Central bank watch June 
Up until this weeks meeting there had been two up beat central bank meetings from the Bank of England. It could have been anticipated that this would really have increased the odds of a hawkish twist from the BoE. Heading into the Bank of England meeting Sonia futures were pricing in a

July Central Bank Watch 
Been great to be with you all this week as Justin takes some well deserved time away.  I haven’t quite done yet as I wanted to drop in with the latest central bank update. Taking a step back the feel I am getting is that CB’s are thinking about thinking about tightening.

Forex news for New York trade on June 25, 2021:
Markets
– S&P 500 up 14 points to 4280
– US 10-year yields up 3 bps to 1.52%
– WTI crude up 69-cents to $73.99
The PCE report was the focus of the session and inflation fears were running high. The headline was in-line with estimates but the market was

Nasdaq 3 day string of record closes snapped
The US major stock indices are closing mixed with the Dow leading the way. The S&P closed higher for the 2nd consecutive day. The Nasdaq snapped it’s three day of record closes with a modest loss. 

Weekly forex futures positioning data for the week ending June 22, 2021:
There were into euro and GBP longs in the lead up to the FOMC decision. That left a big chunk of the market vulnerable to the Fed surprise. Afterwards, there was a bit of rush to the exits and that likely exaggerated last