ETH/EUR Exchange rate

EUR/USD is posting small gains above 1.0700, finding support from a broad US Dollar weakness and hawkish ECB expectations ahead of the mid-tier EU data this Tuesday. Cautious market mood and disappointing German Factory Orders limit the upside in the major. 

GBP/USD is trading close to 1.2450, defending minor bids in early Europe. Amidst poor US economic data and increased Fed pause bets, the US Dollar takes the back seat, despite a cautious risk tone so far this Tuesday. 

Gold price is auctioning inside the woods around $1,960.00 in the early London session. The precious metal is displaying back-and-forth action as the investing community is divided about the interest rate decision by the Fed to be taken in June’s monetary policy meeting.

Although there are no major macroeconomic events this week, investors can expect massive volatility on a daily basis. The reasoning behind this outlook is that Apple will be conducting the 2023 Apple Worldwide Developers Conference (WWDC) on June 5.

Given that investors have very strong recession priors and it's well understood the services sectors are driving the bulk of the post-Covid cross-asset recovery, the negative services print was viewed a tad pessimistic on a multi-cross-asset level as the summer lull beckons.