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Take Five: Give me an FOMC, BOE, BOJ and SNB

10 Tháng Sáu 2022
Take Five: Give me an FOMC, BOE, BOJ and SNB © Reuters. FILE PHOTO: Buses travel past the Bank of England (BoE) building after the BoE became the first major world's central bank to raise rates since the coronavirus disease (COVID-19) pandemic, London, Britain, December 16, 2021. REUTERS/Toby Melville/File Pho

It's a central-bank heavy week ahead, with the U.S. Federal Reserve expected to deliver its second straight half-point rate hike to bring inflation under control.

Britain and Sweden, too, will likely lift interest rates again, while Switzerland may be getting ready to join the rate-hike club. In contrast, the Bank of Japan should confirm it's ultra-dovish stance remains solid.

Here's a look at the week ahead from Ira Iosebashvili in New York, Kevin Buckland in Tokyo and Sujata Rao, Julien Ponthus and Dhara Ranasinghe in London.

1/ GO BIG

It's time to go big or go home in the battle to curb inflation. So Wednesday will likely see the Federal Reserve hike interest rates by another 50 basis points (bps), adding to the 75 bps of tightening already delivered since March.

How confident the Fed remains in squashing the highest inflation in decades without tipping the U.S. economy into a recession will be under scrutiny.

The jobs market is holding up well and retail sales data on Wednesday could show how consumers are doing as borrowing costs rise. Analysts expect a 0.2% monthly increase in retail sales for May. One big retailer is cutting its margin outlook.

Also watch the Fed's projections for rate moves in the so-called "dot plot." Unexpectedly aggressive rate-hike projections could pile pressure on U.S. Treasuries, with 10-year yields back above 3%.

Graphic: The Fed's balance sheet https://fingfx.thomsonreuters.com/gfx/mkt/klvykowlevg/Pasted%20image%201654727036511.png

2/ NO, DON'T GO (AT ALL)

There's little doubt that the Bank of Japan will stick to its big stimulus guns on Friday, with Governor Haruhiko Kuroda in recent days repeatedly re-committing to ultra-easy monetary policy.

But pressure to change tack is growing. Being the G-10's lone dove means constantly pushing back against a global tide of rising yields. Japan's 10-year bond yield is regularly bumping against the BOJ's tolerance ceiling, 25 bps north of 0%.

Pinning it there is costly and one casualty is the yen. Widening yield differentials have sent the currency to multi-decade lows.

Japan's imported energy has become expensive, crunching consumers and businesses at a sensitive time as crucial upper house elections loom this summer. Kuroda didn't help matters by suggesting households were becoming more tolerant of rising prices, forcing a rare apology.

Graphic: Yen heads for 135 per dollar https://fingfx.thomsonreuters.com/gfx/mkt/jnpwezmyjpw/Pasted%20image%201654787299543.png

3/ CRUEL SUMMER

Near-10% inflation, the worst cost-of-living squeeze in decades and planned labour strikes threaten a summer of discontent in Britain. The OECD predicts zero growth next year, the weakest performance for any G20 economy - except Russia.

But on June 16, the Bank of England will likely raise rates for the fifth time since December. GDP and jobs figures are also due on Monday and Tuesday. As a reminder, Q1 joblessness touched 48-year lows at 3.7%. But adjusted for inflation, pay was down 2% on year-earlier levels, the biggest fall since 2013.

Meanwhile, Prime Minister Boris Johnson, his authority shaken by a vote of confidence, is forging on with "fiscal firepower" pledges and plans to amend a Northern Ireland trade protocol. The former could exacerbate inflation; the latter will almost certainly stoke tensions with the European Union.

Graphic: UK pay https://fingfx.thomsonreuters.com/gfx/mkt/lbpgndakxvq/Pasted%20image%201654764973737.png

4/ INFLATION BUG

Switzerland has caught the inflation bug, having seen prices rise in May by the most in nearly 14 years. It could mean the days of deeply negative rates are numbered.

The Swiss National Bank may not make a change to its -0.75% interest rate - the world's lowest - at its Thursday meeting. But price pressures and the prospect of the ECB hiking rates in July are persuading some rate-setters to change their dovish stance.

Franc strength has dampened inflation somewhat and the SNB has toned down franc selling. Still, it may join the rate-hike club soon, having watched such hitherto-dovish peers as Sweden's Riksbank make policy U-turns.

Having upped rates in April, the Riksbank may do so again on Friday, with some chance of a 50 bps move.

Graphic: Swiss catch the inflation bug https://fingfx.thomsonreuters.com/gfx/mkt/xmpjoxmaovr/chTHEME0906.PNG

5/ ENSEMBLE?

France votes on Sunday in first-round parliamentary elections that will determine whether newly re-elected President Emmanuel Macron will be able to implement his pro-business platform.

Much has changed since his 58% win against far-right candidate Marine Le Pen on April 24, with opinion polls shifting from expectations for a majority for Macron's Ensemble (Together) alliance to the possibility of a hung parliament.

