What you need to know on Wednesday, June 9:
The dollar regained lost ground on Monday, trading flat against most of its main rivals on a weekly basis. For the second day in a row, trading was dull, with pairs confined to familiar levels as investors continue to await the top-tier events scheduled for Thursday. The United States will publish its latest inflation data, while the European Central Bank will announce its latest decision on monetary policy.
Earlier in the day, there were some market conversations indicating that the UK might have to delay its plan to fully reopen on June 21, amid the spread of the Indian strain, now the dominant one in the UK. In fact, the country reported that new cases were up 91% from last week, with 6.48 new cases in the last 24 hours. The easing of the blocking measures could be postponed until July 5. The pound was little affected by the news, ending the day at around 1.4150 against the dollar.
The EUR / USD pair is trading a handful of pips below 1.2200, after failing to break above the level earlier in the day. European data was mixed, but generally encouraging, as the EU’s first quarter GDP revised up to -0.3% qoq.
The AUD / USD pair is trading around 0.7740, hovering within familiar levels. The CAD fell against the dollar, with the USD / CAD rising to 1.2100, even as crude prices soared.
WTI topped $ 70 a barrel after a top US diplomat said that even if the country reached a nuclear deal with Iran, sanctions on Tehran would remain in place, which in turn will limit supply from the country.
Gold prices remained below $ 1,900 a troy ounce, unable to break above the level despite the overall weakness of the dollar.
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