What you need to know on Monday, June 27:
The dollar advanced on Friday on the back of higher US PCE inflation, which rose in May 3.4% YoY, its highest reading in almost three decades. Gains however were modest and the dollar ended the week with modest losses.
US stocks soared, with the Nasdaq and the S&P reaching fresh all-time highs, holding on to gains despite higher government bond yields, following higher US inflation figures.
The EUR/USD pair kept trading within familiar levels, ending the week at around 1.1930. The pound remained under selling pressure, undermined by the BOE’s dovish announcement. GBP/USD settled at 1.3870. The Australian dollar lost ground against its American rival ahead of the weekly close, although the Canadian dollar remained strong.
Gold finished the week little changed around $1,780 a troy ounce. Crude oil prices advanced, with WTI up to $74.00 a barrel.
UK Health Minister Mark Hancock resigned on Saturday after breaking coronavirus-related rules imposed by himself. The news may impact the already weak Sterling at the weekly opening.
The week will start in slow motion from the fundamental side, with the focus on US employment numbers to be out by the end of the week.
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EUR/USD holds steady near 1.0400 in quiet trading
EUR/USD continues to fluctuate in a tight channel at around 1.0400 in the European session on Friday. The absence of fundamental drivers and thin trading conditions on the holiday-shortened week make it difficult for the pair to find direction.
GBP/USD declines toward 1.2500 as markets turn cautious
GBP/USD stays under modest bearish pressure and retreats toward 1.2500 on Friday after posting small losses on Thursday. The cautious market mood doesn't allow the pair to gain traction, while trading volumes remain low following the Christmas break.
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Gold enters a consolidation phase and trades below $2,630 on Friday after closing in positive territory on Thursday. The risk-averse market atmosphere helps XAU/USD limit its losses as investors refrain from taking large positions heading into the end of the holiday-shortened week.
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