Here is what you need to know on Thursday, June 10:
Markets are experiencing the calm before the dual storm of US CPI and the ECB decision. The dollar has been holding up despite a drop in Treasury yields while gold and oil are on the back foot. Cryptocurrencies are consolidating Wednesday's gains.
The US dollar is at the upper end of its range ahead of the release of US Consumer Price Index figures. After April's jump, headline inflation is forecast to accelerate to 4.7% YoY and a 5% read could trigger a substantial upside move in the greenback. Core CPI is set to rise to 3.5% YoY.
US CPI May Preview: Inflation angst is coming
Treasury yields have been on the back foot, with returns on 10-year bonds dropping below 1.50%, contradicting the uptrend in the dollar and the decrease in gold and oil prices. Inflation data is critical ahead of next week's Federal Reserve's all-important decision.
European Central Bank Preview: Why June's decision presents a buy the dip opportunity
GBP/USD has been consolidating around 1.41 amid several concerns. The UK reported the highest number of daily cases since late February, as the Delta COVID-19 variant continues spreading despite Britain's well-advanced immunization effort.
The EU and the UK are at odds over the implementation of the Northern Irish protocols, with an EU official saying that patience is running thin. Outgoing Bank of England Chief Economist Andy Haldane said the economy is going "gangbusters" on Wednesday, but his upside impact on the pound have faded away.
Bitcoin has received a boost from El Salvador's decision to include the granddaddy of cryptocurrencies as a legal tender. Moreover, Interactive Brokers, one of the world's largest trading houses, will reportedly allow trading cryptos. Ethereum and other digital assets have also recovered.
See El Salvador recognizes BTC as legal tender, BTC and altcoins look ready to pop off
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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.
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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.
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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.
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