1 Minute Market Rundown – 9th June 2022
Trade the Extremes
Crypto Needs to Bounce Soon
A pretty quiet day yesterday, Euro was the biggest mover gaining against most currencies ahead of the ECB.
Today marks the start of a big 48 hours for the broader risk markets with CPI tomorrow out of the USA preceded by the ECB rate decision at 12.45 and news conference afterwards.
What to expect from Christine when she steps up to the Microphone then? Well priced in is no change to the headline rate, the printing presses being turned off and an indication that rates will be raised 25bps next month. The surprise would be an earlier rate hike (unlikely), a more hawkish stance than expected and indication that the will start with 50bps( possible) or a more measured stance and the market winds back its priced in hikes (possible). Pay your money and take your chance, for us selling rallies continues to attract in Euro/usd, and the outcome of the ECB will only affect our timing and levels rather than the overall strategy.
In crypto, yesterday was a very muted day with narrow ranges and our concerns expressed yesterday remain the same and they remain real. Tomorrow is likely to be a key test for the recent ranges whilst today we confidently (gulp) expect them to hold.
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