Blogs

The dip in risk trades may reflect the worries The market is suddenly attuned to surging coronavirus cases in parts of the US. One of the hotspots is Florida and even though the data there is spotty, there's a clear acceleration in the past two weeks.

Euro continues to threaten the lows of the day There could be a quick fall in EUR/USD is today's low of 1.1223 breaks. A decline below it could set off a series of stops through last week's low of 1.1213 and 1.1200.

The latest numbers from the monthly OPEC report OPEC's Joint Ministerial Monitoring Committee meets this week to assess supply-demand balances. So far they haven't adopted the reopening optimism but noted that higher prices are "suggesting that the supply-demand fundamentals are gradually improving."

Futures up 14 points The S&P 500 is slated to open 14 points higher after a 58-point gain yesterday. The risk trade has been a bit quieter today but European stocks are holding up well in the ebb-and-flow with the DAX +0.8% and near a session high.

What to watch for For bank trade ideas, check out eFX Plus

Canada May inflation data Core measures: Details: For bank trade ideas, check out eFX Plus

House price data from Teranet and National Bank This certainly isn't the house-price decline that the CMHC forecast but Teranet does warn about weakening underlying metrics:

US Housing starts and building permits for the month of May 2020 – US housing starts 974K vs. 1100K estimate – prior month revised higher to 934K vs. 891K previously reported

What's coming up and what time do we get virus data The economic calendar kicks off at the bottom of the hour with a full slate of data: There isn't much of a scope for the market to move on those releases but a larger rebound in starts/permits would underscore the reopening theme.

Forex news from the European morning session – 17 June 2020 Headlines: Markets: – CHF leads, EUR lags on the day – European equities a little higher; E-minis up 0.4%