A unified Left opposition, which promises to lower the retirement age to 60 and cap prices on essential products, has gained momentum. Falling short of an absolute majority would be a big setback, forcing Macron to broaden his alliance or face the uncertainty tied to governing without a majority.

The broader the alliance, the more complicated deal-making, and dictating policy decisions, becomes. Some amount of political risk would kick in as investors reconsider the premium paid for French assets.

Graphic: French stocks versus the broader European market https://fingfx.thomsonreuters.com/gfx/mkt/dwvkrnwwopm/FRTHEME0906.PNG

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25-06-2022 23:06:41 (UTC+7)

EUR/USD

1.0554

+0.0031 (+0.29%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (4)

EUR/USD

1.0554

+0.0031 (+0.29%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (4)

GBP/USD

1.2272

+0.0012 (+0.10%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

USD/JPY

135.23

+0.29 (+0.22%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

AUD/USD

0.6944

+0.0055 (+0.80%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

USD/CAD

1.2891

-0.0103 (-0.79%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

EUR/JPY

142.71

+0.71 (+0.50%)

Summary

↑ Buy

Moving Avg:

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Sell (1)

Indicators:

Buy (8)

Sell (1)

EUR/CHF

1.0114

-0.0001 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (1)

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Indicators:

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Gold Futures

1,828.10

-1.70 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

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Silver Futures

21.130

+0.088 (+0.42%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (5)

Sell (4)

Copper Futures

3.7365

-0.0025 (-0.07%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (4)

Crude Oil WTI Futures

107.06

+2.79 (+2.68%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Brent Oil Futures

113.19

+3.14 (+2.85%)

Summary

↑ Sell

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Natural Gas Futures

6.173

-0.066 (-1.06%)

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↑ Buy

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Sell (5)

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US Coffee C Futures

223.40

-5.60 (-2.45%)

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↑ Buy

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Buy (10)

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Buy (7)

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Euro Stoxx 50

3,533.17

+96.88 (+2.82%)

Summary

Neutral

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Sell (8)

Indicators:

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Sell (4)

S&P 500

3,911.74

+116.01 (+3.06%)

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↑ Buy

Moving Avg:

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Sell (0)

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DAX

13,118.13

+205.54 (+1.59%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

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Sell (7)

FTSE 100

7,208.81

+188.36 (+2.68%)

Summary

↑ Buy

Moving Avg:

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Sell (4)

Indicators:

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Sell (1)

Hang Seng

21,719.06

+445.19 (+2.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

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US Small Cap 2000

1,765.74

+54.06 (+3.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

IBEX 35

8,244.10

+137.70 (+1.70%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

Sell (5)

BASF SE NA O.N.

42.215

+0.785 (+1.89%)

Summary

↑ Buy

Moving Avg:

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Sell (1)

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Bayer AG NA

57.79

-0.75 (-1.28%)

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↑ Sell

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Allianz SE VNA O.N.

181.20

+2.20 (+1.23%)

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↑ Sell

Moving Avg:

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Adidas AG

170.36

+3.30 (+1.98%)

Summary

↑ Sell

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Deutsche Lufthansa AG

5.966

-0.310 (-4.94%)

Summary

↑ Sell

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Siemens AG Class N

102.62

+3.36 (+3.39%)

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↑ Buy

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Buy (9)

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Deutsche Bank AG

8.919

+0.407 (+4.78%)

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↑ Buy

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Sell (0)

Indicators:

Buy (8)

Sell (0)

 EUR/USD1.0554Buy
 GBP/USD1.2272↑ Sell
 USD/JPY135.23↑ Buy
 AUD/USD0.6944↑ Sell
 USD/CAD1.2891↑ Sell
 EUR/JPY142.71↑ Buy
 EUR/CHF1.0114↑ Sell
 Gold1,828.10↑ Buy
 Silver21.130Neutral
 Copper3.7365Sell
 Crude Oil WTI107.06↑ Sell
 Brent Oil113.19↑ Sell
 Natural Gas6.173↑ Buy
 US Coffee C223.40↑ Buy
 Euro Stoxx 503,533.17Neutral
 S&P 5003,911.74↑ Buy
 DAX13,118.13↑ Sell
 FTSE 1007,208.81↑ Buy
 Hang Seng21,719.06↑ Buy
 Small Cap 20001,765.74↑ Buy
 IBEX 358,244.10Sell
 BASF42.215↑ Buy
 Bayer57.79↑ Sell
 Allianz181.20↑ Sell
 Adidas170.36↑ Sell
 Lufthansa5.966↑ Sell
 Siemens AG102.62↑ Buy
 Deutsche Bank AG8.919↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,760/ 6,840
(0/ 0) # 1,696
SJC HCM6,785/ 6,865
(5/ 5) # 1,716
SJC Hanoi6,785/ 6,867
(5/ 5) # 1,718
SJC Danang6,785/ 6,867
(5/ 5) # 1,718
SJC Nhatrang6,785/ 6,867
(5/ 5) # 1,718
SJC Cantho6,785/ 6,867
(5/ 5) # 1,718
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