John and Merlin break down the week’s biggest news headlines from the currency devaluation from China, to the sale of coal mines by Goldman Sachs. They also take a look at the decision by the EU to bail out Greece once again. How long will it last? Finally, commodities continue to be crushed providing potential buying opportunities for those ok with more Risk!
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Editors’ Picks
EUR/USD pares gains to near 1.0850, focus shifts to US ISM PMI
EUR/USD is paring back gains to trade near 1.0850 in the European morning on Monday. Softer US monthly Core PCE inflation data and hotter-than-expected Eurozone HICP inflation data help the pair to stay afloat amid a better market mood. US ISM PMI holds the key.
GBP/USD consolidates around mid-1.2700s, downside seems cushioned amid softer USD
The GBP/USD pair kicks off the new week on a subdued note and oscillates in a narrow band, around mid-1.2700s during the Asian session. The downside, meanwhile, remains cushioned in the wake of a modest US Dollar weakness, weighed down by signs of easing inflationary pressures in the United States.
Gold focuses on daily close below $2,330 and US ISM PMI
Gold price is licking its wounds while trading close to over two-week lows of $2,321, setting off the week on cautious footing. Gold price fails to find inspiration from broadly softer US Dollar and negative US Treasury bond yields.
Week ahead: Altcoins likely to bounce due to short-term bullish wave Premium
Last week was a bummer with Bitcoin price consolidation, and altcoins movements showed confusion in their directional bias. Some altcoins saw bullish, impulsive moves, but most trended sideways or slid lower.
Bumper week of event risk ahead
Featuring two central bank updates – the Bank of Canada and the European Central Bank – a slew of job numbers out of the US and Aussie GDP growth data, the first full week of June is poised to be eventful.
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