{"id":29827,"date":"2022-06-08T17:55:00","date_gmt":"2022-06-08T16:55:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=29827"},"modified":"2022-06-08T22:14:26","modified_gmt":"2022-06-08T21:14:26","slug":"markets-consolidate-ahead-of-the-ecb-rate-decision-tomorrow","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/markets-consolidate-ahead-of-the-ecb-rate-decision-tomorrow\/","title":{"rendered":"Markets consolidate ahead of the ECB rate decision tomorrow"},"content":{"rendered":"\t\t
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Market Wrap<\/strong><\/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

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See real-time quotes<\/a> provided by our partner.<\/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

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The European bourses and US indices led the majority of the indices lower today during the London session. The S&P500<\/a> chart above shows how the price action has become a lot less volatile in the past 8 trading days and the hope is that the US CPI data on Friday will give the markets some direction as traders\u2019 price in the next logical Fed decision at their FOMC meeting.<\/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

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The yen<\/a> has been falling all day as the flows into the euro and US dollar <\/a>also continued to perform well.<\/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

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The single currency was handed some relief after Eurostat reported today that the Eurozone’s gross domestic product (GDP) increased by 0.6% in the first quarter of 2022 compared to the previous three-month period. Over the same period, the figure rose by 0.7% in the European Union. Compared to the previous three-month period, employment in the Eurozone and EU grew by 0.6% and 0.5%, respectively. Over the course of the year, the figures increased by 2.9% and 2.8%. Tomorrow, we learn whether the ECB will take some baby steps into tightening monetary policy with a 25bps rate hike. Some hawks are even calling for a 50bos rate hike to match the Fed.<\/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

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See real-time quotes<\/a> provided by our partner.<\/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

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The EURUSD<\/a> is consolidating ahead of the ECB meeting conclusion tomorrow.<\/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

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In the US session and according to today’s Census Bureau report, inventories of US merchant wholesalers increased by 2.2% in April from the previous month to reach $861.8 billion, an increase of 2.2%. This represents an increase of 24% on an annual basis. In the same month as March, merchant wholesalers’ sales increased by 0.7% to $691.6 billion. What we don\u2019t want to see is wholesale inventories rising and sales decreasing as that would point to a lack of demand and possibly the start of the recession that people keep wishing for. As it is, we have now had 3 months of falling inventories which is a positive sign.<\/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

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The Energy Information Administration (EIA) reported today that commercial crude oil<\/a> inventories, excluding those in the Strategic Petroleum Reserve, increased by 2 million barrels to 416.8 million barrels last week. Compared to the previous week, crude oil imports averaged 6.4 million barrels per day, which represented a decline of 64,000 barrels per day. During the same period, commercial petroleum inventories rose by 11.0 million. Exports remain around 4 million barrels per day. The high prices of energy may have prevented end users from coming out to buy more oil, or maybe it is a lack of demand pointing to a certain move towards economic slowdown. Regarding oil, today’s higher energy markets indicate just how tight the supply is. Suhail bin Mohammed al-Mazroui, the UAE’s energy minister, warned that the price peak is yet to be reached since China is set to gradually increase demand in the coming months.<\/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

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See real-time quotes<\/a> provided by our partner.<\/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

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There is not a lot of market structure to trade off when looking at the chart of Brent<\/a>. Which means the path of least resistance is to the upside to test the 2022 highs. This will add to inflation, keep US rate hikes going for longer and also make it really hard for US president Biden to make it through these coming mid-term elections unscathed.<\/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":"

Market Wrap See real-time quotes provided by our partner. The European bourses and US indices led the majority of the indices lower today during the London session. The S&P500 chart above shows how the price action has become a lot less volatile in the past 8 trading days and the hope is that the US […]<\/p>\n","protected":false},"author":5,"featured_media":29829,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[58,29,18,156,279,22],"yoast_head":"\nMarkets consolidate ahead of the ECB rate decision tomorrow - 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\/markets-consolidate-ahead-of-the-ecb-rate-decision-tomorrow\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Markets consolidate ahead of the ECB rate decision tomorrow Markets consolidate ahead of the ECB rate decision tomorrow\" \/>\n<meta property=\"og:description\" content=\"The yen was under a lot of stress today but having reached the 14-period Average Daily Range, the EURJPY, GBPJPY and USDJPY all turned and faded from their London session highs. The EURSD had traded above yesterday\u2019s high, but it is still within the high and low from Monday through Tuesday and is technically in a higher time frame downtrend.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/markets-consolidate-ahead-of-the-ecb-rate-decision-tomorrow\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-08T16:55:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-08T21:14:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/06\/farah-almazouni-SvPH1cvsKgk-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"618\" \/>\n\t<meta property=\"og:image:height\" content=\"381\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Neville Hornsey\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Markets consolidate ahead of the ECB rate decision tomorrow Markets consolidate ahead of the ECB rate decision tomorrow\" \/>\n<meta name=\"twitter:description\" content=\"The yen was under a lot of stress today but having reached the 14-period Average Daily Range, the EURJPY, GBPJPY and USDJPY all turned and faded from their London session highs. 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