No key reports are due during the Asian session. Later in the day, the US will report Durable Goods Orders, and Canada will release inflation data. The ECB Forum will gather attention with many central bankers due to speak on Tuesday ahead of a panel on Wednesday that will include Powell, Bailey, and Lagarde. Geopolitics is also on the agenda.
Here is what you need to know on Tuesday, June 26:
Wall Street finished lower on Monday, with the Nasdaq falling 1.16%, and Treasury yields declined. The US Dollar Index dropped modestly, closing around 102.75, on a quiet day for currencies. Market participants await new data and speeches from central bankers from the European Central Bank (ECB) forum.
Monday's data showed that June's US Dallas Fed Manufacturing Index decreased from -29.1 to -23.2. On Tuesday, the US May Durable Goods Orders report is due, as well as housing data with the S&P/Case-Shiller and the FHFA Price Index and New Home Sales. This week's key number from the US will be on Friday with the Core Personal Consumption Expenditures.
EUR/USD moved sideways near 1.0900, away from Friday's low. The pair remains steady, showing no clear signs. The German Ifo survey declined more than expected. On Tuesday, the focus will be on ECB speakers at the Sintra conference. On Wednesday, Lagarde will be part of a policy panel with Bailey, Powell, and Ueda.
Analysts at Commerzbank:
The Ifo business climate has slumped for the second month in a row (88.5 after 91.5). The other leading indicators for the manufacturing sector are also pointing downwards. We feel confirmed in our forecast that the German economy will shrink again in the second half of the year. Many economists' still too optimistic economic forecasts are likely to be revised further downwards. This is also true for the ECB.
The Pound lagged on Monday, still affected by last week's developments. GBP/USD held above recent lows and finished slightly above 1.2700. Bank of England's Tenreyro will speak on Tuesday.
USD/JPY pulled back modestly from multi-month highs amid cautious markets and lowered US yields but held above 143.00.
The Canadian dollar continued to outperform. USD/CAD reached the lowest intraday level since mid-September at 1.3136 and bounced toward 1.3150, trimming losses. Crucial data will be released on Tuesday with the May Consumer Price Index, which is expected to slow down from an annual rate of 4.4% to 3.4%.
AUD/USD moved sideways around 0.6675 on Monday, consolidating last week's losses. The attention regarding data is set on Wednesday with Australia's Consumer Price Index for May ahead of next week's Reserve Bank of Australia (RBA) meeting.
NZD/USD rebounded from the 20-day Simple Moving Average (SMA) and climbed above 0.6150. New Zealand Prime Minister Hipkins is on a state visit to China.
The Turkish Lira continued to decline and hit fresh record lows, with USD/TRY reaching levels above 26.00.
Gold prices peaked at $1,937 and then pulled back toward $1,920. Silver rose 1.50% and approached $23.00. Cryptocurrencies fell modestly, with Bitcoin holding above $30,000.
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