What you need to take care of on Friday, June 17:
Central banks spurred panic, but the American dollar could not take advantage of the panic scenario, ending the day with losses against most major rivals.
The Switzerland National Bank surprised markets with an unexpected 50 bps hike, while the Bank of England moved as planned and made its fifth consecutive 25 bps hike. Two things we learned from this. On the one hand, the Fed is far more aggressive than any other central bank. On the other, global policymakers are much more scared about the economic situation than what they let see.
Stocks resumed their declines, with Wall Street plummeting to fresh 2022 lows. The DJIA and the S&P 500 traded at levels last seen in January 2021. The FTSE 100 also plummeted as the BOE’s decision fell short of the market’s expectations. Recession fears are behind stocks’ collapse.
Demand for government bonds sent yields to the lower end of their weekly range, which in turn undermined demand for the greenback. The yield on the 10-year Treasury note currently stands at around 3.30% after flirting with 3.50% earlier in the day. The dollar’s weakness may well be temporal if the demand for safety continues.
The EUR/USD pair trades around 1.0570, while GBP/USD hovers around 1.2350. The AUD/USD pair surged to 0.7070, holding nearby, while the USD/CAD changes hands at 1.2920. Save-haven currencies were firmly up against the dollar, with USD/CHF down roughly 300 pips, now trading in the 0.9630 region. Ahead of the Bank of Japan monetary policy decision, the USD/JPY battles around 132.00.
Gold surged to a fresh 3-day high of $1,852.74 a troy ounce, holding nearby ahead of the Asian opening, while crude oil prices recovered some ground. WTI is now trading at $117.70 a barrel.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks

EUR/USD remains near 1.0400 post-US PCE
The US Dollar’s inconclusive price action allows some recovery in EUR/USD, keeping the pair around the 1.0400 region following the release of PCE inflation data for the month of January.

Gold slumps to fresh multi-week lows below $2,840
Gold stays under bearish pressure and trades at its lowest level in three weeks below $2,840. The uncertainty surrounding the Trump administration's trade policy and month-end flows seem to be weighing on XAU/USD, which remains on track to snap an eight-week winning streak.

GBP/USD clings to gains just above 1.2600 after PCE data
GBP/USD remains positively oriented in the 1.2600 neighbourhood as the Greenback is navigating a vacillating range following the PCE inflation release.

The week ahead – US Payrolls, ECB rate meeting, ITV results – W/c 3rd March
Having seen the Federal Reserve keep rates on hold last month the US labour market continues to show remarkable resilience, despite seeing a slowdown in hiring in January, after a blow out December number.

Weekly focus – Tariff fears are back on the agenda
While the timing of the EU measures remains still uncertain, Trump surprised markets on Thursday by signalling that the 25% tariffs on Canada and Mexico will be enacted when the one-month delay runs out next Tuesday.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.