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Forex News June 6, 2022


  • UK New Car Registrations are down 20.6 percent year on year to 124,394 units in May.
  • New car registrations in the United Kingdom fell 20.6 percent year on year in May to 124,394 units.
  • This is far from a localised problem; just last week, we received some dismal car sales figures from the United States.
  • American Honda sold 75,491 units in May, a 57.3 percent decrease.
  • Mazda reported total May sales of 15,312 vehicles, a 63.7 percent decrease from May 2021.
  • Toyota reports 175,990 vehicle sales in the United States in May 2022, a 27.3 percent decrease in volume.


  • RBC analysts reduced their target price for the S&P 500 due to slowing economic growth.
  • RBC Capital Markets analysts joined other brokerages on Monday in lowering their S&P 500 year-end target for 2022 to 4,700 points, owing to slowing economic growth.
  • According to Reuters, RBC Capital Markets analysts joined other brokerages on Monday in lowering their 2022 year-end S&P 500 target by about 3.3 percent to 4,700 points due to slowing economic growth.
  • They are joining an increasing number of people on the street who are tempering their overly optimistic predictions from the start of the year.
  • HSBC and Credit Suisse reduced their benchmark index targets in May, following a market selloff caused by fears of a protracted war in Ukraine and record high oil prices, which are hampering global economic recovery from COVID-19.
  • “We continue to bake in a slower economic growth backdrop in 2022-2023, but not a recession,” wrote RBC analyst Lori Calvasina in a note. The brokerage previously predicted that the S&P 500 would end 2022 at 4,860 points.
  • RBC analysts, on the other hand, said small-cap companies fared better on its sentiment and valuation model, with their earnings looking better than others.
  • “If the United States avoids a recession and the U.S. equity market bottoms, we’ll look back at SmallCap’s resilience in early 2022 as evidence that stocks had already priced in the economic damage that was on the horizon.”


  • Dreadfully Dull on the Agenda
  • Markets are set to open the first European session of the week on a risky note. The price of crude is perhaps the hottest topic for many market participants this morning, with ING noting:
  • “The oil market is trading firmer this morning, despite OPEC+ members last week agreeing to a larger-than-usual supply increase for July and August.” The market reaction since the meeting suggests that participants are dissatisfied with OPEC+’s decision. The group has been failing to meet output targets for months, and the latest increase in targets is unlikely to change that. Beijing is also continuing to relax Covid-related restrictions, which will boost sentiment.
  • Despite the announced increase in output targets, the Saudis increased all official selling prices (OSPs) for their crude going into Asia and Europe for July, while leaving US OSPs unchanged. Loadings of Arab Light into Asia in July increased by US$2.10/bbl month on month to US$6.50/bbl above the benchmark. This increase was slightly higher than the market anticipated.”
  • It should be noted, however, that Libya’s largest oil field, the 300Mbbls/d Sharara field, has finally restarted, bringing some balance to the situation.
  • This morning’s news of an impending vote of no confidence in Boris Johnson will add to the noise, but the signal will be lacking – he’ll almost certainly survive a vote, and even if he loses, GBP will be unaffected materially. Looking at the schedule, it appears to be a dreadfully dull affair.

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