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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
GBP/USD has come under renewed selling pressure in the European session on Monday, falling back to the 1.3200 region. UK PM Keir Starmer announced that he will resign and noted that nominations for new contender will open on July 9.
EUR/USD turns south toward 1.1400 in the European trading hours on Monday. Concerns about progress for the US-Iran peace deal and expectations of higher US interest rates keep the US Dollar supported against the Euro. ECB President Lagarde is set to speak later on Monday.
Gold maintains its bid tone near the $4,200 mark through the first half of the European session, and seems to have snapped a three-day losing streak, to a more than one-week low set the previous day. Crude Oil prices turn lower after mediators – Qatar and Pakistan – announced a formal 60-day roadmap aimed at securing a final US-Iran peace deal.
The publication of Canada’s May Consumer Price Index figures on Monday will be the focus of attention. Indeed, Statistics Canada data will provide markets with an update on price pressures following its June 10 meeting, where policymakers kept the interest rate steady at 2.25%, matching the broad consensus.
The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.
