Forex news from the European trading session – 9 June 2021
- CAD leads, USD lags on the day
- European equities lower; S&P 500 futures up 0.1%
- US 10-year yields down 3.2 bps to 1.50%
- Gold down 0.1% to $1,891.22
- WTI up 0.5% to $70.39
- Bitcoin up 3.1% to $34,702
It was a quiet session for the most part as the market got a bit of a taste of the summer lull already in trading today.
Major currencies stuck in narrow ranges, though there was a slight nudge higher in the pound after BOE Haldane’s remarks.
GBP/USD moved up from 1.4158 to 1.4189 but gains petered out with Haldane’s hawkish position already well telegraphed since the May policy meeting – also he is leaving after the June meeting so there’s that to consider.
The dollar was mildly weaker but narrow ranges are still prevailing for now so there is little for major currencies to work with.
Oil is keeping more perky above $70 and that is helping to see the loonie hold a slight advance with USD/CAD under 1.2100 ahead of the BOC meeting.
The other notable happening is 10-year Treasury yields slipping to a fresh one-month low and just below the key level of 1.50%. A technical break here may have a broader impact on other asset classes but there’s still the US CPI release tomorrow to consider too.