The dollar continues to remain somewhat resilient during the week, with major currencies not showing much appetite. USD/JPY remains outstanding, with the pair rising to 159.00 – its highest level since Japan's intervention on April 29. There is nothing stopping traders from dancing to the beat there.
In other markets, European stocks rebounded slightly yesterday, while US stocks ended slightly lower after Wednesday's record highs. The overall mood remains optimistic, although political problems in Europe continue to cast a shadow over matters from a regional perspective.
Looking ahead to the next session, there will be some good economic releases to work on. The highlight will be the French, German and Eurozone PMIs for June. This will provide an idea of the economy's resilience after the better performance in the first quarter.
For the UK, we will also get Purchasing Managers' Index (PMI) data and it will come alongside retail sales figures for May. Estimates for the latter point to a recovery, but UK retail sales have disappointed countless times compared to expectations. Will we get another repeat of that day? This will keep the focus on the GBP as well after yesterday's post BoE drop.
0600 GMT – UK retail sales data for May
0645 GMT – Business confidence in France for June
0715 GMT – France June manufacturing, services and composite PMI
0730 GMT – June Composite Manufacturing and Services Index in Germany
0800 GMT – June Eurozone manufacturing, services and PMI composite report
0830 GMT – June UK Manufacturing and Services Composite Report
That's it for the next session. I wish you all the best in the coming days and good luck with your trading! Stay safe out there.
