This is what you need to know to trade today Wednesday, June 9:
Markets have remained calm before the US inflation figures were released and after the Chinese PPI soared higher. Cryptocurrencies are struggling amid mounting pressure from various points. The BOC is poised to leave rates unchanged, as the focus is on developments around the coronavirus, especially in the UK.
China reported a huge jump of 9% year-on-year in IPP producer prices in May, above expectations and pointing to an increase in consumer prices in the future. Tension mounts ahead of Thursday’s US consumer price index data, which could push the Federal Reserve to reduce its bond purchases.
The dollar is stable across the board. EUR / USD is below 1.22 after Tuesday’s mixed eurozone data and as restrictions are eased across the Old Continent.
The GBP / USD is trading around 1.4150, while policy makers are contemplating a delay in the UK’s planned reopening on June 21. Furthermore, the pound is struggling with new tensions over the implementation of the Northern Ireland protocol. The EU contact person is in London for a chat.
The Bank of Canada you’re ready to leave rates unchanged at 0.25% and provide more information about your listing to reduce your bond purchases. The loonie is supported by rising oil prices, with the WTI topping the $ 70 level.
See: Bank of Canada Preview: QE Reduction Will Continue Later in 2021
The Bitcoin it is trading around $ 33,000 after dipping below $ 31,000 on Tuesday, dragging Ethereum and other cryptocurrencies lower as well. The latest blows came from the White House, which intends to elevate the role of crypto in ransomware at the upcoming G-7 Summit, and China’s crackdown.
One of the last stars, Shiba Inu, has also struggled but seems to be turning around.
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