{"id":330661,"date":"2023-06-22T06:50:30","date_gmt":"2023-06-22T06:50:30","guid":{"rendered":"https:\/\/www.gcmasia.co\/analysis\/en\/?p=330661"},"modified":"2023-06-22T06:56:08","modified_gmt":"2023-06-22T06:56:08","slug":"220623-afternoon-session-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/220623-afternoon-session-analysis\/","title":{"rendered":"220623 Afternoon Session Analysis"},"content":{"rendered":"

22 June 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis<\/strong><\/p>\n

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Sterling price jitters as CPI steadily and the economy worsen.<\/strong><\/span><\/p>\n

The Pound Sterling, which traded against the dollar index, continued to jitter as the May CPI remained steady as the previous month’s reading, but the economic growth worsened. British headline inflation was unchanged at 8.7% in May compared to April\u2019s data, figures from Office National Statistics showed on Wednesday. Economists polled by Reuters forecast that the annual CPI would drop to 8.4%, but the figures were above economists\u2019 estimation. However, the UK Producer Price Index (PPI) revealed at -1.5% month-on-month in May, slipped more than expected by -0.5%. The ONS said that the fall in input prices was mainly driven by the fall in energy prices. The higher-than-expected CPI prompted investors that the BoE (Bank of England) is under pressure to turn more aggressive. With the CPI remaining steady, the probability of a 5bps hike now stands at 40% from 30%. Nonetheless, the pairs of GBP\/USD traded lower following the CPI data revealed. The sterling experience a selloff by global investors after the ONS announced that UK public sector net debt surpassed 100% of gross domestic product (GDP) in May since the year of 1961. Meanwhile, the investors are an eye on BoE monetary policy decisions followed by meeting minutes. As of writing, the GBP\/USD ticked down by -0.02% to 1.2769.<\/p>\n

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In the commodities market, crude oil prices traded lower by -0.30%% to $72.30 per barrel following the prior American Petroleum Institution (API) revealed crude oil inventory surprise dip at -1.246M. Besides, the gold prices appreciated by 0.02% to $1933.11 per troy ounce as the dollar weakened.<\/p>\n

\u00a0<\/u><\/p>\n

Today\u2019s Holiday Market Close<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event <\/strong><\/p>\n

All Day\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CNY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Dragon Boat Festival<\/p>\n

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Today\u2019s Highlight Events<\/u><\/p>\n

Time\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Market\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Event<\/strong><\/p>\n

16:00 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CHF\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 SNB Press Conference<\/p>\n

20:00 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 GBP\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 BOE Inflation Letter<\/p>\n

22:00 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 USD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Fed Chair Powell Testifies<\/p>\n

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Today\u2019s Highlight Economic Data<\/u><\/p>\n\n\n\n\n\n\n\n\n
Time<\/strong><\/td>\nNation & Data<\/strong><\/td>\nPrevious<\/strong><\/td>\nForecast<\/strong><\/td>\nActual<\/strong><\/td>\n<\/tr>\n
15:30<\/td>\nCHF – SNB Interest Rate Decision (Q2)<\/td>\n1.50%<\/td>\n1.75%<\/td>\n–<\/td>\n<\/tr>\n
19:00<\/td>\nGBP – BoE Interest Rate Decision (Jun)<\/td>\n4.50%<\/td>\n4.75%<\/td>\n–<\/td>\n<\/tr>\n
20:30<\/td>\nUSD – Initial Jobless Claims<\/td>\n262K<\/td>\n260K<\/td>\n–<\/td>\n<\/tr>\n
22:00<\/td>\nUSD – Existing Home Sales (May)<\/td>\n4.28M<\/td>\n4.24M<\/td>\n–<\/td>\n<\/tr>\n
23:00<\/td>\nCrudeOIL – Crude Oil Inventories<\/td>\n7.919M<\/td>\n1.873M<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n

Technical Analysis\u00a0<\/u><\/strong><\/p>\n

\"\"<\/p>\n

DOLLAR_INDX, H4: <\/strong>Dollar index was traded higher following the prior rebound from lower level. However, MACD which illustrated bearish momentum suggests the index undergoes a technical correction in the short term.<\/p>\n

