Market Insights

Market Information Monday 17 June 2024

Oil prices rose by about four percent last week, recovering the approximately two percent loss from the week before. OPEC’s optimistic outlook for oil demand growth helped reverse earlier losses, but uncertainties remain due to economic prospects and warnings from the International Energy Agency and the Energy Information Administration about a potential surplus and an increase in U.S. oil inventories. Upcoming data on crude oil processing in China could further negatively impact sentiment.

Consumer confidence in the U.S. economy fell from 69.1 in May to 65.6 in June, according to preliminary figures from the University of Michigan. Confidence in the current state of the economy deteriorated from 69.6 to 62.5, while economic expectations became slightly less optimistic, declining from 68.8 to 67.6. The inflation expectation for the next 12 months remained steady at 3.3 percent, while the five-year expectation rose from 3.0 to 3.1 percent.

The euro fell below 1.07 dollar on Friday morning, influenced by the upcoming French presidential elections and Fed policy. Inflation in France for May was revised up from 2.2 percent to 2.3 percent due to rising energy prices. The Bank of Japan left interest rates unchanged but is considering buying fewer government bonds. The euro was down 0.5 percent to 1.0682 dollar, the British pound fell 0.4 percent to 1.2703 dollar, and the Australian dollar declined 0.4 percent to 0.6610 dollar.

The 6M Euribor is unchanged at 3.75% compared to previous business day. The 10Y Swap decreased with 2 basis points to 2.78% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.

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