Johnson remains UK Prime Minister, Pound enjoyed a brief boost
EUR/USD ⬇️
GBP/USD ➡️
AUD/USD ⬇️
USD/CAD ⬇️
XAU ⬇️
WTI ➡️
The dust has settled in the British parliament, Boris Johnson survived the no-confidence vote to stay in office. Although Johnson kept his position, the general election results and recent events have indicated great resistance ahead of his remaining term.
The British Pound briefly spiked above 1.257 and closed at 1.253 with minor gains, now on the downward path at 1.250. A series of the UK Purchasing Managers' Index related data will be available today (7 June) and tomorrow (8 June), including detailed figures on the service and construction sector.
As the market awaits the interest rate decision from the European Central Bank on Thursday, GDP data for the Eurozone will be announced tomorrow, with forecasts expecting a 0.3% increase - same as the previous quarter. EUR/USD fell from a high of 1.0750 to 1.0694, to which the actual interest rate change will bring greater volatility to the currency pair.
On the other hand, investors foresee a 25 basis point rate hike for the Reserve Bank of Australia, to a total of 6.0%. With restrictions gradually lifting in various Chinese cities, the Australian economy should have a brighter prospect. Later today, the statement after the interest rate decision shall provide further insight from the Australian government. Meanwhile, AUD/USD declined to 0.7191, currently at 0.7161.
USD/CAD experienced a V-Shaped Recovery - closing at 1.2575 after recovering from a low of 1.2541. The loonie didn't receive support from crude oil prices which traded flat at 118.5 per barrel yesterday, now meeting resistance at $120.
The United States 10-Year Bond Yield returned to 3.0% and continued, almost reaching 3.05%. The news held gold prices back, gold futures were at 1,843.7 last night and kept falling.
More details on Mitrade website
GBP/USD ➡️
AUD/USD ⬇️
USD/CAD ⬇️
XAU ⬇️
WTI ➡️
The dust has settled in the British parliament, Boris Johnson survived the no-confidence vote to stay in office. Although Johnson kept his position, the general election results and recent events have indicated great resistance ahead of his remaining term.
The British Pound briefly spiked above 1.257 and closed at 1.253 with minor gains, now on the downward path at 1.250. A series of the UK Purchasing Managers' Index related data will be available today (7 June) and tomorrow (8 June), including detailed figures on the service and construction sector.
As the market awaits the interest rate decision from the European Central Bank on Thursday, GDP data for the Eurozone will be announced tomorrow, with forecasts expecting a 0.3% increase - same as the previous quarter. EUR/USD fell from a high of 1.0750 to 1.0694, to which the actual interest rate change will bring greater volatility to the currency pair.
On the other hand, investors foresee a 25 basis point rate hike for the Reserve Bank of Australia, to a total of 6.0%. With restrictions gradually lifting in various Chinese cities, the Australian economy should have a brighter prospect. Later today, the statement after the interest rate decision shall provide further insight from the Australian government. Meanwhile, AUD/USD declined to 0.7191, currently at 0.7161.
USD/CAD experienced a V-Shaped Recovery - closing at 1.2575 after recovering from a low of 1.2541. The loonie didn't receive support from crude oil prices which traded flat at 118.5 per barrel yesterday, now meeting resistance at $120.
The United States 10-Year Bond Yield returned to 3.0% and continued, almost reaching 3.05%. The news held gold prices back, gold futures were at 1,843.7 last night and kept falling.
More details on Mitrade website