USD: 107.060 EUR: 120.810 GBP: 133.589 AUD: 74.021 NZD: 69.407 CNY: 15.150 CHF: 113.243 BTC: 1,027,703 ETH: 25,995 Tue Jun 23

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EUR/USD opened 0.31% higher at 1.1373 after Fed message was dovish It traded to 1.1395 in early Asia before risk-off tone capped S&P futures fell 0.60% while the AXJ equity index eased 0.50% EUR/USD eased to 1.1365 before settling around 1.1375 Short-trend remains higher while 10-day MA (1.1265) holds dips Key resistance at May 9 trend high at 1.1495

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JF Apex noted that MMC, Supermax, Velesto, Serba Dinamik, Axis REIT, HSS Engineers, Imaspro, Globetronics, Uzma reported better y-o-y quarterly results. On the other hand, Suria Capital, CCM, PetChem, PetGas, Wah Seong, Hup Seng posted weaker y-o-y quarterly net earnings. Meanwhile, US markets rose overnight as the bullish momentum continues amid economies being reopened.

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The exchange rate turned sharply higher last week when leaders from France and Germany initially discussed a further stimulus plan to help out the economies hit hardest by Covid-19. There was some push back from the original proposal as some member states opposed the idea of providing grants as a form of a stimulus. The European Union discussed a new package yesterday, worth as much as 750 billion euros, that will be distributed in the form of grants and loans. Italy and Spain are expected to be the main beneficiaries of the package, set to receive 81.8 billion euros and 77.3 billion euros respectively. Approval is still required from all of the member states and ongoing developments stand to move the exchange rate.

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