 <\/p>\n

Resistance level: 101.85,102.35<\/p>\n

Support level: 101.35, 100.80<\/p>\n

 <\/p>\n

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GBPUSD, H4: <\/strong>GBPUSD was traded lower following the prior retracement from the higher level. However, MACD which illustrated diminishing bearish momentum suggests the pair undergoes a technical correction in a short term.<\/p>\n

 <\/p>\n

Resistance level: 1.2815, 1.2990<\/p>\n

Support level: 1.2665, 1.2565<\/p>\n

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\"\"<\/p>\n

EURUSD, H4: <\/strong>EURUSD was traded lower following the prior retracement from below from the resistance level at 1.0990. However, MACD which illustrated increasing bullish momentum suggests the pair undergoes a technical correction in a short term.<\/p>\n

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Resistance level: 1.0990, 1.1075<\/p>\n

Support level: 1.0915, 1.0840<\/p>\n

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USDJPY, H4: <\/strong>USDJPY was traded higher following the prior rebound from the lower level. MACD which illustrated diminishing bearish momentum suggests the pair extended its gains toward the resistance level.<\/p>\n

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Resistance level: 142.90, 144.10<\/p>\n

Support level: 141.40, 140.20<\/p>\n

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\"\"<\/p>\n

AUDUSD, H4: <\/strong>AUDUSD was traded lower following the prior breaks below from the previous support level at 0.6770. However, MACD which illustrated diminishing bearish momentum suggests the pair undergoes a technical correction in the short term.<\/p>\n

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Resistance level: 0.6770, 0.6840<\/p>\n

Support level: 0.6700, 0.6615<\/p>\n

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\"\"<\/p>\n

NZDUSD, H4: <\/strong>NZDUSD was traded lower following the prior retracement from the resistance level at 0.6215. \u00a0However, MACD which illustrated diminishing bearish momentum suggests the pair undergoes a technical correction in the short term.<\/p>\n

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Resistance level: 0.6215, 0.6310<\/p>\n

Support level: 0.6105, 0.5995<\/p>\n

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\"\"<\/p>\n

USDCAD, H4: <\/strong>USDCAD was traded lower following the prior retracement from the resistance level at 1.3240. MACD which illustrated increasing bearish momentum suggests the pair extended its losses toward the support level at 1.3140.<\/p>\n

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Resistance level: 1.3240, 1.3335<\/p>\n

Support level: 1.3140, 1.3040<\/p>\n

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\"\"<\/p>\n

USDCHF, H4: <\/strong>USDCHF was traded lower following the prior breaks below the previous support level at 0.8940. MACD which illustrated increasing bearish momentum suggests the pair extended its losses toward the support level.<\/p>\n

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Resistance level: 0.8940, 0.8985<\/p>\n

Support level: 0.8870, 0.8820<\/p>\n

 <\/p>\n

\"\"<\/p>\n

CrudeOIL, H4: <\/strong>Crude oil price was traded lower following the prior retracement from the higher level. MACD which illustrated diminishing bullish momentum suggests the commodity extended its losses toward the support level at 71.35.<\/p>\n

 <\/p>\n

Resistance level: 73.15, 75.40<\/p>\n

Support level: 71.35, 69.30<\/p>\n

 <\/p>\n

\"\"<\/p>\n

GOLD_, H4: <\/strong>Gold price was traded lower following the prior breaks below from the previous support level at 1931.45. However, MACD which illustrated diminishing bearish momentum suggests the commodity undergoes a technical correction in the short term.<\/p>\n

 <\/p>\n

Resistance level: 1931.45, 1955.50<\/p>\n

Support level: 1901.70, 1872.40<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

22 June 2023\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Afternoon Session Analysis   Sterling price jitters as CPI steadily and the economy worsen. The Pound Sterling, which traded against the dollar index, continued to jitter as the May CPI remained steady as the previous month’s reading, but the economic growth worsened. British headline inflation was unchanged at 8.7% in May compared […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/330661"}],"collection":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=330661"}],"version-history":[{"count":2,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/330661\/revisions"}],"predecessor-version":[{"id":330803,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/330661\/revisions\/330803"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=330661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=330661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=330661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}