Daily Alert – Wednesday 30th June 2021: Month ends with a whimper

Mark NugentDaily Alert, June 2021

Daily Alert – Wednesday 30th June 2021: Month ends with a whimper

Good afternoon traders.

It is all a bit quiet as the month and quarter come to an end. There is little movement in equities. WTI hardly moves as we await the outcome of tomorrow’s OPEC meeting. GOLD falls to support as the USD rises. The USD rise is pushing both GBP and EUR down. What is interesting is that the JPY and the commodity currencies are moving in opposite directions on the daily charts, as you would hope for when these currencies are being driven by strong risk-on or risk-off sentiment. Unfortunately, we are not seeing sustained positive or negative sentiment.

I have placed no trades this week. The 11.0 percent made last week was good enough and I have seen nothing compelling so far this week. The biggest risk event remaining this week is the final OPEC meeting tomorrow. OPEC do not always give a clear communique after their final meeting. They can be a wee bit flaky when they want to be. Of course, we have NFP on Friday but by the time it comes out (130pm BST) it is too late for me to be interested in. That is not to say it cannot have an impact that lasts into the next week.

I’ll be back on Friday with your Performance Report for June and YTD, as well as your overview of the week.

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