US President Speaks on Iran
When President Trump addresses the world today in about 9 hours from press time today he will tell us whether the US will abide by the JCPOA. Few but the terminally optimistic expect other than a US abrogation. The question is what will happen as a result of the announcement.
The US Dollar continues gaining strength against the Euro. This trend has been in train for close to 10 days now and still has a head of steam driving it. Euroland has shown economic and sentimental weakness the last week with the ECB not finding much positivity to encourage investors and traders.
DAX Stays Strong
The German stock index has broken above its .618 Fibonacci retracement price of 12879, but gave back enough to be currently just below this ratio level at press time. Once the stock market digests JCPOA do-see-do they will likely take pause in their new found buying ways. Not yet at any rate.
Wheat is Down
Wheat for July delivery in the Chicago switching district has been rising for 3 months and this month is correcting downward in price. The last upward correction lasted 2 months but the second month was hardly a robust buy out. Now that price is returning to its declining ways it is not likely that the will be rising any time soon.