Not a lot of big impact news about this week that may affect the markets. China are off on Thursday and Friday for their Dragon Boat festival holidays.
It’s all about the Southern Hemisphere this week. Australia announce their interest rates on Tuesday, which are expected to remain the same at 2%. New Zealand follow up on Wednesday with their interest rates, which are expected to be cut from 2.25% to 2%. The USD is feeling rather flat after a positive May and JPY continues to go from strength to strength.
The US stock markets are approaching record highs, which may see some price resistance as they decide what to do next. In the Far East, the Nikkei 225 and Hang Seng have a more neutral/bearish hold. The FTSE100 still remains in its ‘death cross’ situation and with the Brexit decision looming, looks to be undecided in its direction until that event is resolved.
WTI crude Oil is stuck around the $50 resistance zone. Sugar still soaring on low stock levels and fund buying. The grain complex has put in some good returns over the last month as fund buying jumps on Corn and Soybeans.
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Author Stephen Hoad, BA Hons, MSc, MSTA is a full time trader, technical analyst and one of the UK’s leading trader trainers. He currently lectures for the Society of Technical Analysts.