- US Retail Sales (May) bounced back to +0.5% m/m, but last month’s reading was also revised higher from -0.2% to +0.3%. Industrial Production figures also beat expectations, making the US dollar the strongest major currency on the day.
- In a dramatic shift in tone from last week, President Trump now says it doesn’t matter if President Xi attends the G20 Summit – reining in expectations of a resumption in trade talks?
- The kiwi was the weakest major currency today, with NZD/USD threatening to close at its lowest level since October as traders start to price in a potential rate cut from the RBNZ in August.
- Gold pared its gains after the better-than-expected US data.
- See the key releases and themes we’ll be watching next week!
*No major macroeconomic releases are expected during Monday’s Asian session.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.