The yen was on the back foot on Monday and the dollar held firm against most peers ahead of a busy policy-focused week in which inflation is in the spotlight with a major European Central Bank meeting and U.S. consumer price data scheduled.
Top of the agenda for many traders this week is Thursday’s meeting by the European Central Bank, which is expected to prepare the ground for an interest rate hike at its July meeting.
There is some market speculation the ECB could start with a large 50 basis point rise, after euro zone inflation accelerated to yet another record high in May.
The Reserve Bank of Australia meets on Tuesday, and most analysts polled by Reuters expect a 25-basis point rate hike, though some anticipate a 40-basis point increase.
This week’s other major event is U.S. consumer price data due on Friday.
A high inflation reading would add to expectations of aggressive tightening by the U.S. Federal Reserve and likely put an end to last month’s speculation it will take a break from raising interest rates at its September meeting.
Bitcoin continued to wobble around $30,000 as it has for the past three weeks and was 4% firmer at $31,300.
Plan your trades carefully and have a great trading week!
This Week’s High Impact Events
The times below are GMT +3.
Monday 6th June
No High Impact Events Today
Tuesday 7th June
07.30 – Australia – Cash Rate & RBA Rate Statement
Potential instruments to Trade: AUD Crosses.
17.00 – Canada – Ivey PMI
Potential instruments to Trade: CAD Crosses.
Wednesday 8th June
No High Impact Events Today
Thursday 9th June
14.45 – Europe – Main Refinancing Rate & Monetary Policy Statement
If you have any questions or require any assistance, please contact one of our support team members via our Live Chat or email [email protected].
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