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Trading Day in one post 21.06.2017

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Asian markets traded mostly lower on Wednesday.

The Nikkei 225 declined 0.45 percent and the Kospi fell 0.61 percent.

Australia's benchmark S&P/ASX 200 index tumbled 1.36 percent.

The Hang Seng Index fell 0.55 percent, but mainland markets made modest gains. The Shanghai Composite rose 0.15 percent and the Shenzhen Composite edged higher by 0.05 percent.

On the oil market Brent crude was off by 0.24 percent at $45.91 a barrel and U.S. WTI crude edged lower by 0.16 percent to trade at $43.44 due to fears that a reduction in output would not be enough to rebalance the oversupplied market.

Economic Calendar for European and American Trading Sessions 21.06.2017

09:30 - Japan - BoJ Governor Kuroda Speaks

14:00 - UK - BoE MPC Member Haldane Speaks

17:00 - USA - Existing Home Sales

17:30 - USA - Crude Oil Inventories

USD - The dollar rose after the FED's positive comments on the country's monetary policy. The currency traded with a rise against the pound at levels of 1.2632, against the euro at 1.1135 and against CAD at levels around 1.3273. However, against the yen, the dollar is down due to global and economic uncertainty. The yen rises after the attempted terrorist attack in Brussels and the uncertainty surrounding the UK's Brexit

GBP - The pound is trading downward. Mark Carney's comments that there will soon be no interest rate hikes have negatively affected the currency. The uncertainty surrounding the Brexit process also has a negative impact on GBP. We remain cautious towards the pound, and we will be looking for clarity about the UK exit procedure negotiations.

CAD - The Canadian dollar is rising despite the collapse in the price of oil. The reason for this is BoC's comments on the possibility of interest rate increase this year. We remain cautious towards CAD, because any speculation about no interest rate hikes can very quickly send CAD to negative territory.

JPY - The yen is on the rise due to geopolitical uncertainty at the moment. The attempted terrorist attack in Brussels and insecurity around Brexit are two of the key factors for the rise in the price of the currency. The latest report on monetary policy shows that exports are expected to rise, which also has a positive effect on the currency. We remain in the JPY until we get clear about how Britain intends to act during the negotiations.

Junior Trader Stefan Panteleev

 


 Varchev Traders

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