1. Forex Market Insight
EUR/USD fell 0.9% to 1.0616 on Thursday, 9th June 2022.
The European Central Bank (ECB) announced on Thursday, 9th June 2022, that it will end a long-term stimulus program and said it will raise interest rates in July for the first time since 2011.
There could be a bigger move in September.
The central bank is seeking to curb rising inflation.
However, the lack of any details on plans to deal with the fragmented financing environment led the euro to weaken against the dollar.
The European Central Bank said differences in borrowing costs among European countries hindered the execution of its monetary policy.
(EUR/USD 1-hour chart)
We focus on the 1.0697-line today. If EUR runs steadily above the 1.0697-line, then pay attention to the support strength of the two positions of 1.0734 and 1.0776. If the strength of EUR breaks below the 1.0697-line, then pay attention to the suppression strength of the two positions of 1.0642 and 1.0529.
GBP Intraday Trend Analysis
British Prime Minister Johnson suffered a no-confidence vote.
Although he narrowly won in the end, some analysts suggested that his prime minister status still faces challenges.
Political risks in the UK and concerns about an economic slowdown are putting pressure on the pound.
According to sources, Johnson plans to advance legislation that would give him the power to overturn parts of the Britain’s Brexit deal.
Such a move could anger some Members of Parliament (MPS) from the party and the European Union (EU).
This is potentially bearish for the pound.
(GBP/USD 1-hour chart)
GBP is mainly focused on the 1.2478-line today. If GBP runs below the 1.2478-line, it will pay attention to the suppression strength of the two positions of 1.2301 and 1.2243. If GBP runs above the 1.2478-line, then pay attention to the suppression strength of the two positions of 1.2668 and 1.2807.
2. Precious Metals Market Insight
Gold prices shocked down on Thursday, 9th June 2022, once falling to the 1840 mark during the day to close at $1847.96 an ounce.
Climbing U.S. Treasury yields and a stronger U.S. dollar have weakened the appeal of gold.
U.S. inflation data to be released on Friday, 10th June 2022, could strengthen the case for aggressive Fed policy tightening.
U.S. gold futures were down 0.2% at $1,852.80.
(Gold 1-hour chart)
Gold pays attention to the 1832-line today. If the gold price runs steadily above the 1832-line, then it will pay attention to the support strength of the 1871 and 1880 positions. If the gold price breaks below the 1832-line, then pay attention to the suppression strength of the two positions of the 1820 and 1807.
3. Commodities Market Insight
WTI Crude Oil
Oil Prices fell on Thursday, 9th June 2022.
This comes after a recurrence of the Asian outbreak added some concern, but oil prices are still hovering near three-month highs.
A strong rally in refined oil products provided a continued bullish environment for the oil market.
August Brent crude futures settled down $0.51, or 0.4%, at $123.07 a barrel.
U.S. crude oil futures for July delivery settled down 60 cents, or 0.5%, at $121.51 a barrel.
(Crude Oil 1-hour chart)
Oil prices focus on the 116.30-line today. If the oil price runs above the 116.30-line, then focus on the suppression strength of the two positions of 120.06 and 127.10. If the oil price runs below the 116.30-line, then pay attention to the support strength of the two positions of 113.10 and 109.62.
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