ICM Capital - Market Update

Saturday, June 20, 2026

marketupdate@ICMCapital.co.uk

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Market Comment

Market Wrap: Stocks, Bonds, Commodities

On Thursday, the U.S. stock market finished higher on the back of a tech stock rally. The S&P 500 advanced 80 points (+1.08%) to 7,500, the Nasdaq 100 rose 735 points (+2.48%) to 30,406, and the Dow Jones increased 72 points (+0.14%) to 51,564.

In U.S. economic data, the Philadelphia Fed manufacturing index rose to 10.3 in June, topping the 10.0 forecast. Initial jobless claims came in at 226,000 for the week ended June 13, versus 225,000 expected.

Intel (INTC) surged 10.64% after President Trump said Apple agreed to partner with the company on U.S. chip development and manufacturing.

Despite being named in Trump's announcement, Apple (AAPL) was relatively flat and underperformed the overall market. CEO Tim Cook said in a Wall Street Journal interview that the company plans product price increases to offset rising memory and storage costs.

Memory stocks rallied, with Micron Technology (MU) jumping 8.70% and SanDisk (SNDK) surging 11.54%.

Accenture (ACN) plunged 17.97% after cutting its full-year sales forecast.

The U.S. 10-year Treasury yield declined to 4.455%.

In the commodities market, gold fell 41 dollars (-0.97%) to 4,216 dollars. U.S. WTI crude oil futures (August) fell 0.16 dollars (-0.21%) to 75.85 dollars a barrel.

Market Wrap: Forex

The U.S. dollar strengthened, with the dollar index rising 0.70% to 100.78.

EUR/USD dropped 39 pips (-0.34%) to 1.1460.

GBP/USD slipped 89 pips (-0.67%) to 1.3202. The Bank of England kept its policy rate unchanged at 3.75% as expected. U.K. unemployment rate eased to 4.9% in the February-April period, below 5.0% estimated.

USD/JPY gained 77 pips (+0.48%) to 161.40, near a 2-year high.

USD/CHF advanced 47 pips (+0.59%) to 0.8043. The Swiss National Bank left its policy rate unchanged at 0% as expected.

AUD/USD increased 2 pips (+0.03%) to 0.7016.

USD/CAD added 32 pips (+0.23%) to 1.4132.

In the cryptocurrency market, Bitcoin fell 1,307 dollars (-2.03%) to 63,054 dollars, while Ethereum dropped 33 dollars (-1.94%) to 1,711 dollars.

Morning Trading

In Asian trading hours, USD/JPY eased to 161.20. Japan's core inflation rate stayed at 1.4% year-on-year in May as expected.

Meanwhile, EUR/USD and GBP/USD both remained subdued, at 1.1455 and 1.3202 respectively.

Gold extended its decline to a 1-week low at 4,176 dollars.

Bitcoin was under pressure at 62,950 dollars.

Expected Today

U.S. stock market will be closed for Juneteenth National Independence Day.

U.K. retail sales are estimated to grow 0.5% month-on-month in May.

Germany's producer price index is expected to bounce to 2.5% year-on-year in May.

Canada's retail sales are estimated to increase by 0.3% month-on-month in May.

Forex	Last	%1D	%YTD
EUR/USD	1.1420	-0.31	-2.46
USD/JPY	161.38	0.01	3.01
GBP/USD	1.3173	-0.22	-2.01

Commodities	Last	%1D	%YTD
Gold	4,131.1900	-1.84	-2.45
Silver	63.5092	-3.50	-7.64
Crude Oil	77.2300	0.82	29.81

EUR/USD intraday : the upside prevails as long as 1.1449 is support

Our pivot point is at 1.1449.

Our preference: the upside prevails as long as 1.1449 is support

Alternative scenario: below 1.1449, expect 1.1426 and 1.1412.

Comment: the RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.1469 and 1.1459).