ZuluTrade Blog

Market Recap – Xi arrives in Japan

Market View | Thursday, June 27, 2019 10:37 AM GMT

One day before the start of the long waited G20 summit, President Xi arrives in Japan. It is his first visit since becoming China’s President. The French President, Emmanuel Macron, was the first leader to arrive in Japan on Wednesday.

Prospects for the finalization of a trade deal between the USA and China, seem to have improved. Steven Mnuchin, the US Secretary of the Treasury, said yesterday that 90% of the deal has been in place.

The new episode of the Iranian drama comes from the Iranian government. The deadline that Iranians presented to the EU to help them circumvent the US sanctions expires today, and the Iranian government is set to announce that will start exceeding the limit of the uranium stockpiles, set by the 2015 nuclear deal (the deal that the US has stepped out from).

A general risk on mode predominates in the markets with equities rising, gold falling, safe haven currencies like USD,JPY, CHF falling and EUR, AUD, CAD, NZD rising. Worth noting the recent impressive rally of cryptocurrencies. Their total market capitalization stands at $351bn (+176% year to date, -56% from the peak of January 2018).

Macro releases: Yesterday’s US crude oil inventories decreased more than it was expected, sending oil prices higher. Today the most important macro releases are the US GDP q/q final revision and the US unemployment claims.


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