Wyllian Capucci 06/21/2021
Transitional
Written comments by Federal Reserve Chairman Jerome Powell preparedfor today’s presentation before the House Subcommittee on the crisis of thecoronaviruses, show that it maintains the position that the rise in inflation is transitory.Investors will be watching from 3:00 pm, Brasília time, while thePowell’s answers to lawmakers’ questions may shed more light on hisinsight into the pace of economic recovery. Appearance occurs afterFed regional presidents yesterday expressed mixed views on when thecentral bank should start talking about reducing asset purchases
Pump
Brent crude, the international oil benchmark, traded above $75the barrel for the first time in two years this morning. The increase in prices is dueto traders’ expectations of tighter supply in the coming quarters. USUS, the spread between the third and fourth month of West Texas futures contractsIntermediate hit the highest in seven years. Russia, however, is consideringpropose that OPEC and its allies increase production at the next meeting on 1st ofJuly, with the global oil market currently estimated at a deficit of 3million barrels a day. This news was enough to cap today’s high, withBrent falling to $74.40 and WTI falling to $73.08 a barrel.
Technical signal
The average price of Bitcoin in the last 50 days has fallen below its average price in thelast 200 days – a movement called the “cross of death” by graffiti artists andanalysts. Although the original cryptocurrency formed the pattern before and ifstrongly recovered, there is concern that the currency will fall below $30,000, and this move is expected to trigger more sales. Bitcoin dropped 4.3%overnight and was trading at $31,550 at 6:50 am EDT.USA.
Mixed markets
Global actions are quiet ahead of Powell’s testimony. Overnight, theMSCI Asia Pacific Index gained 0.8%, while Japan’s Topix index closed 3.2%on the rise, with the indicator showing its largest increase in a year after theMonday clearance. In Europe, the Stoxx 600 Index was 0.2% lower at6:50 am The S&P 500 futures pointed to a small movement for thered at the opening, the 10-year treasury yield was 1.478% and goldplummeted
Coming
US Existing Home Sales Data for May and June Richmond FedManufacturing is at 11am. New York City holds primary elections forMayor. Cleveland Fed Chair Loretta Mester and Cleveland Fed ChairSan Francisco, Mary Daly, speaks at separate events prior to the testimony ofPowell to Congress start at 3pm
Source:https://wintrademarkets.com/
