Morning Update – 27/06/2017 – by Arjun Lakhanpal

Morning all.. Wall St managed to close marginally in the green but the NASDAQ under-performed, closing down 0.3% but Asia saw some gains with the Nikkei up 0.33% as USDJPY held gains. In fact USDJPY took out the offers up to 112.00 but failed to hold above 112.00. Asian stocks were mixed as investors awaited an appearance by Federal Reserve Chair Janet Yellen for clues on the outlook for interest rates and the American economy due later today. Oil held gains after a three-day rebound. Treasuries held an advance after an unexpected decline in U.S. orders for business equipment. Gold provided some drama after an apparently erroneous order triggered a plunge in the price and a surge in volume. The weakness in U.S. durable goods data added to concerns about the strength of economic growth after the recent rout in the oil market and signs that inflation is trailing expectations. Some investors worry the Fed is taking too rosy a view of the economy as it sets the path for further interest-rate increases. With little data on the calendar Tuesday, investors will focus on an address by Yellen for clues on policy. More reports are due later this week from around the globe — covering everything from inflation to employment, manufacturing and housing. GBP held up in the face of some disappointing data overnight which saw YouGov/CEBR: UK consumer confidence fell to 106.9 after election, just above post Brexit referendum lows; prelim assessment is that economic growth will fall sharply over coming months; UK will only be saved from recession by strong international trade; political uncertainty, rising inflation & struggling housing market are all weighing on sentiment. This morning we get little data of note but we do get a speech from Draghi. Also BoE’s Carney is due to speak this morning. Good luck.