Commodites

Elliott Wave Live: Stock profit-taking ahead of summer?Jun 24, 2024

Finally, I’m back from Germany after watching the Euro 2024 game between Slovenia and Serbia, but big match for us is tomorrow, between Slovenia and UK!

Regarding the FX markets, we haven’t seen much volatility last week, despite the Bank of England’s decision to leave rates unchanged following lower inflation figures of 2%. On the other hand, Swiss National Bank surprised by cutting rates by 25 basis points, leading to the CHF finishing the week lower, especially after on Friday, we saw a dollar rally as stocks came down due to strong manufacturing and services PMI figures, alongside profit-taking ahead of summer. This suggests the possibility of lower or more sideways price action on equities, which can then keep the dollar trapped in a large range, which I discussed last week.

I covered this and more in our webinar today. You can watch the recording below.

Grega

SP500 Elliott wave chart

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