Here is what you need to know on Monday, June 27:

The US Dollar Index stays relatively quiet near 104.00 early Monday after having closed the previous week modestly lower. US stock index futures trade flat on the day as focus shifts to May Durable Goods Orders data. Pending Home Sales and the Dallas Fed Manufacturing Survey data for June will be featured in the US economic docket as well. The European Central Bank (ECB) Forum on Central Banking will start later in the day with ECB President Christine Lagarde delivering the opening remarks at 1830 GMT.

San Francisco Fed President Mary Daly said she is prepared to support another 75 basis points rate increase in July. Ahead of the weekend, St. Louis Federal Reserve Bank President James Bullard reiterated that they need to continue to frontload rate hikes to get inflation under control. Supported by the recent hawkish commentary, the 10-year US Treasury bond yield is up nearly 1% on the day at 3.15%.

Meanwhile, the International Monetary Fund (IMF) said in its annual assessment that the US economic growth expectation got revised lower to 2.9% for 2022 from 3.7% in April's forecast. "Based on the median projection for the policy rate published at the June FOMC meeting, we expect the US economy will slow in 2022-23 but narrowly avoid a recession," the IMF noted in its publication.

EUR/USD clings to small daily gains and fluctuates above 1.0550 early Monday. The pair gained nearly 100 pips last week.

GBP/USD continues to move up and down in a narrow channel below 1.2300 for the fourth straight trading day. Later in the day, members of parliament will vote on proposed legislation to give ministers the power to scrap parts of the post-Brexit agreement. The European Union warned that it would be a breach of international law if the UK were to take unilateral action on the post-Brexit deal.

USD/JPY is moving sideways near 135.00 at the start of the new week. The Bank of Japan's (BOJ) June meeting Summary of Opinions showed that the bank will maintain its loose policy while keeping a close eye out on markets.

Gold trades in the upper half of its consolidation channel above $1,830. Over the weekend, four G7 members decided to ban imports of Russian gold to tighten the sanctions squeeze on Moscow. 

Bitcoin trades above $21,000 in the European morning. Ethereum is up nearly 2% on a daily basis near $1,200.

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD stays below 0.9800 after US inflation data

EUR/USD stays below 0.9800 after US inflation data

EUR/USD continues to trade in negative territory below 0.9800 in the American session on Friday. The data from the US showed that the annual PCE inflation declined to 6.2% in August but the stronger-than-expected core reading didn't allow the pair to gain traction.

EUR/USD News

GBP/USD rebounds from daily lows, reclaims 1.1100

GBP/USD rebounds from daily lows, reclaims 1.1100

GBP/USD fell to a fresh daily low below 1.1030 but managed to reverse its direction and climbed above 1.1100 during the American trading hours on Friday. The pair remains on track to snap a two-week losing streak despite having suffered heavy losses earlier in the week.

GBP/USD News

Gold extends daily rally beyond $1,670

Gold extends daily rally beyond $1,670

Gold preserved its bullish momentum and rose above $1,670 after the mixed inflation data from the US on Friday. The benchmark 10-year yield is down more than 2% as markets look to wrap up the third quarter, fueling XAU/USD's daily rally. 

Gold News

Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shytoshi Kusama, the project lead for Shiba Inu, has dropped a teaser about Shiba Eternity games for the SHIB community. Proponents expect the launch of the collectible card game to be a bullish catalyst for Shiba Inu price. 

Read more

SPDR S&P 500 ETF Trust (SPY) Forecast: We are teetering on the brink

SPDR S&P 500 ETF Trust (SPY) Forecast: We are teetering on the brink

Equity markets remain at the precipice of a technical collapse, which we examine in the weekly long-term chart below. The overall picture remains one of nervousness ahead of the upcoming Q3 earnings season.

Read more

Forex MAJORS

Cryptocurrencies

Signatures