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There were no fresh catalysts during the Asian session, so market players had plenty of time to price in the U.S.’ stance on restricting Chinese investments.

  • Japan’s retail sales improves by 0.6% in May vs. 1.3% growth expected, 1.5% uptick in April

Major Events/Reports:

With no fresh catalysts to price in, Asian session players focused on the previous sessions’ economic themes.

If you recall, speculations of the U.S. softening its stance on restricting foreign companies from acquiring U.S. tech were shot down by White House economic adviser Larry Kudlow when he shared that establishing a review panel doesn’t reflect a softer stance against China.

It seems like the bears were over it, though, which allowed the bulls to dominate.

  • Nikkei is still down by 0.30% to 22,206.1, but
  • A SX 200 is up by 0.54% to 6,216.2
  • Hang Seng is up by 0.50% to 28,498.1 and
  • Shanghai index is up by 0.24% to 2,819.886.

Commodity prices also ticked higher, with crude oil getting extra momentum from a surprise draw in U.S. crude oil supplies published in the previous session.

  • Gold is up by 0.02% to $1,252.47
  • Brent crude oil is up by 0.27% to $77.46
  • U.S. WTI is up by 0.37% to $72.51

Major Market Mover(s):


Kiwi traders shrugged off a recovery in risk sentiment and priced in the RBNZ’s almost-dovish remarks earlier.

See, the central bank noted that a “supportive” monetary policy will likely be needed “for some time to come.” Not only that, but it ended its statement by ensuring that “the OCR is at an expansionary level for a considerable period.” Yikes!

AUD/NZD is up by 59 pips (+0.54%) to 1.0856; EUR/NZD is up by 69 pips (+0.40%) to 1.7071; NZD/CAD is down by 30 pips (-0.34%) to .9033; GBP/NZD is up by 58 pips (+0.30%) to 1.9351; NZD/USD is down by 19 pips (-0.29%) to .6776, and NZD/JPY is down by 20 pips (-0.26%) to 74.72.


The high-yielding Aussie saw gains across the board as market players took a chill pill on their trade war jitter trades.

AUD/USD is up by 18 pips (+0.25%) to .7456; AUD/JPY is up by 20 pips (+0.25%) to 81.12; AUD/CAD is up by 17 pips (+0.17%) to .9806; AUD/CHF is up by 15 pips (+0.20%) to .7332, and GBP/AUD is down by 31 pips (-0.17%) to 1.7826.


There were no reports from the euro zone to move the common currency, but Germany’s Interior Minister and leader of the Christian Social Union (CSU) Horst Seehofer might have caused a bit of recovery when he clarified that they’re not looking to break up Angela Merkel’s coalition.

EUR/USD is up by 15 pips (+0.13%) to 1.1568; EUR/JPY is up by 16 pips (+0.12%) to 127.56; EUR/CHF is up by 13 pips (+0.11%) to 1.1530, and EUR/GBP is up by 11 pips (+0.12%) to .8821.

Watch Out For:

  • Germany’s preliminary CPI (0.2% expected, 0.5% previous)
  • 6:00 am GMT: Germany’s GfK consumer climate (10.6 expected, 10.7 previous)
  • 7:00 am GMT: Spain’s flash CPI (y/y) (2.3% expected, 2.1% previous)
  • 8:00 am GMT: ECB’s economic bulletin