Forex Today: Waiting for the next catalyst
|What you need to know on Thursday, June 24:
Major pairs seesawed between gains and losses while holding on to familiar levels on Thursday. Sentiment led the way, with currencies following the lead of stocks. The greenback fell throughout the first half of the day, recovering most of the ground lost at the final trading session of the day. The exception was USD/JPY which advanced to a fresh 2021 high of 111.10.
Markit published its June flash PMIs for all major economies. Generally speaking, the manufacturing sector recovery keeps outpacing that on the services sector. Despite mixed numbers, all figures indicated economic expansion.
The EUR/USD pair ended the day around 1.1930, while GBP/USD settled around 1.3970, holding on to modest intraday gains. Commodity-linked currencies advanced against the greenback for a third consecutive day.
Spot gold surged to $ 1,794.92 a troy ounce but changed course during the US afternoon and finished the day in the red around 1,777.
Crude oil primers peaked at fresh yearly highs, easing modestly ahead of the close. WTI settled above $ 73.00 a barrel after the EIA reported that stockpiles decreased by 7.6 million barrels in the week ending June 18, better than anticipated.
The Bank of England is having a monetary policy meeting, although no fireworks are expected this time, as the bank won’t publish fresh macroeconomic projections, while there won’t be a speech from Governor Bailey.
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