Pound News: Sterling Gains Slow as Brexit Concerns Returning
While the Pound has been benefiting from rising risk appetite and hopes that the UK economy will start recovering as the economy starts to reopen, rising Brexit fears are capping GBP’s potential for gains.
Unless the UK seeks an extension the euro could remain biased to the downside.
Euro News: Euro Rally May Be Running Out of Steam
A weaker US Dollar and reopening Eurozone economies have been lending the Euro support lately. However, some analysts believe that the currency’s uptrend is running out of steam.
Some of the week’s most notable Eurozone stats, including employment and growth figures, are due today. Any news on the EU’s potential exit plans from coronavirus quarantines may also drive the Euro.
US Dollar News: Recovering Sentiment Keeps USD Under Pressure
As markets become more hopeful that major economies will reopen and rebound from the coronavirus pandemic, investors are less eager to hold on to safe havens like the US Dollar. Protests rattling the US are also keeping the US Dollar pressured.
US wholesale inventories stats and job opening data is due today. However, reaction to these may be limited as investors await the Federal Reserve’s next policy decision on Wednesday.
Canadian Dollar News: Oil Prices Up but Caution Rises
The Canadian Dollar continues to find support in risk-sentiment, an oil price rally and recently strong Canadian data. However, analysts warn that the oil price rally could soon be followed by a fall.
Developments in oil prices, coronavirus and risk-sentiment will continue to drive the Canadian Dollar in the coming sessions,amid a lack of key Canadian data.
Australian Dollar News: ‘Aussie’ Rally Continues to Overshadow Rivals
The Australian Dollar has been one of the strongest major currencies in recent weeks, and this could continue this week. Rising hopes for recovery from the coronavirus pandemic, as well as a fairly optimistic Reserve Bank of Australia (RBA), are keeping the currency appealing.
‘Aussie’ investors will be looking out for confidence stats over the next day, but shifts in risk-sentiment will remain most influential for the direction of AUD trade.
Tuesday, 9th June
02:30 Australian NAB Business Confidence
07:00 German Trade Balance
10:00 Eurozone Employment Change
10:00 Eurozone Growth Rate
15:00 US Wholesale Inventories