Asia

  • Dollar pared losses following yesterday's dovish FOMC meeting, with EUR/USD easing back below 1.14 handle after almost reaching 1.1450 the day before.

  • GBP/USD hit its lowest level on the week despite more good news from UK economy as retail sales unexpectedly climbed 0.4% m/m.

  • Fears over a hard Brexit intensified as concerns were raised that the EU might not grant an extension to June 30 unless May's deal was passed in parliament.

  • Swiss National Bank held benchmark interest rates unchanged at -0.75%

  • Norges Bank hiked rates by 25 basis points as expected but signalled another 0.25% hike for the 2nd half of 2019 and 2 more increases in 2020. It upgraded its growth forecasts and 2019 core CPI. EUR/NOK slumped from around 9.6900 to below 9.5900.

  • Bank of England policy decision was a damp squib event due to Brexit. The BoE said monetary policy in response to Brexit, whatever form it takes, will not be automatic and could be in either direction.

  • Despite the dovish Fed, US index futures pointed to a downbeat open on Wall Street, after a lacklustre EU session for stocks.

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Editors’ Picks

EUR/USD: Double bottom breakout fails ahead of the Fed

The bullish case for EUR/USD has weakened ahead of the FOMC (Federal Open Market Committee) rate decision due this Wednesday. The currency pair closed well below 1.1263 on Friday, invalidating the double bottom breakout confirmed on June 6.

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GBP/USD consolidates the downside near 1.2600, UK politics in spotlight

Although looming Brexit uncertainty dents investment by firms, the GBP/USD pair manages to take advantage of the recent US Dollar (USD) pullback heading into the London open on Monday.

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Trade War With India Starts: How Trump is Winning the Global War in 10 Tweets

After a year of talks on U.S. barriers to Indian steel and aluminum, India retaliates against Trump. The Hindu reports India to Impose Retaliatory Tariffs on 29 U.S. Goods Starting June 16. 

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Gold: 100-month MA is a level to beat for the bulls

Gold (XAU/USD) is struggling to cut through key technical line which proved a tough nut to crack in 2018. The yellow metal rose to $1,358 on Friday, but the break above the 100-month MA.

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