GBP/USD down 50 pips to 1.3849 currently
The pair had a great showing on Friday, erasing the week’s losses altogether in a push to the week’s high of 1.3900 at the time. The opening levels today stuck there but there has been a steady retreat since – more so as European traders entered.

Remarks by Richmond Fed president, Thomas Barkin
A fair assessment on the balance of things by Barkin, who isn’t a voting member in the FOMC this year. He also refuses to comment on his views on rate projection in the WSJ interview, saying that it would be inconsistent with the Fed’s framework. Fair enough.

Further remarks by de Guindos
– That includes new definition of price stability
– Withdrawal of stimulus should be gradual, not premature
I reckon we are going to see a bit of a two-pronged element to the ECB meetings in the months ahead. The first being on when they will be scaling back PEPP purchases, which is to

Forex news for North American trade on July 9, 2021:
Markets:
For a holiday-shortened week at a time of year that can be absolutely dead, this one had plenty of twists and turns. Friday was no different as the week-long bid in the US dollar vanished in a broad set of retracements that erased so of this

Closing changes for the main North American markets
On the week:

Events to watch out for
It’s a slow start to the week but there is some top-tier data on inflation and the consumer and both will be market movers.
Monday:
Tuesday:

Not the usual correlation
This week’s theme has been lower yields and a higher dollar but it started unwinding yesterday and that has continued.
US 10-year yields are now up 7.2 bps to 1.36% today. That’s 11 bps above yesterday’s lows, which coincided with the 200-day moving average.

No offense to our Scottish and Welsh readers
The cable bid has been relentless today.
It was briefly squashed on fixing sales but it quickly came back and has been a one-way move that’s now extended to 100 pips. I earlier said that the weekly high of 1.3898 was out of reach before the close but

Forex news from the European trading session – 9 July 2021
Headlines:
Markets:
– AUD leads, JPY lags on the day
– European equities higher; S&P 500 futures up 0.3%

ECB releases the accounts of its June monetary policy meeting
As mentioned before, September is the key meeting date to watch as that is when they might introduce some changes to the existing PEPP purchases.