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.

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