{"id":33178,"date":"2022-06-27T09:12:09","date_gmt":"2022-06-27T06:12:09","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=33178"},"modified":"2025-10-17T10:07:05","modified_gmt":"2025-10-17T07:07:05","slug":"recession-clouds-on-the-horizon","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/ph\/recession-clouds-on-the-horizon\/","title":{"rendered":"Daily Key points: Recession clouds on the horizon"},"content":{"rendered":"<p>The USD remained rather stable against a number of its counterparts yesterday, yet we must note that last week weak data tended to knock it down and escalated more or less market worries for a possible recession in the US economy. Nevertheless San Francisco Fed President Daly, which usually rests on the dovish side of the bank, stated on Friday that she would be prepared to back another 75 basis points rate hike in the Fed\u2019s next meeting, which reaffirmed the market\u2019s expectations for the steep hiking path of the bank. Today we note the release of the US durable goods orders for May which are to show the level of trust of US companies to actually invest in the US economy while later on we get also the pending sales also for May. On the other hand, US stockmarkets tended to be on the rise on Friday with all major US stockmarket indexes, the Dow Jones, S&amp;P 500 and Nasdaq ending their day in the greens, trying to recover some ground or even implying some optimism.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Recession Clouds on the Horizon\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/F1TY0VJbQhs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Gold\u2019s price opened with a slight positive gap as reports surfaced that G7 nations plan to sanction gold imports from Russia a move that is realised could tighten the supply of the precious metal. At the same time we note that the Loonie tended to gain against the USD benefitting from the greenback\u2019s inactivity, while at the same time found some support as oil prices were on the rise on Friday. It should be noted though that the commodity\u2019s prices could start dropping again, given that the possibility of a global economic slowdown and the prospect of a reviving of the Iran nuclear deal increasing downward pressure. USD\/CAD dropped yesterday breaking the 1.2915 (R1) support line, now turned to resistance. We tend to maintain a bearish outlook for the pair given also that the RSI indicator below our 4-hour chart is actively aiming for the reading of 30.<br>On the other hand we must note though that the price action has reached the lower Bollinger band which could support the price action preventing further movement downwards. Should the bears actually maintain control over the pair we may see it breaking the 1.2755 (S1) support line and aim for the 1.2615 (S2) level. Should the bulls take over, we may see USD\/CAD reversing course breaking the 1.2915 (R1) resistance line and take aim of the 1.3075 (R2) resistance level.<br>WTI prices were on the rise after bouncing on the 103.00 (S1) support line. We tend to maintain a bias for a sideways movement initially for the commodity\u2019s price action as the RSI indicator below our 4-hour chart runs along the reading of 50, which may imply a rather indecisive market. Should the commodity find fresh buying orders along its path we may see it breaking the 110.30 (R1) resistance line and aim for the 116.00 (R2) level. Should a selling interest be expressed by the market, we may see it breaking the 103.00 (S1) support line aiming for lower grounds.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-as-for-the-rest-of-the-week\"><strong>As for the rest of the week<\/strong><\/h2>\n\n\n\n<p>On Tuesday we note the release of Germany\u2019s forward looking GfK Consumer Sentiment for July and the US consumer confidence for June. On Wednesday we note the release of Australia\u2019s retail sales growth rate for May, Eurozone\u2019s business climate for June and the highlight is the release of the final US GDP rate for Q1. On a packed Thursday we get Japan\u2019s preliminary industrial output growth rate for May, China\u2019s NBS manufacturing PMI figure for June, UK\u2019s final GDP rate for Q1, UK\u2019s Nationwide house prices for June, France\u2019s and Germany\u2019s preliminary HICP rate for June, Switzerland\u2019s KOF indicator also for June, Canadas\u2019 GDP rate for April and from the US the weekly initial jobless claims figure as well as the consumption rate for May. Also on the monetary front, we note from Sweden, Riksbank\u2019s interest rate decision on Thursday. On Friday, we get from Japan Q2\u2019s Tankan indexes and Tokyo\u2019s CPI rates, Chinas\u2019 Caixin manufacturing PMI, Eurozone\u2019s preliminary HICP rate and in the American session, from the US the ISM manufacturing PMI figure, all of the releases being for June.<\/p>\n\n\n\n<p><strong>USD\/CAD H4 Chart<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"880\" height=\"413\" src=\"\/wp-content\/uploads\/2022\/06\/image-68.png\" alt=\"support at one point two seven five five and resistance at one point two nine one five, direction downwards  \" class=\"wp-image-33179\" style=\"width:607px;height:285px\" title=\"usd-cad-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 1.2755 (S1), 1.2615 (S2), 1.2515 (S3)<\/p>\n\n\n\n<p>Resistance: 1.2915 (R1), 1.3075 (R2), 1.3240 (R3)<\/p>\n\n\n\n<p><strong>WTI H4 Chart<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"879\" height=\"413\" src=\"\/wp-content\/uploads\/2022\/06\/image-69.png\" alt=\"support at one hundred and three and resistance at one hundred and ten point three, direction upwards    \" class=\"wp-image-33180\" title=\"wti-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 103.00 (S1), 97.40 (S2), 92.60 (S3)<\/p>\n\n\n\n<p>Resistance: 110.30 (R1), 116.00 (R2), 121.00 (R3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1457\" height=\"360\" src=\"\/wp-content\/uploads\/2022\/06\/image-70.png\" alt=\"\" class=\"wp-image-33181\" title=\"benchmark-27-6-2022\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"881\" height=\"515\" src=\"\/wp-content\/uploads\/2022\/06\/image-72.png\" alt=\"\" class=\"wp-image-33183\" title=\"table-27-6-2022\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1228\" height=\"587\" src=\"\/wp-content\/uploads\/2022\/06\/image-71.png\" alt=\"\" class=\"wp-image-33182\" title=\"morning-releases-27-6-2022\"\/><\/figure>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>\n\n\n\n<p><br><\/p>\n\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>The USD remained rather stable against a number of its counterparts yesterday, yet we must note that last week weak<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-33178","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Daily Key points: Recession clouds on the horizon<\/title>\n<meta name=\"description\" content=\"The USD remained rather stable against a number of its counterparts yesterday, yet we must note that last week weak data\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/ph\/wp-json\/wp\/v2\/posts\/33178\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Key points: Recession clouds on the horizon\" \/>\n<meta property=\"og:description\" content=\"The USD remained rather stable against a number of its counterparts yesterday, yet we must note that last week weak data\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfx-id.com\/ph\/recession-clouds-on-the-horizon\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-27T06:12:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-17T07:07:05+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/recession-clouds-on-the-horizon\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/recession-clouds-on-the-horizon\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"Daily Key points: Recession clouds on the horizon\",\"datePublished\":\"2022-06-27T06:12:09+00:00\",\"dateModified\":\"2025-10-17T07:07:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/recession-clouds-on-the-horizon\\\/\"},\"wordCount\":812,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/#organization\"},\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"tl\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/recession-clouds-on-the-horizon\\\/\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/recession-clouds-on-the-horizon\\\/\",\"name\":\"Daily Key points: Recession clouds on the horizon\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/#website\"},\"datePublished\":\"2022-06-27T06:12:09+00:00\",\"dateModified\":\"2025-10-17T07:07:05+00:00\",\"description\":\"The USD remained rather stable against a number of its counterparts yesterday, yet we must note that last week weak data\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/recession-clouds-on-the-horizon\\\/#breadcrumb\"},\"inLanguage\":\"tl\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/recession-clouds-on-the-horizon\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/recession-clouds-on-the-horizon\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Daily Key points: Recession clouds on the horizon\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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