- US data in the spotlight this week
- Time to go fishing
- Gold down slightly on the day, awaits US data for next move
- Switzerland Q2 consumer confidence -24 vs -26 prior
- SNB total sight deposits w.e. 10 May CHF 468.9 bn vs CHF 473.2 bn prior
Markets:
- AUD, EUR, and GBP lead, JPY lags on the day
- European equities mixed; S&P 500 futures up 0.2%
- US 10-year yields down 2.3 bps to 4.482%
- Gold down 0.7% to $2,343.91
- WTI crude up 0.8% to $78.85
- Bitcoin up 3.6% to $62,650
It was a quiet session and understandably so. All eyes this week are on the upcoming data from the US, with the main spotlight being on the CPI report on Wednesday. That being said, the PPI report tomorrow might take on more importance and have a larger impact than usual in that regard.
But for now, it’s all about the calm before the storm.
The dollar was little changed early on but is now mildly softer, although the changes are light. It comes as yields are also down slightly on the day. EUR/USD is up 0.2% to 1.0790 as it tests its 200-day moving average at the level with offers lined up near 1.0800 as well. AUD/USD was also down near 0.6600 but is now up to 0.6615, with eyes on key resistance around 0.6634-50 on the week.
Besides that, equities are looking a bit more mixed although US futures are holding on to slight gains for now. It’s still early in the week to be calling for anything, as it will all depend on the data in the next few days.
This article was written by Justin Low at www.forexlive.com.