Macro Roundup (Jun 12)

SHANGHAI, Jun 12 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar index rose 0.04% to close at 93.6 overnight with the 10-year treasury yield climbing up. The Federal Reserve is widely expected to increase interest rates on Wednesday, which could further support the US dollar this summer.

Base metals saw mixed performance ss the market remained cautious. LME zinc and copper fell over 1% overnight. The easing worries over supply from the Escondida labour negotiation in Chile accounted for the decline in LME copper. SHFE nickel dropped close to 1%. Other LME and SHFE metals hovered within a narrow range.

US President Donald Trump lashed out again at Canada and Europe on trade issues in a Monday tweetstorm after he refused to endorse the G7 declaration over the weekend. This escalated trade tension.

Day ahead

Key factors to watch today include the eurozone ZEW economic sentiment index in June, the US consumer price index (CPI) in May and the summit between Trump and North Korean leader Kim Jong Un in Singapore.

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