Yesterday marked the Summer Solstice, did we see extra sunlight from Central Bankers? A quick recap - the SNB cut 25 bps, the Norges bank kept rates on hold, the BoE was a 'dovish hold' with the minutes revealing the decision not to cut rates was 'finely balanced' for some and the Fed’s Barkin said he needs more clarity on inflation before lowering rates. Barkin indicated that any rate cuts depend on economic conditions, making it premature to provide guidance on future adjustments. Overnight we have seen some profit taking in the equity world the S&P and Nasdaq both finished lower, with Nvidia Corp. and Apple weaker in the session. The yen traded around 159, with 160 being seen as the line in the sand, this is its weakest level in almost two months. This ramps up the risk Japanese officials will once again step into markets to prop up the currency. Masato Kanda, the nation’s top currency official, said that there’s no change in his stance to take appropriate measures if there are excessive currency moves.Domestically the UK GfK Consumer Confidence Survey was firmer but still negative, rising to -14 in June. It was expected to tick up to -16 from -17 previously. Market wise the yield on 10-year Treasuries was little changed at 4.26%, Bitcoin fell 0.8% to $64,551.03, Ether fell 0.4% to $3,510.11 and Spot gold rose 0.1% to $2,362.54 an ounceAs for the data we have S&P Global Services PMI and US existing home sales and the Confederation Board leading index.
**For professional investors only** Any opinions, news, research, analyses, prices, or other information contained in this blog is provided as general market commentary and does not constitute (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. Some of this information may have been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is made or given by or on behalf of iSAM Securities or its directors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this blog, and no responsibility or liability is accepted for any such information. As a result, any person acting on any information does so entirely at their own risk. iSAM Securities will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
