Forex Today: Attention shifts to the BoE and US data

Pablo Piovano FXStreet

The FX universe traded in a flattish mood on Tuesday, while investors remained mainly focused on the timing of Fed rate cuts. Next of note will be the release of UK inflation data ahead of the BoE gathering, while flash PMIs will close the week.

Here is what you need to know on Thursday, June 20:

The USD Index (DXY) ended the session barely changed amidst reduced activity in response to the Juneteenth Day holiday. The weekly Mortgage Applications by MBA are due on June 20, seconded by Building Permits, Housing Starts, the Philly Fed Manufacturing Index, the usual Initial Jobless Claims, and the speech by the Fed’s Barkin.

EUR/USD advanced marginally and managed to retest the 1.0750 zone amidst the irresolute price action in the US Dollar. On June 20, the European Commission will release its advanced gauge of Consumer Confidence.

GBP/USD edged further up and kept the optimism well in place following the UK CPI results and ahead of Thursday’s BoE event. The BoE is expected to keep its policy rate unchanged on June 20.

USD/JPY rose for the fifth session in a row, although it failed to retest or surpass the 158.00 barrier. The weekly Foreign Bond Investment figures are expected on June 20.

AUD/USD picked up extra pace and added to Tuesday’s gains, re-shifting its attention to the 0.6700 hurdle. In Oz, the next release of note will be the flash Judo Bank Manufacturing and Services PMIs on June 20.

Prices of WTI reached a new high past the $81.00 mark per barrel, although that initial move fizzled out afterwards, leaving the commodity slightly on the defensive for the day.

Prices of Gold navigated a narrow range around $2,330 per troy ounce amidst the Dollar’s inconclusive session and the inactivity in the US money markets. Silver, instead, climbed to five-day highs and approached the key $30.00 mark per ounce.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD stays well offered below 1.1800

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