- Oil traders await the US CPI data after war premium fades and prices stabilize above $68
- Today’s oil analysis shows the bearish map flipped
- The S&P 500 remains mostly rangebound with a bullish tilt as traders await the US CPI data
- Another crude oil tanker reportedly damaged near Oman, around the Strait of Hormuz
- China extends gold buying spree as reserves climb for a 20th straight month
- Intervention fears to continue to help keep a lid on USD/JPY upside – Credit Agricole
- ECB’s Panetta: Upside inflation risks coexist with downside growth risks
- USD/JPY rises back into the highest levels since 1986 amid lack of bearish drivers
- What are the main events for today?
- UK house prices inched a little higher in June following recent moderation
- German factory output rises more than expected in May
- FX option expiries for 7 July 10am New York cut
- Iran foreign minister says negotiations on final deal won’t commence if threats continue
- Tech selloff back in focus as we get into the new day
It’s been a slow session with no major news or economic data releases.
Iran’s foreign minister said talks on a final agreement with the US will not begin as long as military threats persist, highlighting the fragile state of negotiations despite recent progress.
German industrial production surprised to the upside in May, rising 0.9% month-on-month against expectations for a 0.2% increase. The stronger-than-expected reading offered a modest boost to confidence in the Eurozone manufacturing sector, although the broader outlook remains clouded by external risks and uneven economic momentum.
UK Halifax house prices rose 0.2% in June, beating expectations for a 0.1% increase. The data pointed to continued resilience in the housing market despite higher borrowing costs, suggesting demand remains relatively firm even as affordability pressures persist.
ECB policymaker Panetta reiterated that the Eurozone outlook remains highly uncertain, warning that upside inflation risks continue to coexist with downside risks to economic growth. He stressed that the latest energy shock should not be dismissed as temporary and emphasized that monetary policy must remain flexible and robust as the economic environment evolves.
China’s central bank extended its gold-buying streak for a twentieth consecutive month, further increasing its official reserves.
Another crude oil tanker was damaged near Oman, close to the Strait of Hormuz, reviving concerns over shipping security. While the incident did not trigger a major jump in oil prices, it served as a reminder that risks in the region remain and could quickly impact energy markets if tensions escalate.
This article was written by Giuseppe Dellamotta at investinglive.com.
