Here is what you need to know on Monday, June 12:
Major currency pairs fluctuate in narrow ranges at the beginning of the week as investors gear up for this week's key macroeconomic events. There will not be any high-impact data releases featured in the US economic docket on Monday. On Tuesday, the US Bureau of Labor Statistics will release the Consumer Price Index (CPI) data for May ahead of the Federal Reserve and the European Central Bank's (ECB) policy announcements on Wednesday and Thursday, respectively.
US stock index futures trade modestly higher in the European morning and the benchmark 10-year US Treasury bond yield holds steady near 3.75%, reflecting a neutral risk mood. The US Dollar Index, which gauges the US Dollar's (USD) performance against a basket of six major currencies, moves sideways at around mid-103.00s.
EUR/USD lost its traction on Friday and erased a large portion of the gains it recorded on Thursday. Nevertheless, the pair snapped a five-week losing streak. Early Monday, EUR/USD stays calm near 1.0750.
GBP/USD gained more than 100 pips last week. In the European morning, the pair clings to small daily gains while holding comfortably above 1.2550. On Tuesday, the UK's Office for National Statistics will release the jobs report.
USD/JPY edges higher early Monday but stays below 140.00. On Friday, the Bank of Japan (BoJ) will unveil monetary policy decisions. “It’s still too early to call that this inflation has been sustainable and stable," Bank of Japan (BoJ) policymaker Masazumi Wakatabe told Bloomberg earlier in the day.
Gold price corrected lower on Friday but closed the week in positive territory. XAU/USD moves up and down in a tight channel around $1,960 in the European session.
USD/CAD recovered modestly following the disappointing jobs report on Friday but failed to gather further bullish momentum. The pair stays on the back foot below 1.3350 on Monday.
Bitcoin continued to edge lower over the weekend and ended up losing more than 4% last week. BTC/USD inches lower early Monday and stays below $26,000. Ethereum suffered heavy losses on Sunday and closed the week below $1,800. ETH/USD remains under modest bearish early Monday and trades near $1,750.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.