrunk, month over month, came in at -0.6 percent, worst than analyst’s forecasts of 0.5 percent in May, the year over year figure came in at 4%, beating forecasts of 2.7 percent in May. Immediate resistance for the pair stands at 1.14 round figure. A convincing close above 1.14 can lead prices to 1.1450. Support now stands at 1.13, while more bids will emerge at 1.1260 the 100-day moving average.
In euro futures markets, the open interest increase by 2,000 contracts, while volume increased by 65.100 contracts.
USDJPY is trading 0.11 percent lower at 108.25 having hit the daily low at 108.19 and the daily high at 108.46. USDJPY pair will find support around 108.00 round figure and then at 107.89 the 50-hour moving average. On the upside, immediate resistance for the pair now stands at 108.52 the high from yesterday’s session.
USDCAD continues to trade above 1.31 having hit earlier the low at 1.3108 while the daily high was at 1.3138, as the crude oil prices retreat, Canada’s main export item seems to have added further weakness in the Canadian Dollar (CAD). The pair will find immediate support at 1.3060 the low from February 1st while extra support stands at 1.30 round figure. The pair has reached oversold levels so a rebound can’t be ruled out. On the upside immediate resistance now stands at the 1.32 zone before an attempt to 1.3450 recent high from 31st May.