{"id":21102,"date":"2023-06-19T09:16:10","date_gmt":"2023-06-19T09:16:10","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=21102"},"modified":"2023-06-19T09:16:10","modified_gmt":"2023-06-19T09:16:10","slug":"us-markets-closed-for-juneteenth-holiday","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/MU\/us-markets-closed-for-juneteenth-holiday\/","title":{"rendered":"US Markets Closed for Juneteenth Holiday"},"content":{"rendered":"<h1>US Markets Closed for Juneteenth Holiday<\/h1>\n<p>The consumer confidence of the University of Michigan was he only market relevant data release on Friday, but it brought somewhat of a mixed message, especially for bond investors. Consumers\u2019 assessment, both on current conditions (63.9 from 59.2) and on expectations (68.0 from 64.9) printed stronger than expected but inflation expectations for the year ahead unexpectedly softened from 4.2% to 3.3%. Yields whipsawed after the release, but there was no lasting directional impact.<\/p>\n<p>Plenty of mostly hawkish oriented policy makers were eager to give their view on the ECB strategy going forward. ECB\u2019s Wunsch was most specific in its guidance as he said that \u2018if core inflation keeps around 5.0% on a yearly basis in the coming months, then we will have to increase beyond September\u2019. Assuming two additional hikes in July and September, this suggests that a cycle peak ECB deposit rate of 4.25% would be a real possibility. BuBa\u2019s Nagel and Austria\u2019s Holzmann were on the same line. Others including ECB Chair Lagarde were more reluctant to comment on what might happen beyond the clearly flagged July hike. German yields took a breather after last week\u2019s upleg, easing between 0.3 bps (2-y) and 3.4 bps (30-y). The 2.55% level proves to be tough resistance for the German 10-y yield.<\/p>\n<p>US interest rate markets showed somewhat of a different picture as they had to adjust after a \u2018too\u2019 strong setback on the back of higher (weaker than expected) jobless claims on Thursday. US yields rebounded between 7.25 bps (2-y) and 1.5 bps (30-y). Even so, US 2 &amp; 10-y yields also feel headwinds from resistance at respectively 4.8% and 3.85%. Real yields (10-y currently 1.54%) again nearing the cycle peak probably was factor slowing the US equity rally (Nasdaq -0.67%). At 4395, the Euro Stoxx 50 (+0.68%) is only a whisker away from the cycle top. On <a href=\"https:\/\/www.xtrememarkets.com\/mu\/\"><strong>FX markets<\/strong><\/a>, the dollar mostly kept Thursday\u2019s post-claims\/post-ECB losses. EUR\/USD closed marginally lower at 1.0937. Sterling continues to profit from \u2018comfortable\u2019 interest rate support with EUR\/GBP drifting further south in the 0.85 big figure (close 0.8532).<\/p>\n<p>Today, the calendar is extremely thin. US markets are closed for the Juneteenth holiday. In the EMU there no important data. ECB\u2019s Lane, Schnabel, Villeroy and Guindos will speak. We expect the downside both in US and EMU\/German yields to remain well protected. After last week\u2019s break higher, <strong>EUR\/USD<\/strong> might develop a further buy-on-dips pattern. The cycle top at 1.1095 remains the key reference. Later this week, Fed Chair Powell\u2019s testimony before Congress (Wednesday, Thursday) will be closely looked at. On Friday, the PMI\u2019s will give a new update on the health of the economy in most majors countries. In the UK, the BoE on Wednesday still receives key inflation data before deciding on policy the next day. Aside from the BoE, also the Hungarian Centrale bank (Tuesday), the Czech National bank (Wednesday) and the Swiss and Norwegian Centrale bank (Thursday) will decide on policy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Markets Closed for Juneteenth Holiday The consumer confidence of the University of Michigan was he only market relevant data release on Friday, but it brought somewhat of a mixed message, especially for bond investors. Consumers\u2019 assessment, both on current conditions (63.9 from 59.2) and on expectations (68.0 from 64.9) printed stronger than expected but<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/MU\/us-markets-closed-for-juneteenth-holiday\/\">continue reading<\/a>.","protected":false},"author":3,"featured_media":21103,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[198],"tags":[20,19,24,217,434,435,162,26,355],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>US Markets Closed for Juneteenth Holiday - Xtreamforex<\/title>\r\n<meta name=\"description\" content=\"The consumer confidence of the University of Michigan was he only market relevant data release on Friday, but it brought somewhat of a mixed message\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/MU\/us-markets-closed-for-juneteenth-holiday\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"US Markets Closed for Juneteenth Holiday - 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