• Italy Economy Minister Franco Says Inflation Doesn’t Seem Likely To Decline Quickly
• Says Q2 Probably Saw „Robust“ GDP Growth In Italy
• Says Government Will Continue To Take Steps To Limit Impact Of High Energy Prices On Firms And Households

Nothing makes me feel more like the peak rate of inflation may be behind us quite like politicians finnaly coming around to the idea that inflation is a concern – 😉

This article was written by Ryan Paisey at www.forexlive.com.

PiQ’s (aka my outift) very own Ioan Smith (AKA @moved_average) has just written a piece for Capital, so it’s only right that I share it with you fine people too

Boris and Betty: Trading GBP amid political armageddon

Link to Full Piece

Summary…

UK Prime Minister Boris Johnson announced his resignation this morning after another wave of cabinet departures overnight made his position untenable.

He will remain in his post until a new leader is appointed no later than the Conservative Party’s annual conference in October. Parliament is due to break up for summer recess on July 21 so the process may have to be expedited. How long the process takes depends on how many candidates come forward for the role, but it will provide a period of headline risk affecting GBP/USD.

As he continued to lurch from one crisis to another the GBPUSD, (colloquially known as Betty from Cockney rhyming slang for cable – Betty Grable), took a battering.  As the political landscape in the UK deteriorated the currency bore the brunt of the upheaval.  A currency’s value is influenced by more than just economic factors like interest rates and inflation.  Even the most experienced market players can get outflanked by political influence on currency trading.

Knowing how politics works in relation to foreign exchange markets can be useful when it comes to your trading decisions. Countries that have strong political stability are far more attractive to foreign investors.  As such political stability can have a dramatic effect on currency rates. Serious inquiries into government conduct can destabilise the economy and weaken the currency.

This article was written by Ryan Paisey at www.forexlive.com.

For those interested, and I’m dubious that you should be overly interested..

Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Amsterdam on Wednesday and Thursday, 8-9 June 2022

As Newsquawk note..

As ever, given the time lag between the announcement and the publication of the accounts, traders will take greater guidance from recent data points and commentary from officials. Furthermore, when it comes to the issue of fragmentation, the ECB carried out an ad-hoc meeting to address the matter and therefore the account will offer little in the way of insight on that front.

Some Key Headlines:

• Most Measures Of Longer-Term Inflation Expectations Appeared To Be Still Broadly Anchored
• It Was Generally Considered That Stagflation Was An Unlikely Outcome
• Inflationary Pressures From Re-Opening In The Tourism Sector, Which Had Been Prominent In The May Figures, Were Likely To Continue In The Coming Months As Tourism Opened Up More Widely
• It Was Necessary To Avoid Gradualism Being Seen As Precluding Interest Rate Steps In Excess Of 25 Basis Points
• Taking The Indirect Effects Of Energy Prices Out Of The Core Inflation Projection Would Result In A 2.0% Projection For Core Inflation In 2024
• A Number Of Members Expressed An Initial Preference For Keeping The Door Open For A Larger Hike At The July Meeting

This article was written by Ryan Paisey at www.forexlive.com.

U.S. Challenger Job Cuts (Jun) Act: 32.517K Prev: 20.712K

This article was written by Ryan Paisey at www.forexlive.com.

US Market Open: Constructive risk sentiment though action is choppy, GBP bid as Johnson to resign

Full note

Good morning USA traders, hope your day is off to a great start! Here are the top 5 things you need to know for today’s market.

Click below to read the full report and listen to the guys doing the podcast.

5 Things You Need to Know

• European bourses are firmer across the board, Euro Stoxx 50 +1.5%, in a continuation of the constructive APAC handover though action remains choppy.
• Bourses, and US futures, were bolstered amid reports that China is considering USD 220bln of stimulus with unprecedented bond sales, via BBG.
• DXY takes a reprieve and resided sub-107.00 with antipodeans leading on sentiment and GBP bid amid the looming resignation of PM Johnson
• Reports on this dented Gilts, though the complex more broadly was briefly hit on the China stimulus headline
• Senior US State Department Official says no announcement on China tariffs is expected from Secretary of State Blinken at his meeting with China’s Foreign Minister Wang Yi

This article was written by Ryan Paisey at www.forexlive.com.

