The blow from North Korean Missile fell...on risk appetite

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Hey guys,

So here is the quick takeaway of today's mkt events.

The dollar positions firm on Tuesday after the release of positive ISM in the manufacturing sector. From the key data on Monday: The rise in construction spending slowed to 0.0% with expectations of 0.3%, domestic vehicle sales were slightly lower than forecasts of 12.79M with a forecast of 12.94M. In the production activity, the US economy also outstripped modest forecasts: the key index rose to 57.8 points with expectations of 55.3 points. Investors are waiting for the release of the June Fed protocol tomorrow to get more information about the regulator's intentions to reduce credit support for the economy.

Futures on the dollar get through the 96.00 level, continuing a two-day correction from the September low of 95.00, but there is a possibility of the trend reversal and the US currency may turn into the medium-term rally as investors bet on the Fed's decision to hold a third round of policy tightening this year. This is confirmed by the futures market where the chances of raising the interest rate exceeded 50%, against 43.6% last week.

The dollar ignores the pressure associated with the successful launch of the intercontinental ballistic missile by North Korea, but safe heavens which are more sensitive to international confrontations have risen in price. USDJPY decreased by 0.18%, despite dollar gains, some investors found relief in the gold bets, which added half a percentage, much thanks to the correction from lowest point since May at support level of $1,220 per troy ounce. European and Asian indices are in the red amid global flight from risks.

OPEC is not in a position to achieve a coordinated position on production with its participants, in particular with those which have not signed a pact to limit production. The production of the cartel is growing thanks to supplies from Nigeria and Libya exempt from quotas. Bearish dynamics suggests that market participants are expecting an increase in commercial inventories in the US, awaiting a report from API today and EIA tomorrow. The blow that the North Korean missile struck global appetite to risk also put its dent to the oil market. Both grades have lost about half a percentage point after an impressive 8-day rally, which has already boosted the bulls for cardinal decisions. Although it appears to be too early to turn buoyant.

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