This is what you need to know to trade today Thursday June 22:
The Swiss National Bank (SNB) and the Bank of England (BoE) will be the next major central banks to announce their monetary policy decisions on Thursday. In the second half of the day, weekly US jobless claims data may give markets a new impetus. The US economic calendar will also include the Chicago Fed’s National Activity Index and existing home sales for May. FOMC Chairman Jerome Powell will speak on the policy outlook on the second day of his semiannual appearance before Congress. Finally, the European Commission will publish preliminary data on consumer confidence for June.
On Wednesday, the US dollar came under strong selling pressure during US trading hours. The Dollar Index (DXY) snapped a three-day rally and erased its weekly gains. The DXY is relatively calm, slightly above 102.00 early Thursday.
In his remarks prepared for the first day of his appearances, Powell reiterated that almost all FOMC participants expect it to be appropriate to raise interest rates “somewhat more” later in the year. “We will continue to make our decisions on a meeting-by-meeting basis based on incoming data, the implications for the outlook and the balance of risks,” Powell added. Following these comments, Wall Street’s main indices turned lower, but the dollar failed to capitalize on risk aversion. According to CME Group’s FedWatch tool, the probability of the Fed raising the policy rate by 25 basis points in July dropped from 77% to 70% before Powell’s testimony.
He GBP/USD it fell below 1.2700 in the European session on Wednesday but staged a bounce later. As of early Thursday, the pair is stable around 1.2750. The Bank of England is expected to raise its official interest rate from 4.5% to 4.75%. Since there will be no press conference, investors will pay special attention to the division of the vote and the language of the political statement.
BoE Interest Rate Decision Preview: High UK Inflation Favors 25bp Rise
After a three-day rebound, the USD/CHF found resistance near 0.9000 and pulled back towards 0.8900 on Wednesday. The SNB is expected to increase its benchmark rate by 25 basis points to 1.75%.
He EUR/USD gained bullish momentum and reached its highest level for over a month, above 1.0950. The pair continues to advance towards 1.1000 early on Thursday.
He USD/JPY it reached all-time multi-month highs near 142.50 on Wednesday, but lost traction late in the American session. The pair is trading in a tight channel below 142.00 early Thursday. Asahi Noguchi, a board member of the Bank of Japan, argued that a weak yen hurts households through higher prices, but benefits businesses through increased overseas profits and increased tourism. incoming. Noguchi further added that monetary policy does not directly target exchange rates.
The price of Gold It fell to its lowest level in three months below $1,920 on Wednesday but managed a rebound amid retreat in US Treasury yields late in the American session. However, XAU/USD is finding it difficult to hold up early on Thursday, trading in negative territory slightly below $1,930.
He Bitcoin it topped $30,000 for the first time in two months on Thursday. At time of writing, BTC/USD is up nearly 1% on the day at $30,300. He ethereum it gained more than 5% on Wednesday and extended its rally early on Thursday. ETH/USD is already up almost 12% this week and was last seen trading above $1,900.
Source: Fx Street

I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.