• S&P Futures continues to look okay for the bulls but in this jittery market where close stops can easily be hit, and mediocre entry prices are exposed to choppy price action, we focus today on targeting a more attractive entry to our Long.
• See 3 trade ideas in the video and understand the technical logic behind the location of the stop loss, the take profit target and the reward vs risk
• Note the 2 price ranges in today’s technical analysis and see how we use them as anchors for our trades. Our video today provides a view and, still, bullish bias, for the Emini, as well as focuses on targeting a more attractive entry to your Long, or where existing Long trades may consider adding to their existing position
• Remember that in trading, and especially in trading futures, there is always a price to pay as we aim to gain a benefit. In this case, the lower entry price for our Long is not just handed to us for free. The risk is that the buy order will not get filled.
• Watch the following video and trade the S&P 500 E-mini Futures (ES) at your own risk

Futher to the above video analysis, on the daily timeframe, watch for the S&P Futures or S&P Index (SPX) during normal trading hours, to possibly close the gap, in the near future, perhaps this week, reaching 3896.50.

S&P 500 Futures Analysis. Close this Gap on the Daily Chart?

Visit ForexLive.com for technical analysis perspectives on futures and more.

This article was written by ForexLive at www.forexlive.com.

British Prime Minister Boris Johnson defied growing calls for him to step down on Wednesday, telling lawmakers he would „keep going“.

„The job of a prime minister in difficult circumstances when you’ve been handed a colossal mandate is to keep going,“ Johnson told parliament. „And that’s what I’m going to do.“

The tick is buried deep!

The market now makes it a 91% chance that Boris Johnson is done as PM this year.

FWIW – in my useless opinion, I reckon Boris stays. If only to p*ss everyone off.

This article was written by Ryan Paisey at www.forexlive.com.

RoboForex,
an international financial broker, launches a new global promotion for its
clients and partners to celebrate the company’s 12th birthday. The promotion
will start on 1 July 2022 and will last until April 2023. The total prize pool
is $1,200,000.

 

64
money prizes for the total sum of $1,200,000 will be given away within 10
months from July 2022 up to and including April 2023. The prize money will be
available for withdrawal without any additional conditions right after it is
transferred to a winner’s account, or clients can use it as a deposit on their
trading account – they are free of their choice.

 

Robert
Stephenson, Chief Business Officer at RoboForex, is commenting: “We’re carrying
on our recent tradition and launching the global promotion again this year on
the occasion of the company’s 12th birthday. We’ve increased the total prize
pool and the number of prizes – 64 prizes from $1,000 to $20,000 will be given
away each month. We wish all participants good luck!”.

 

The
prizes are distributed among clients with winning Coupons, which can be
received for trading on RoboForex accounts or attracting new clients to the
company as its partner. A participant can receive up to three Coupons in
different categories each month.

 

Categories for
receiving Coupons

 

1. Trading on Prime accounts

 

Prime
is an account type with the best trading conditions available at the company:
spreads from 0 pips, $10 commission for the trading volume of $1 million, and
the leverage value up to 1:300.

 

Conditions
for receiving a Coupon:

 

·     
Deposit at least $300 to your account

·     
Perform at least 3* lots of trading operations per
month

 

*
– Only the positions in currency pairs and metals opened in the current month
are taken into account

 

[Open Prime account]

 

2. Attracting new clients as a RoboForex partner

 

RoboForex
partners have the opportunity to earn up to 84% of the broker’s revenue.

 

Conditions
for receiving a Coupon:

 

Partner
commission at month-end is at least $300

 

[Become partner]

 

3. CopyFX Traders

 

CopyFX
is an investment platform that allows you to receive a commission from other
traders for copying your transactions.

 

Conditions
for receiving a Coupon:

 

Make
the Top 30 of the best CopyFX Traders on Prime accounts in the current month

 

[Open CopyFX Prime account]

 

More
detailed information on the conditions and how to receive a Coupon can be found
on the RoboForex website.

 

Coupons
are already being granted! Join the promotion right now and take part in all
giveaways each month. Good luck!

This article was written by ForexLive at www.forexlive.com.

U.S. MBA Mortgage Application Activity Index WoW Act: -5.4% Prev: 0.7%

Mortgage Purchase Index (SA) Act: 232.6 Prev: 243.1

MBA 30-Year Fixed Mortgage Interest Rate Act: 5.74% Prev: 5.84%

US Mortgage Purchase Index Falls 4.3 Percent To 232.6 In July 1 Week

This article was written by Ryan Paisey at www.forexlive.com.

More than 2% of global freight capacity is at a standstill in the North Sea, an expert from Germany’s IfW economic institute said, a „very unusual“ situation for the ports there.

„There is currently no end in sight to the congestion in container shipping,“ said IfW’s Vincent Stamer, adding that traffic jams were also growing outside Chinese ports.

„For Germany and the EU, this affects overseas trade in particular, especially with Asia, where consumer electronics, furniture and textiles, for example, are shipped from.“

So much for the light at the end of the supply-chain tunnel! 

This article was written by Ryan Paisey at www.forexlive.com.