Forex Today: Wait-and-see mode continues ahead of ECB, US inflation


What you need to know on Wednesday, June 9:

The dollar recovered the ground lost on Monday, trading flat against most of its major rivals on a weekly basis. For a second consecutive day, trading was dull, with pairs confined to familiar levels as investors keep waiting for first-tier events scheduled for Thursday. The US will publish its latest inflation data, while the European Central Bank will announce its latest decision on monetary policy.

At the beginning of the day, there were some market talks indicating the UK could have to delay its plan to fully reopening on June 21, amid the spread of the Indian strain, now the dominant one in the UK. In fact, the country reported that new cases are up by 91% from last week, with 6,48 new cases in the last 24 hours. Easing lockdown measures could be postponed to July 5. The pound was little affected by the news, ending the day at around 1.4150 against the greenback.

The EUR/USD pair trades a handful of pips below the 1.2200 threshold, after being unable to surpass the level earlier in the day. European data was mixed but overall encouraging as the EU Q1 GDP was upwardly revised to -0.3% QoQ.

The AUD/USD pair trades around 0.7740, hovering within familiar levels. The CAD fell against the dollar, with USD/CAD surging to 1.2100, despite crude oil prices soared.

WTI rallied past $ 70.00 a barrel after a top US diplomat said that even if the country were to reach a nuclear deal with Iran, sanctions on Tehran would remain in place, which in turn, will limit supply from the country.

Gold prices remained below $1,900 a troy ounce, incapable to run past the level despite the broad dollar’s weakness.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Beware of groupthink as crypto bellwethers test support

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

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD clings to recovery gains above 1.1350 after EU inflation data

EUR/USD gained traction and climbed to its highest level in more than 10 days above 1.1360 amid the broad-based selling pressure surrounding the greenback. The data from the euro area showed that the annual CPI jumped to 4.9% in November from 4.1% in October, helping the shared currency preserve its strength.

EUR/USD News

GBP/USD advances to mid-1.3300s on renewed dollar weakness

GBP/USD gathered bullish momentum during the European trading hours and climbed to 1.3350 area as the greenback remains under selling pressure amid slumping US Treasury bond yields. Investors await FOMC Chairman Powell's testimony.

GBP/USD News

Gold eyes $1,800 and $1,806 on road to recovery

The precious metal has staged a decent comeback, as bulls look to recapture the $1,800 mark amid a revival of the Omicron covid variant fears. A flight to safety theme remains in vogue killing the demand for the yields.

Gold News

XRP price on edge of cliff as Ripple faces imminent collapse

XRP price followed the rest of the cryptocurrency market lower over the weekend. The US Thanksgiving holiday gave cryptocurrency traders and investors some early Black Friday deals, but downside risks remain.

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

Forex MAJORS

Cryptocurrencies

Signatures