Today’s focus is on tension is the Korean peninsula, record retail sales numbers in the U.S., and European stock recovery day
Beijing’s city government raised the COVID-19 emergency response level to II from III on Tuesday. Affects Gold
European shares rallied on Tuesday as the prospect of historic monetary and fiscal stimulus revived hopes of an economic rebound from the COVID-19 pandemic. Affects EURO STOXX 50
The U.S. and South Korean governments are in “close coordination” after North Korea destroyed an inter-Korean liaison office on Tuesday. Affects USD
Mexico has put a “temporary pause” on its migrant farmworker program in Canada on Tuesday. Affects CAD
U.S. retail sales increased by the most on record in May after two straight months of sharp declines as businesses reopened. Affects USD
The British Consumer Price Index (CPI) that measures the change in the price of goods and services from the perspective of the consumer will be released. Predicted at 0.5%, if the actual data is higher the GBP could receive a boost.
The E.U. Consumer Price Index (CPI) which measures the change in the price of goods and services from the perspective of the consumer will be released. Predicted to remain 0.1%, if the actual data is higher the EUR might cause an increase.
U.S. Building Permits measures the change in the number of new building permits issued by the government. With an expected 1.228M, a lower amount may mean a drop for USD.
The Energy Information Administration’s (EIA) will provide the Crude Oil Inventories, a measurement of the weekly change in the number of barrels of commercial crude oil held by US firms. A drop to 0.500M is expected, an amount below will buoy the price of Brent.
Cases continue to spread in the U.S., while states and cities start to reopen in hopes of economic recovery. The spike in retail sales in May has re-instilled some faith in the world’s largest economy.
Looking at the 4hr chart we can see that an “Engulfing Bearish” figure formed, indicating a likely brief downtrend.
As oil inventories around the world begin to decline the price continues to rise, and the “Three White Knights” pattern shows a continuation of the trend.
This index has continued to rise, and the “Three White Knights” pattern shows a continuation of the trend.