Standard Chartered’s Saabir Salad notes that the National Bank of Hungary (MNB) cut the base rate by 25 bps to 6.00%, in line with expectations, and delivered notably dovish forward guidance.
Germany IFO – Expectations registered at 84.1, below expectations (85) in June
The German IFO Institute Business Climate Index improves to 85.6 in June, as expected, from 85.0 in May, revised higher from 84.9.
ING’s Francesco Pesole notes that the US Dollar (USD) is benefiting from equity market turmoil and hawkish Federal Reserve (Fed) commentary, with safe-haven demand reinforcing its strength.
Crude Oil prices keep trending lower, with the US benchmark West Texas Intermediate (WTI) barrel extending its decline below the $72.00 line on Wednesday, and reaching its lowest level since the UA and Israel attacked Iran in late February.
Germany IFO – Current Assessment came in at 87, above expectations (86.4) in June
Deutsche Bank strategists note that United States (US) equities experienced a classic risk-off session, with major indexes pressured by a sharp sell-off in chipmakers. The NASDAQ dropped more than the S&P 500 as semiconductor weakness dragged broader benchmarks lower.
Switzerland ZEW Survey – Expectations: -25 (June) vs previous -11.1
Germany IFO – Business Climate in line with forecasts (85.6) in June
Here is what you need to know on Wednesday, June 24:
XAG/USD holds ground after registering over 5% losses in the previous day, trading around $61.70 per troy ounce during the European hours on Wednesday.
Commerzbank notes USD/SGD rose 0.3% to 1.2970 and has been grinding higher since mid-June on broader Dollar strength.
