Forex Today: Waiting for the next catalyst

Valeria Bednarik FXStreet

What you need to know on Thursday, June 24:

Major pairs seesawed between gains and losses while holding on to familiar levels on Thursday. Sentiment led the way, with currencies following the lead of stocks. The greenback fell throughout the first half of the day, recovering most of the ground lost at the final trading session of the day. The exception was USD/JPY which advanced to a fresh 2021 high of 111.10.

Markit published its June flash PMIs for all major economies. Generally speaking, the manufacturing sector recovery keeps outpacing that on the services sector. Despite mixed numbers, all figures indicated economic expansion.

The EUR/USD pair ended the day around 1.1930, while GBP/USD settled around 1.3970, holding on to modest intraday gains. Commodity-linked currencies advanced against the greenback for a third consecutive day.

Spot gold surged to $ 1,794.92 a troy ounce but changed course during the US afternoon and finished the day in the red around 1,777.

Crude oil primers peaked at fresh yearly highs, easing modestly ahead of the close. WTI settled above $ 73.00 a barrel after the EIA reported that stockpiles decreased by 7.6 million barrels in the week ending June 18, better than anticipated.

The Bank of England is having a monetary policy meeting, although no fireworks are expected this time, as the bank won’t publish fresh macroeconomic projections, while there won’t be a speech from Governor Bailey.

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD softens to near 1.3600 as BoE hints further rate cuts

The GBP/USD pair loses ground to near 1.3610 during the early Asian session on Monday. The Pound Sterling softens against the Greenback amid growing expectations of the Bank of England’s interest-rate cut. Traders will take more cues from the Fedspeak later on Monday.

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Altcoins such as Aster, Decred, and Kaspa are leading the broader cryptocurrency market recovery over the last 24 hours, as Bitcoin holds above $70,000 on Monday, up from the $60,000 dip on Thursday.

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