{"id":29818,"date":"2022-06-08T13:39:00","date_gmt":"2022-06-08T12:39:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=29818"},"modified":"2022-06-08T21:39:10","modified_gmt":"2022-06-08T20:39:10","slug":"midday-brief-markets-digest-eurozone-economic-performance-ahead-of-the-ecb","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/midday-brief-markets-digest-eurozone-economic-performance-ahead-of-the-ecb\/","title":{"rendered":"Midday Brief – Markets digest Eurozone economic performance ahead of the ECB"},"content":{"rendered":"\t\t
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Markets digest Eurozone economic performance ahead of the ECB.<\/p>

Markets opened with inflation jitters ahead of the ECB policy meeting. The Japanese Yen continued to tumble despite modest economic growth as energy prices continue to weigh on importers. The dollar remained steady as investors shift their focus to the ECB policy meeting for economic direction.<\/p>

USDJPY<\/a> extended gains by +0.89% amid Dollar strength. Weakness in the Yen is seen despite a positive GDP. The quarterly GDP came at -0.1% beating expectations of -0.3%. Higher oil prices are weighing down the Yen as Japan is an energy importer. Trading slightly below 134.00,2002 high, the pair`s potential to surge to 135.00 is still big. However, a retest of 133.00 may be seen in the near term. Looking ahead, the US crude oil<\/a> inventories are due for release in the New York session.<\/p>

EURGBP<\/a> rallied by+0.56% ahead of the ECB policy announcement. Eurozone`s economy grew at year start as seen in the GDP reading with yearly reading at 5.4% vs 5.1% forecast and the Q1 GDP was 0.6% vs 0.3% forecast. The Sterling was weighed down by construction PMI which came at 56.4 vs 56.6 expectations.<\/p>

GBP’s Halifax price index came at a positive 1% but could not weigh down the Euro. In other news, UK’s Boris Johnson said to plan BREXIT override law while Sunak is promising to cut taxes. Bulls may reclaim 0.8590 and bears may seek to revisit 0.8528.<\/p>

AUDCAD<\/a> slumped by -0.57% amid higher oil prices. As an oil exporter CAD is getting a boost from the commodity’s upbeat. The RBA raised rates by 5obps on Tuesday but that failed to help the AUD against the CAD. The pair has breached 0.90222, yesterday’s support, and is sliding towards 0.8997 and 0.8920.<\/p>

European stocks erased gains as inflation hits risk demand. FTSE 100<\/a> plunged by -0.58% from 7636resistance. On the downside, the index may retake 7545,3-day support, and 7520, 5-day support. France 40<\/a> dropped by -0.82% with daily resistance at 6525 and bears may retest 6400 near-term support. German 40<\/a> lost -0.69% from 14627 intraday resistance. Further down the index may take 14 405 and 14 316 respectively.<\/p>

US stock futures are mixed with Dow Jones futures<\/a> losing-0.22% below the 33 200 mark and bears may reclaim 32 837. S&P 500 futures<\/a> are down by -0.11% in a range between 4160 and 4135. Nasdaq<\/a> is steady with losses of -0.03% amid a surge in China’s tech stocks. A break above 12739 resistance may give up 12 800.<\/p>

Silver<\/a> is down -1.38% as the Dollar<\/a> gains some ground. The commodity left resistance at 22.25 and is nose-diving towards 21.80 and 21.64.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Markets digest Eurozone economic performance ahead of the ECB. Markets opened with inflation jitters ahead of the ECB policy meeting. The Japanese Yen continued to tumble despite modest economic growth as energy prices continue to weigh on importers. The dollar remained steady as investors shift their focus to the ECB policy meeting for economic direction. […]<\/p>\n","protected":false},"author":4,"featured_media":29820,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[54,676,307,48,270],"yoast_head":"\nMidday Brief - Markets digest Eurozone economic performance ahead of the ECB - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/midday-brief-markets-digest-eurozone-economic-performance-ahead-of-the-ecb\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Midday Brief - Markets digest Eurozone economic performance ahead of the ECB Midday Brief - Markets digest Eurozone economic performance ahead of the ECB\" \/>\n<meta property=\"og:description\" content=\"Markets digest Eurozone economic performance ahead of the ECB. 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