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Fed Chair Powell Testifies

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STOCK INDEX FUTURES

The 8:45 central time June Chicago PMI is expected to be 44.5 and the 9:00 June consumer confidence index is anticipated to be 90.

Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will testifybefore the House Financial Services Committee at 11:30.

Stock index futures will be supported by the belief that any slowdown in the global economic recovery will be met with additional accommodation from the worlds central banks, along with more fiscal stimulus.

CURRENCY FUTURES

The U.S. dollar advanced to its highest level since June 3, as interest rate differential expectations have recently turned slightly more favorable to the U.S. dollar.

The euro currency is lower despite news that the euro zone June CPI estimate was +0.3% when the CPI forecast was +0.1%.

The Canadian dollar is higher on news that Canadas real gross domestic product declined less than estimated in April. GDP dropped 11.6% in April, which was slightly better than the market expectation for a fall of 13%.

The Australian dollar is lower after the Reserve Bank of Australia indicated it is ready to scale up its government bond purchases if the economy weakens further.

INTEREST RATE MARKET FUTURES

Other Federal Reserve speakers today are Raphael Bostic at 1:00 and Neel Kashkari at 1:00.

According to financial futures markets there is a 95.6% probability that the Federal Open Market Committee will leave its fed funds rate unchanged at zero to 25 basis points at its July 29 policy meeting.

Contact Alan for more extensive information on these markets at 312.242.7911 or via email at alan.bush@admis.com. Thank you.

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Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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