EUR/USD keeps rising: hits fresh 1-year high and eyes 1.1450

EUR/USD resumed the upside during the American session as the spread between US and European bond yields narrowed further and amid a decline in equity prices in Wall Street. The pair reached a new 1-year high at 1.1444 and remains near the top, holding a strong bullish tone. 

USD remains weak 

After a brief pause, the greenback turned again to the downside. The latest slide also included the yen amid a reversal in Wall Street. The US Dollar Index fell to 95.25, hitting the lowest in almost nine months. The Dow Jones opened in positive territory and now is down 0.84%. The VIX index, a gauge of volatility jumped today almost 40%. 

Regarding data, tomorrow will be a busy day. Inflation data from the Eurozone and employment numbers from Germany will be released. In the US, the Personal Income and spending data, the Chicago PMI and Consumer sentiment report are due. Today the third reading of US Q1 GDP showed a positive revision from 1.2% to 1.4%. 

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Ricardo A. Aguilera appointed new director of Division of Financial Management and chief financial officer

Ricardo A. Aguilera appointed new director of Division of Financial Management and chief financial officer

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Treasuries Show Notable Move Back To The Downside

After moving slightly higher over the past few sessions, treasuries showed a notable move back to the downside during trading on Tuesday.

Bond prices climbed off their worst levels going into the close but remained stuck firmly in negative territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed by 6.1 basis points to 2.198 percent.

The increase by the ten-year yield came after it edged down to its lowest closing level in over seven months in the previous session.

The pullback by treasuries came following the release of a report from the Conference Board showing an unexpected improvement in U.S. consumer confidence in the month of June.

The Conference Board said its consumer confidence index rose to 118.9 in June from a downwardly revised 117.6 in May.

The increase came as a surprise to economists, who had expected the index to drop to 116.7 from the 117.9 originally reported for the previous month.

Treasuries saw continued weakness following the release of the results of the Treasury Department’s auction of $34 billion worth of five-year notes, ,which attracted below average demand.

The five-year note auction drew a high yield of 1.828 percent and a bid-to-cover ratio of 2.33, while the ten previous five-year note auctions had an average bid-to-cover ratio of 2.46.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The Treasury is due to finish off this week’s series of long-term securities auctions with the sale of $28 billion worth of seven-year notes on Wednesday.

Trading on Wednesday may also be impacted by reaction to a National Association of Realtors report on pending home sales in the month of May.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

The material has been provided by InstaForex Company – www.instaforex.com

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Crude Oil Accelerates Higher To Extend Win Streak

Crude oil futures rose for a fourth consecutive session Tuesday, moving further from a yearly low set last week. A mid-June collapse drove oil into bear market territory, but this week’s rebound reflects speculation those losses were overdone.

August WTI oil climbed 86 cents, or 2%, to settle at $44.24/bbl.

Traders remain concerned about OPEC’s ability to co-ordinate its supply quota plan, but most analysts say oil will hover around $50 for the rest of the year.

The American Petroleum Institute is out with its weekly report this afternoon, followed Wednesday morning by the Energy Information Administration’s data. Markets expect a decline in stockpiles, as they have slowly dwindled from this winter’s record surplus.

In economic news, consumer confidence in the U.S. unexpectedly improved in the month of June, according to a report released by the Conference Board on Tuesday.

The Conference Board said its consumer confidence index rose to 118.9 in June from a downwardly revised 117.6 in May.

The material has been provided by InstaForex Company – www.instaforex.com

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الخام الأمريكي يغلق مرتفعا للجلسة الرابعة على التوالي

ارتفعت أسعار النفط خلال تداولات الثلاثاء بفعل توقعات بانخفاض مخزونات الخام في الولايات المتحدة في قراءتها الأسبوعية المرتقبة غدا، وعززت مكاسبها وسط تراجع واسع النطاق للدولار مقابل أغلب العملات الرئيسية. كان نائب وزير الطاقة الروسي “كيريل مولودتسوف” قد صرح بأن موسكو خفضت إنتاجها من الخام بأكثر من 300 ألف برميل يوميا خلال يونيو/حزيران مقارنة بأكتوبر/تشرين […]

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الأسهم الأمريكية تزيد خسائرها وسط عدم يقين حول تعهدات “ترامب”

انخفضت مؤشرات الأسهم الأمريكية خلال تداولات الثلاثاء وزادت خسائرها عقب تأجيل الجمهوريين بمجلس الشيوخ التصويت على مشروع قانونهم المقترح لاستبدال “أوباما كير”. وهبط مؤشر “داو جونز” الصناعي بأكثر من 50 نقطة إلى 21352 نقطة في تمام الساعة 09:22 مساءً بتوقيت مكة المكرمة، كما انخفض “ناسداك” (- 80 نقطة) إلى 6168 نقطة، بينما تراجع مؤشر “S&P […]

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Have oil prices stopped plunging?

