Remarks by ECB policymaker, Robert Holzmann
They continue to play down the outlook that price pressures are growing in general and it is easy to see why. With the Fed adopting the stance that they have, it makes things much simpler for the ECB.

Oil is holding steady, up 0.2% on the day
There hasn’t been much to really thwart the momentum in oil and I don’t see the OPEC+ decision this week being a major game changer whatsoever.

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

Classic risk-positive trade wins out
The top performing G10 currencies this week were NZD, AUD and CAD, in that order. At the bottom of the list were JPY, USD and CHF.

European trading session – June 25
Other markets
– FTSE +0.13%
– Euro Stoxx -0.14%
– Italian FTSE +0.13%
– Dax -0.13%
– CAC -0.10%
– Gold – +0.55%
GBP still weak after yesterday’s BoE disappointment and NZD strong on the decent trade balance and employment data . 

EUR unmoved/ a touch lower on easy policy continuing