Oils Well Ends Spell

Top of the morning to all readers as we head into the start of cash trade in Europe this Thursday where UK Prime Minister Boris Johnson decided that resigning is just not his style. Recessionary fears are still being priced into markets but most asset classes have pared back some losses during APAC trade. On the Russian oil price cap, the US & allies are mulling the cap at $40-$60/barrel to cut Russia’s war financing.?

Price Action & APAC:?

In its June Meeting minutes the FOMC notes that a more restrictive measure may be taken to combat inflation with backing from the committee for a 50bps/75bps hike in July. WTI Crude futures printed $95 at the low of Wall Street trade but have since pared back losses. The metals complex continues to see heavy pressure. Gold futures broke through $1750s yesterday as well as DXY Futures continued to rally and print another new high for the year where it briefly traded above 107.000.?

(Copper Futures Daily Chart. Source: Bloomberg Finance L.P.)

Data Ahead:?

BoE’s Mann to speak at 0930 GMT, ECB’s Lane at 1045 GMT, ECB Monetary policy Meeting Minutes will be released at 1230 GMT followed by US ADP Employment for 1315 GMT, Canadian & US Trade data at 1330 GMT along with Jobless Claims figures before capping the day with weekly stockpile inventories out of the US Department of Energy.?

That is it from me today, for more head on over to the Duggan Capital Youtube Channel for The Daily Briefing and Pre-US Rundown. For those interested in finding a community of like-minded cohorts, do hit that purple button below and sign up for the ProTraders Package to enjoy a 1-month Free Trial Period to trade with us in our Virtual Trading Floor via Discord.

Have a great session ahead, this was Your Morning Reed.?

Sources: Trading Economics, Newsquawk, Bloomberg, RTRS, Caxton.io, Amplify Trading, Macro Hive.

Disclaimer: This is for information purposes ONLY & not meant as trading/investment advice. Reader discretion advised.??