Crude oil plunged into a bear market last week amid fears about the giant supply glut. But crude prices have stabilized in recent days and Citigroup predicted the “bottom” may be near.

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USD/CAD Canadian Dollar Higher as Oil Price Bounces

The Canadian dollar rose on Tuesday after oil prices rebounded from yesterday’s losses and the USD was lower on growth concerns. Central banks have taken the market reigns back from politicians as political risk has subsided following elections in France and the United Kingdom. The Trump administration will find it difficult to push its healthcare reform and has now pushed the vote back to after the Fourth of July. Rhetoric has been the monetary policy tool that has been used by all central banks with the Fed the only major body to go beyond words by raising rates by 25 basis points in June. The Bank of Canada (BoC) was a surprise addition with comments from Deputy Governor Carolyn Wilkins and Governor Stephen Poloz endorsing the growth of the Canadian economy and suggesting a reduction in stimulus would be forthcoming. The CAD has been trading above 1.32 since early March and is now below that level as US growth concerns rise.

European Central Bank (ECB) President Mario Draghi was confident that the current policies will bring back growth to the Euro zone. The bullish comments were part of annual central bank forum and pushed the EUR/USD to above 1.13 after the International Monetary Fund (IMF) downgraded US Growth in 2017 down to 2.1 percent. The disappointing durable goods data released on Monday continues to signal a disappointing second quarter and could put the Fed on hold despite the words from Fed speakers this week. The US central bank has said that their economic forecasts do not depend on the upcoming policies form the Administration and remain convinced that weak inflation is a temporary temporary issue.

Oil prices rose ahead of US weekly inventories on Wednesday. West Texas Intermediate surged almost 2 percent and was trading at $44. Organization of the Petroleum Exporting Countries (OPEC) delegates said that they do not intend to rush into further cuts at this time. Members of the organization will meet with Russia in July where other strategies to stabilize prices might be discussed.


usdcad Canadian dollar graph, June 27, 2017

The USD/CAD lost 0.489 percent on Tuesday. The currency is trading at 1.3176 after political turmoil in the US once again is putting pressure on the greenback. Consumer confidence remains high reached a 16 year high in June, but once again the paradox between the survey and actual retail sales continues. Yesterday’s durable goods orders release was a blow to manufacturing forecasts and could signal a worse than expected second quarter GDP. The IMF downgrade of US growth is also weighing the dollar down. The CAD is rising on oil prices and a soft dollar ahead of the weekly crude inventories tomorrow.

The Bank of Canada (BoC) is not expected to change its monetary policy in July despite the hawkish comments from BoC policy makers, but a rate hike later this year is definitely on the table. The timing will not be totally decided by Governor Poloz as the economy and the rate moves by the U.S. Federal Reserve will finalize the decision from the BoC with the October central bank meeting a possibility with December and January also in the running. Comments from Poloz as part of the ECB Forum in Portugal could offer a continuation of the hawkish rhetoric that was first expressed in Winnipeg in a radio interview.



Oil rose 1.905 percent in the last 24 hours. West Texas Intermediate is trading at $44.08 ahead of the API and weekly US trading inventories with drawdowns in the 2 million barrel range expected. A meeting in Russia next month with OPEC delegate will also bring more insight into what major producers could do beyond their current production cut agreement to boost prices. Rising production in the US, Canada, Brazil and even OPEC members Libya, Iran and Nigeria have kept the market well supplied despite the cuts.

Market events to watch this week:

Wednesday, June 28
10:30 am USD Crude Oil Inventories
Thursday, June 29
8:30 am USD Final GDP q/q
8:30 am USD Unemployment Claims
Friday, June 30
4:30 am GBP Current Account
8:30 am CAD GDP m/m

*All times EDT
For a complete list of scheduled events in the forex market visit the MarketPulse Economic Calendar

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الذهب يغلق على استقرار رغم هبوط الدولار

استقرت أسعار الذهب خلال تداولات الثلاثاء رغم انخفاض واسع النطاق للدولار مقابل غالبية العملات الرئيسية مما ععز الطلب على المعدن النفيس كملاذ آمن. وارتفعت العقود الآجلة للذهب تسليم أغسطس/آب عند التسوية بأقل من 0.1% أو خمسين سنتا لتغلق عند 1246.90 دولار للأوقية. في غضون ذلك، انخفض مؤشر الدولار – الذي يقيس أداءه مقابل سلة من […]

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