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Dollar mildly softer as major currencies keep quieter so far on the day
Information is not investment advice
XAU/USD: Gold facing a further consolidation above 23.6% retracement area. Bulls have returned recently.
Ichimoku Kinko Hyo
USD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
US Market View
U.S. stock indexes were set to open slightly higher on Wednesday, although a lack of clear catalysts kept trading slow, with investors awaiting fresh cues from inflation data this week and an upcoming Federal Reserve meeting
U.S. President Biden departs for Britain on Wednesday on his first trip abroad since taking office, heading to St. Ives in Cornwall for a G-7 summit. The meeting is likely to be dominated by discussions over the availability of Western coronavirus vaccines, amid differences over how to make more shots available to low-income countries as well as the intellectual property rights for the drug makers. That said, before Thursday’s get together, officials from Britain and the European Union are set to meet to try and defuse a row over Northern Ireland that threatens to spill over into legal action.
Markets have been on tenterhooks for much of this week ahead of Thursday’s release of the U.S. consumer price index for May. This will be one of the last major pieces of economic data ahead of the upcoming Fed meeting next week and a big number could jolt the central bank into action.
If China’s inflationary backdrop is any guide, the market is holding its breath with just cause. China's factory gate prices rose at their fastest annual pace in over 12 years in May, driven by surging commodity prices, highlighting the mounting global inflation pressures. China's PPI increased 9.0% on the year, a sharp jump from the 6.8% increase in April, with the rise driven by significant price increases in crude oil, iron ore and non-ferrous metals.
Crude oil prices pushed higher Wednesday, helped by growing confidence about the outlook of fuel demand as the global economy recovers, particularly the U.S., the largest consumer in the world.
USA Key Point
- US MBA mortgage applications w.e. 4 June -3.1% vs -4.0% prior
- US 10-year yields fall to one-month low below 1.50%
- ECB reportedly to hold 3-day retreat to discuss strategy review.
- 10-year Treasury yields continue to track lower towards 1.50%.
- Iran says that most oil output can be restored within a month of sanctions being eased.
- EU, US to aspire to ending COVID-19 pandemic, vaccinate two-thirds of the world by end of next year.
- BOE's Haldane: We may need to start turning off the stimulus tap.
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus