RBA meeting eyed

June 1, 2021

A busy day coming up for markets as a stack of data is scheduled for release.

The EURUSD started the week at $1.21983 and traded in a tight range for a large chunk of the day, dipping to lows of $1.21826 mid-session. Late trading saw the euro rise to a high of $1.22309, where it is currently trading. The GBPUSD opened Monday at $1.41754 and slipped to a mid-session low of $1.41633. It remained near those levels for a few hours before climbing late in the day to a high of $1.42171. It has started the new session strongly and is now trading at $1.42423.

Indices were underwhelming overnight, with both the Dow and Dax ending the day lower. The Dow opened the week at 34,581.26 and edged up to a high of 34,607.17 early. It remained steady for several hours before falling away late in the day, hitting a low of 34,442.52 leading into the close. It has bounced back in the early hours of the new session and is currently trading at 34,560.30. The Dax began proceedings at 15,509.38 and nudged up to a high of 15,522.75 during the opening hour. It was basically all one-way traffic from there as the Dax fell to lows of 15,409.68 late. It has come off those lows and is now trading at 15,459.20.

The day ahead sees Australia’s central bank, the RBA, wrap up its latest monetary policy meeting. While interest rates are tipped to remain on hold at 0.1%, more focus will be centred around comments made by RBA Governor, Philip Lowe in-regards-to the state of the economy.

Other data published today includes:

China – Caixin Manufacturing PMI

Australia – Commodity Prices, RBA Rate Statement

Canada – GDP, Manufacturing PMI

UK – Nationwide HPI, Final Manufacturing PMI, BoE Governor Andrew Bailey speaks

US – ISM Manufacturing PMI, Final Manufacturing PMI, Construction Spending, ISM Manufacturing Prices, FOMC Members Randal Quarles and Lael Brainard speak

Europe – European Unemployment Rate, European CPI & Core CPI Flash Estimates, European, German and French Final Manufacturing PMIs, Italian, Spanish and Swiss Manufacturing PMIs, German Unemployment Rate, Italian Monthly Unemployment Rate, Swiss GDP & Retail Sales


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