Markets are in a more hesitant mood so far today and that is understandable. It will be a busy day in US trading, so there won't be much conviction at least in European trading. All eyes will be on the main events later, which are the US CPI report and the FOMC meeting decision. Finally, the Powell press and dot charts will be the most viewed.
Right now, the major currencies are not really hitting a big level. The dollar remains steady, little changed in narrow ranges:
We may get some expansion of these ranges in the next session. But as for any firm convictions, that won't come until later in the day.
Looking at the European trading agenda, the UK monthly GDP for April is the highlight. The estimate should show a flat reading during the month, keeping the Bank of England on its toes after a more flexible showing in the first quarter.
0600 GMT – Final CPI numbers for May in Germany
0600 GMT – UK monthly GDP figures for April
1100 GMT – US MBA applications due June 7
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.
